In late 2024, a private collector uncovered a 1934 Federal Reserve $500 bill tucked inside their grandparents’ family Bible—untouched for decades. Printed in 1934, this small-size, green-seal high-denomination note featuring President William McKinley is an extraordinary find, especially in Choice Uncirculated condition. At auction, it realized $20,000, underscoring its rarity and collectible appeal.
Why a 1934 $500 Bill Made Headlines
Discontinued Denomination
The U.S. Mint ceased printing $500 notes in 1945, and removed them from circulation in 1969. Legal tender by law, they’re now rarely seen outside of collectors’ safes.
Rarity & Survival
Most large-denomination notes were never widely used and were eventually destroyed. While thousands were originally issued, only a fraction exist today. High-grade survivors like this one are exceptionally scarce.
Condition Is King
This note’s Crisp Uncirculated state made it stand out. With no folds, stains, or wear, condition boosted its value dramatically—multiplying the usual $1,500–$2,500 value of circulated examples many times over.
Background on 1934 $500 Federal Reserve Notes
- Obverse Portrait: President William McKinley
- Seal Color: Green (modern Federal Reserve crime)
- Series Issued: 1934–1934A
- Federal Reserve Banks: Multiple districts (e.g., New York, Chicago)
- Size: 2.61″ x 6.14″ (small-size)
- Last Printed: 1945, discontinued circulation in 1969
These notes were primarily used in institutional settlements, not everyday commerce. Today, unimpressive circulated bills sell for $1,200–$2,500, while pristine, graded specimens can fetch $5,000–$10,000+.
Auction Record: $20,000 Sale Breakdown
The recently auctioned 1934 note brought $20,000, due to:
- Grade: Uncirculated, no folds, crisp detail
- Serial Pattern: Likely a “solid” or low-number serial
- Scarcity: Few uncirculated 1934 $500 notes remain
- Provenance: Found in a family Bible—an authentic origin story
Value Comparison of 1934 $500 Notes
| Condition | Typical Value (USD) | Collector Appeal |
|---|---|---|
| Circulated (VG-F) | $1,200–$2,500 | Accessible rarity |
| Extremely Fine (XF) | $2,500–$4,000 | Crisp, minimal handling |
| Choice Uncirculated (AU-MS60) | $5,000–$10,000 | Near-mint collectors prize |
| Certified MS63+ | $10,000–$15,000 | High-grade, eye-appealing stands out |
| MS65+ with fancy serial/star | $15,000–$25,000+ | Rare premium notes |
Identifying High-Value $500 Bills
- Check Condition: Look for crisp paper, sharp corners, and vibrant ink
- Verify Seal/Serial: Confirm green seal and Federal Reserve markings
- Look for Fancy Serials: Low numbers, solid, ladder, star notes add value
- Grading: PCGS Currency or PMG certification enhances trust and price
Why $20,000 for a Note Worth $500?
- Rarity: Survivors are rare, especially uncirculated
- Scarcity of high-grade: Most were used or destroyed
- Collector Demand: High demand for big bills in top condition
- Story: Family-household provenance adds intrigue
A 1934 $500 bill, hidden in a family Bible, fetched $20,000 due to its pristine condition, rarity, and collector value. Higher-grade big bills like this are true treasures—disappearing from common commerce yet captivating enthusiasts worldwide.
If you stumble upon a family heirloom like this, consider having it authenticated and graded—it may just be more valuable than expected.
FAQs
Q1: Are old $500 bills still legal tender?
Yes. Legally they’re worth face value, but collector interest means they’re worth much more in higher condition.
Q2: What significantly ups the value of a $500 note?
Uncirculated condition, fancy serial numbers, and professional grading markedly increase auction value.
Q3: Should I grade my discovered note?
Yes. Certification (PMG or PCGS) verifies authenticity, condition, and significantly enhances buyer confidence and value.