You probably haven’t seen one in the wild. Most people haven't. If you stumbled across a crisp, purple-hued banknote with a stern-looking man staring back at you, you might think it’s play money or a clever forgery. It isn’t. The president on the $500 bill is William McKinley, the 25th President of the United States.
It’s a weird piece of history. While we’re all used to seeing Lincoln on the five or Ben Franklin on the hundred, the $500 bill feels like something out of a heist movie. It’s real legal tender, though you’d be a bit of a maverick to try and buy groceries with it today. McKinley earned his spot on this high-stakes paper back in the early 20th century, specifically on the Series 1928 and 1934 notes that most collectors hunt for now.
But why him? And why don't we see these things at the ATM?
The Man Behind the $500: William McKinley
McKinley isn't usually the first name people shout during trivia night. He was a Civil War vet, a staunch protectionist, and the guy who led the U.S. into the Spanish-American War. He was assassinated in 1901, just months into his second term. His death actually paved the way for the much more "famous" Teddy Roosevelt.
When the Treasury Department was reorganizing its currency designs in the late 1920s, they wanted a mix of founding fathers and "martyred" presidents. McKinley fit the bill—literally. He represented a period of massive industrial growth and the transition into a global power. Honestly, putting him on a high-value note was a way to cement his legacy at a time when his impact was still fresh in the American psyche.
Before McKinley took over the $500 spot, the bill actually featured John Marshall, the fourth Chief Justice of the Supreme Court. If you find a Series 1918 $500 bill, you’ll see Marshall’s face. Those are incredibly rare. But for the vast majority of these notes still in existence, it’s all about McKinley.
Why High-Denomination Bills Vanished
You can't just go to a Chase or Bank of America and ask for a "McKinley." In 1969, the Federal Reserve and the Department of the Treasury announced that high-denomination bills—specifically the $500, $1,000, $5,000, and $10,000—would be stopped.
They weren't "recalled" in the sense that they became illegal to own. They just stopped printing them and started pulling them out of circulation as they hit the banks. The reason? Organized crime.
Basically, it’s a lot easier to carry a million dollars in a briefcase if it’s all in $500 bills. If you’re using $100s, that briefcase gets heavy. If you’re using $20s, you need a van. By the late 60s, electronic banking was starting to look like the future, and the government realized that the only people who truly "needed" to move $500 or $1,000 at a time in paper cash were likely up to no good.
Interestingly, the $500 bill was the most common of the high-denomination notes. While the $10,000 bill (featuring Salmon P. Chase) was mostly used for bank-to-bank transfers, the $500 was actually used by "regular" wealthy people for down payments or high-end purchases. My grandfather used to tell a story about a guy who bought a car in 1952 entirely with $500 bills. Imagine doing that today. You’d have the FBI at your door before the ink on the title was dry.
The Technical Specs of the McKinley $500
If you’re looking at a 1934 William McKinley note, you'll notice it looks remarkably similar to modern cash, just... older. It’s the same size as a modern dollar.
The Federal Reserve Seal is on the left, and the Treasury Seal is on the right. In 1934, these seals were usually green. However, if you find one with a Gold Seal, you’ve hit the jackpot. Those were Gold Certificates, meant to be redeemable for actual gold coins. They were mostly invalidated for public use by the Gold Reserve Act of 1934, but they are massive prizes for numismatists today.
What is a $500 Bill Worth Today?
Value is a tricky thing. If you take a $500 bill to the grocery store, it is technically worth $500. But please, for the love of all that is holy, do not do that.
Even a "beater"—a bill that’s been folded, stained, and shoved in a drawer—is worth at least $600 to $800 to a collector. If the bill is in "Uncirculated" condition (meaning it looks like it just came off the press), you’re looking at $1,500 to $4,000.
Collectors look for specific things:
- The Series Year: 1928 is generally rarer than 1934.
- The Federal Reserve Bank: Notes from the Minneapolis (I) or St. Louis (H) districts can sometimes command a premium.
- Star Notes: If there is a star at the end of the serial number, it means it was a replacement bill. Those are worth a lot more.
- The Seal Color: As mentioned, those gold or vivid colors change the game.
The $500 Bill in Popular Culture vs. Reality
People get the $500 bill confused with the $1,000 bill all the time. For the record, the $1,000 bill has Grover Cleveland on it.
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There's a persistent myth that the U.S. is going to bring these back. You'll see "news" articles every few years claiming the Treasury is printing $500s again to combat inflation. It’s nonsense. If anything, the government wants less cash in circulation, not more. Every time a $500 McKinley makes its way into a Federal Reserve bank today, it is shredded. It’s a one-way trip.
This creates a "shrinking supply" dynamic. There are roughly 280,000 of these bills still "in the wild," but many of those are likely lost, destroyed, or sitting in a forgotten safe-deposit box. Every year, the number of surviving McKinleys drops.
How to Tell if Yours is Real
Counterfeiting $500 bills wasn't as common as you’d think because, back when they were in use, $500 was a fortune. It’s like trying to counterfeit a $50,000 bill today—people are going to look at it very, very closely.
If you think you’ve found one, look at the paper. Genuine U.S. currency is printed on paper with tiny red and blue silk fibers embedded in it. If you look under a magnifying glass and those fibers look like they are printed on the paper rather than in it, you have a fake.
Also, feel the ink. The "President on the $500 bill"—McKinley—should feel slightly raised. This is the result of the intaglio printing process. If the bill is perfectly flat like a laser-printed photo, it's a reproduction.
The Legacy of High-Denomination Cash
There is something inherently cool about holding a single piece of paper that could once buy a small house. In 1934, $500 had the purchasing power of roughly $11,000 today. It was a serious instrument of wealth.
Today, the $500 bill serves as a bridge to a different era of American finance. An era before Venmo, credit card points, and digital ledgers. It was a time when "cash was king," and if you were a particularly powerful king, you carried William McKinley in your pocket.
If you happen to find one of these in an old book or a relative's estate, treat it like a historical artifact, not a piece of currency. The "President on the $500 bill" is a rare guest in the modern world, and his value far exceeds the number printed in the corners.
Practical Next Steps for Owners or Enthusiasts:
- Don't Deposit It: If you find a $500 bill, do not take it to a bank to deposit it into your savings account. They will credit you $500 and send the bill to be destroyed. You will effectively lose hundreds, if not thousands, of dollars in collector value.
- Get a PVC-Free Sleeve: If you have the bill, put it in a protective plastic sleeve immediately. Skin oils and humidity are the enemies of old paper.
- Check the Serial Number: Look for "fancy" serial numbers. Low numbers (like 00000042) or "palindromes" (numbers that read the same forward and backward) can double the value of the note instantly.
- Professional Grading: If the bill looks perfect, consider sending it to a service like PMG (Paper Money Guaranty). A "64" or "65" grade can turn a $1,000 bill into a $3,000 bill because the grade is "certified."
- Research the Series: Check if your McKinley is a 1928, 1934, or 1934A. Each has its own mintage numbers that dictate rarity.
Whether you're a history buff or just someone who found a weird bill in an attic, William McKinley's presence on the $500 note remains one of the most interesting footnotes in the history of the U.S. Treasury. It's a reminder of a time when the economy was physical, heavy, and occasionally, very purple.