What You Need To Know About 500 Dollar Bill
It is quite undeniable that the highest denomination of US dollar bill in this day and age is the 100 dollar bill. However, in the history of US currency, this bill is not the highest denomination ever printed. This is due to the fact that there were still five other higher denominations once existed in the currency of the US. As a matter of fact, one of these higher-denomination bills is the 500 dollar bill. This bill was actually first printed in the year 1928 with the face of the respectable 25th US President William McKinley printed on the front side of the bill.
The 500 dollar bill was used for huge financial deals made by some financial institutions as well as by the Federal Government. It made financial transactions undoubtedly easy during those times. Nevertheless, there are some problems which took place because of the existence of the said dollar bill. Some of those problems had something to do with the bill counterfeiting as well as with the use of the $500 bill on some illegal drug transactions. In this regard, the circulation of the said dollar bill was discontinued on July 14, 1969 in pursuant to the executive order made by President Richard Nixon to the Federal Reserve System and to the Department of the Treasury.
Indeed, 500 dollar bill has once existed in the US currency. It was used in good deeds but mostly in bad acts as well. Hence, it was halted in circulation. Nonetheless, the said dollar bill is still available in these days as an essential collector’s item only and not as a legal US dollar bill anymore just like in the olden days.
Filed under: 500 Dollar Bill Information
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