The $500 bill is the most accessible high-denomination US note — and the one most likely to surface unexpectedly. They turn up in safe deposit boxes, estate sales, and inherited collections more often than any other denomination above $100. An estimated 75,000 survive out of more than 900,000 originally printed, and the most common series starts around $700–$1,000 in circulated condition.
That makes the $500 bill an achievable target for collectors who want to own a piece of high-denomination currency without committing to the $1,500+ entry point of a $1,000 bill.
This guide is part of our US Paper Money Value Guide.
Who Is on the $500 Bill?
William McKinley — the 25th President of the United States, who served from 1897 until his assassination in 1901. McKinley’s portrait appears on the 1928 and 1934 series Federal Reserve Notes and on the 1928 Gold Certificate, which together account for virtually all surviving $500 bills.
The 1918 large-size Federal Reserve Note features John Marshall, the fourth Chief Justice of the Supreme Court.
“Who is on the $500 bill?” is one of the most searched currency questions online — and the answer surprises most people. McKinley isn’t a household name the way Lincoln, Hamilton, or Jackson are, which adds to the note’s novelty factor.
$500 Bill Value by Year and Series
| Series | Type | Portrait | Estimated Survivors | Circulated Value | Uncirculated Value |
|---|---|---|---|---|---|
| 1918 | Federal Reserve Note | Marshall | ~2,900 | $2,500–$5,000 | $8,000–$25,000+ |
| 1928 | Gold Certificate | McKinley | ~3,400 | $2,000–$5,000 | $6,000–$20,000+ |
| 1928 | Federal Reserve Note | McKinley | ~10,600 | $800–$1,500 | $2,500–$6,000+ |
| 1934 | Federal Reserve Note | McKinley | ~36,000 | $700–$1,000 | $2,000–$5,000+ |
| 1934A | Federal Reserve Note | McKinley | ~21,000 | $700–$1,000 | $2,000–$5,000+ |
| 1934B | Federal Reserve Note | McKinley | ~600 | $2,000–$4,000 | $8,000–$15,000+ |
| 1934C | Federal Reserve Note | McKinley | ~700 | $2,000–$4,000 | $8,000–$15,000+ |
The 1934 and 1934A are the workhorses of $500 bill collecting — common enough to buy without an extended search, affordable enough at $700–$1,000 to serve as a meaningful but not prohibitive investment.
The 1934B and 1934C are sleepers. Most collectors don’t realize these sub-series had dramatically smaller print runs. With only 600–700 survivors each, they’re 50x scarcer than the 1934/1934A yet often sell for only 2x–3x the price. They represent some of the best value in the high-denomination market.
The 1928 Gold Certificate carries the same historical weight as Gold Certificate $1,000 bills — these were recalled during FDR’s gold seizure in 1933, and surviving examples are scarce relative to the FRN series. A natural companion to a Pre-1933 gold coin collection.
How Many $500 Bills Are Left?
An estimated 75,000 $500 bills survive from total print runs exceeding 900,000 across all series. The survival rate of roughly 8% is consistent with other high-denomination bills — most were held in bank vaults for large transactions and returned to the Federal Reserve when the denomination was discontinued in 1969.
The distribution of survivors is uneven:
- The 1934 series alone accounts for about 36,000 (48% of all survivors)
- The 1934A adds another 21,000 (28%)
- The 1928 FRN contributes ~10,600 (14%)
- The remaining 10% is split among the 1918 FRN, 1928 Gold Certificate, 1934B, and 1934C
This concentration means that while 75,000 total survive, only about 1,300 are the scarce 1934B/C varieties — and those command premiums accordingly.
$500 Gold Certificate vs. Federal Reserve Note
The 1928 $500 Gold Certificate (gold-orange seal) and the 1928 $500 Federal Reserve Note (green seal) look similar at first glance — same portrait, same denomination, same year. The difference is what backed them.
The Gold Certificate represented a specific amount of gold on deposit at the Treasury. When Executive Order 6102 required the surrender of gold in 1933, most Gold Certificates were turned in. The ~3,400 surviving $500 Gold Certificates are legal to own but significantly scarcer than their FRN counterparts.
For collectors who already hold physical gold — whether gold coins, $10 Eagles, or $2.50 Quarter Eagles — a $500 Gold Certificate connects the paper money and precious metals sides of the collection. It’s the same metal, same era, different form.
The premium for Gold Certificates over comparable FRNs runs 2x–3x, which tracks the relative scarcity.
Are $500 Bills Still Legal Tender?
Yes. Every denomination of US currency ever issued remains legal tender at face value. A $500 bill can be deposited at any bank for $500. No one does this, because even the most worn $500 bill is worth at least $700 to collectors.
The denomination was discontinued in 1969 alongside the $1,000, $5,000, and $10,000. No new $500 bills have been printed since 1945. As notes are returned to Federal Reserve Banks, they’re pulled from circulation and destroyed — which means the surviving population is slowly declining, though the rate of attrition has slowed significantly as awareness of collector value has grown.
How to Spot a Fake $500 Bill
Counterfeits of $500 bills do exist, though they’re less common than counterfeits of circulating denominations. The most important safeguards:
Buy graded notes. A PMG or PCGS holder means the note has been authenticated by experts using specialized equipment. This is the simplest way to eliminate risk, and grading fees ($30–$65) are trivial on a $700+ note. If you’re familiar with coin grading by NGC and PCGS, the process is identical.
Check the paper. Genuine US currency is printed on cotton-linen blend paper with embedded red and blue security fibers. Counterfeits on standard paper feel different and lack the fibers.
Examine the intaglio printing. Genuine $500 bills have raised print you can feel — particularly on the portrait and denomination numbers. This is produced by the intaglio printing process under enormous pressure. Counterfeits printed on standard presses lack this tactile quality.
Verify the serial numbers. Check that the serial number format matches the series (letter prefix, eight digits, letter suffix). The serial numbers should be evenly spaced and consistently inked. Misaligned or inconsistent serial numbers are a red flag.
Compare against known genuine examples. Heritage Auctions’ archives and PMG’s census data include images of authenticated notes. Comparing your note against verified examples can reveal discrepancies in design details, color, or proportions.
For a complete buying guide, see How to Buy $500 & $1,000 Bills.
Where to Buy a $500 Bill
Auction houses. Heritage Auctions handles more high-denomination currency than any other platform. Their twice-annual Currency Signature Auctions are the primary market-making events. Stack’s Bowers is the other major option. For the 1934/1934A series, auction isn’t always necessary — the supply is deep enough that dealer inventory and eBay cover the market adequately.
Online dealers. APMEX, JM Bullion, and other bullion dealers occasionally stock high-denomination notes. Specialist currency dealers (Lyn Knight, Currency Auctions of America) maintain deeper inventory.
eBay. The platform’s authentication program and buyer protection make it a viable marketplace for $500 bills, particularly the common 1934 series. Search completed listings first to establish current market values.
What to pay. For a first $500 bill, a PMG-graded 1934 or 1934A FRN in Very Fine condition (VF-25 to VF-35) offers the best combination of price, presentation, and liquidity. Expect $800–$1,200. Going up to Extremely Fine (EF-40 to EF-45) adds $300–$500 but delivers a noticeably more attractive note.
Related
- US Paper Money Value Guide — Complete overview of all collectible US currency
- Pre-1933 Gold Coins Guide — Gold coins from the same era as Gold Certificates
- US Paper Money Value Guide — Complete overview of all collectible US currency
- $2 Bill Value Chart — Another accessible collecting category
- $10 Eagle Gold Coin Guide — Liberty and Indian Head Eagles
- Executive Order 6102 — The law that made Gold Certificates scarce
- Gold Spot Price — Live gold pricing
Disclaimer: This article is for informational and educational purposes only. It is not financial or investment advice. FindBullionPrices.com is a price comparison platform and does not sell bullion or currency notes.
