However, if you get on a time machine and travel to the early 20th century, you can purchase a whopping twenty-four ounces of gold with the same bill! Additionally, you can buy a 500-dollar bill as a collectible from reputable dealers, retailers, or currency collectors.
Fascinating, isn’t it?The 500 dollar bill has had an interesting trajectory over several years. Even today, a well-preserved bill can get you much more than its face value. If you are an avid coin collector, you might want to venture into these rare bills, too.
From $500 to $5,000, the US Government has issued several bills carrying large denominations since the 18th century. So far, the US has issued eleven currencies of large denominations (equal to or above $500) across twenty series dates.
This post will focus on the history and value of a 500 dollar bill. From understanding its basics to seeing how it helps you in bullion investment, we will dive a little deeper into the bill’s essence.
Authorized by legislation, North Carolina issued the first 500 dollar bill on May 10, 1780. Since then, these bills have been making rounds across the country. While the design and people featured on the bills changed with time, they are still considered legal tender in the US.
Having said that, you should know that a 500 dollar bill carries a significant collectible value. You will find most of these bills with dealers and collectors across the globe. If you find an old bill in your treasury, you may want to keep it and get a good deal in the open market. It is common to see 500 dollar bills listed on platforms like eBay at impressive premiums.
Learning about the 500 dollar bill is incomplete without knowing its two distinct series – Blue Seal and Green Seal.
Issued first in 1918, this 500 dollar series is known for carrying the portrait of John Marshall on the obverse side. John Marshall was the fourth Chief Justice of the US Supreme Court, serving from 1801 to 1835. On this bill’s reverse, you will find the Spanish conquistador named Hernando De Soto discovering Mississippi in 1541.
The 1918 $500 Blue Seal series was soon replaced by the Green Seal series.
Also known as Federal Reserve notes, these 500 dollar bills replaced the portrait of John Marshal with that of the 25th US President William McKinley. McKinley served one full term and was unfortunately assassinated six months into his second term.
| Currency and Series | Series Year | Featured Portrait | Back Vignette |
|---|---|---|---|
| $500 Note (Blue Seal) | 1918 | John Marshall | DeSoto Discovering the Mississippi in 1541 |
| 500 Dollar Bill (Green Seal) | 1928 & 1934 | William McKinley | Country Name: United States of America $500 (In Text and words) |
If you wish to know how valuable a 500 dollar bill is as a collectible, let the popular show Pawn Stars do the talking:
The episode features a seller with a $500 and a $1,000 bill willing to sell them at a pawn shop. By the end of the negotiation, he made $5,500 by selling both his bills.
From high denomination to old mint dates, many factors increase the collectible value of a 500 dollar bill. However, the most important factor remains the people featured on the bills – John Marshal and Willian McKinley.
Let us have a quick look at these towering personalities adding value to 500 dollar bills:
Jon Marshall was the fourth Chief Justice of the United States and served from 1801 until his demise in 1835. He is also remembered as one of the Founding Fathers of America. John Marshall is the fourth-longest serving justice and longest-serving Chief Justice of the US to date.
William McKinley was the 25th US President who served from 1897 until his assassination in 1901. A respected Republican leader, he played an essential role in industrialization and restoring property following a deep depression. He was also the last US President to serve in the Civil War.
The current value of a 500 dollar bill is way more than its face value. This is why, despite the bills being legal tender, it is better to either invest in them or sell them at a premium.
As of now, a 500 dollar bill’s value can range from $1,500 to over $5,000. From popular precious metals dealers to eBay, you can visit multiple sites to ascertain different bills’ values and choose the one you wish to purchase. If you wish to sell one of these bills, seek professional help to get the best deal on your $500.
From 1792 until now, the official US Government gold price has changed only four times. Starting at $19.75/t oz, the price of pure gold increased to $20.67/t oz in 1834. It further went up to $35/t oz in 1934, $38/t oz in 1972, and $42.22/t oz in 1973. The market price of gold has been free to fluctuate since 1968 due to the two-tiered pricing system.
Starting from 1900 up to 2024, here is how much gold you could buy with a 500 dollar bill throughout history:
| Years | Gold Spot Price | How much gold could be bought with a $500 |
|---|---|---|
| 1900 - 1934 | $20.67 | 24.19 Ounces of Pure Gold |
| 1934 - 1971 | $35.00 | 14.19 Ounces of Pure Gold |
| 1972 | $38.00 | 13.16 Ounces of Pure Gold |
| 1973 | $97.39 | 5.13 Ounces of Pure Gold |
| Note: A two-tiered pricing system was created in 1968, and the market price for gold has been free to fluctuate. | ||
| 2024 | $2266.70 | 0.22 Ounce of Pure Gold |
| Note: Based on when the article was initially published. (April 2024) | ||
Starting from 1900 up to 2024, here is how much silver you could buy using a 500 dollar bill:
| Years | Silver Spot Price (Avg.) | How much silver could be bought with a $500 (Ounces) | In Kilograms |
|---|---|---|---|
| 1915 | $0.51 | 980.39 Ounces | 30.49 kg |
| 1920 | $1.03 | 485.44 Ounces | 15.10 kg |
| 1930 | $0.38 | 1315.79 Ounces | 40.92 kg |
| 1940 | $0.35 | 1428.57 Ounces | 44.43 kg |
| 1950 | $0.74 | 675.68 Ounces | 21.01 kg |
| 1960 | $0.92 | 543.48 Ounces | 16.90 kg |
| 1970 | $1.92 | 260.42 Ounces | 8.10 kg |
| 1980 | $20.17 | 24.79 Ounces | 0.77 kg |
| 1990 | $05.23 | 95.60 Ounces | 2.97 kg |
| 2000 | $05.32 | 93.98 Ounces | 2.92 kg |
| 2010 | $30.93 | 16.17 Ounces | 0.50 kg |
| 2020 | $28.56 | 17.51 Ounces | 0.54 kg |
| 2024 (April) | $27.91 | 17.91 Ounces | 0.56 kg |
While the amount of gold and silver you can purchase with a 500 dollar bill has reduced with time, you should know that the Government and related authorities always try to maintain a balance in the economy with time to run a nation seamlessly.
While $500 could get you 24 ounces of gold in 1900 and 14 ounces of gold from 1935 to 1970, it is important to note that earning $500 was not easy at the time. Back then, the average salary of an American citizen was around $200 to $400. So, if the prices of gold and silver are on the rise, so is the purchasing power of the citizens.
Despite inflation and increasing bullion metal prices, you should know how much gold you should own and how such investments will help you during financial crises. For
more information on making wise investments, you might want to have a look at our 2024 goldand 2024 silver investing guide.
Gone are the days when 500 dollar bills circulated freely across the American economy. In 2024, these currencies have become valuable collectibles that help their bearers earn a fortune. If you want to sell such a dollar, get it appraised and understand its value in the open market.
If you want to purchase this 500 dollar bill, get in touch with the right dealers or professionals who know that these dollars are more than aesthetic pieces of paper!
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