You probably won't find one in your wallet. Honestly, most bank tellers haven't even seen one in person. If you did happen to stumble upon a crisp high-denomination note today, the picture on 500 dollar bill would be the stern, somewhat tragic face of William McKinley. He was the 25th President of the United States. He was also assassinated.
It’s a weird piece of history.
Most people assume Benjamin Franklin on the $100 bill is the "biggest" face in American currency. That's wrong. While the $500 bill isn't printed anymore, it is still technically legal tender. You could, in theory, walk into a grocery store and buy $500 worth of eggs with a single piece of paper, though the cashier would likely have a heart attack and call the police.
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The story of this bill isn't just about a dead president. It’s about a time when the Federal Reserve actually needed to move massive amounts of physical cash between banks before digital transfers made everything invisible.
Who is the man in the picture on 500 dollar bill?
William McKinley sits there. He looks formal. He has that heavy, 19th-century gravity in his eyes. He wasn't always the face of this note, though. Back in the late 1800s, the $500 bill featured John Marshall, the fourth Chief Justice of the Supreme Court. Later, in the 1918 series, it actually featured John Quincy Adams.
But the version most collectors talk about today is the Series 1928 and Series 1934 Blue or Green Seal notes. Those are the ones with McKinley.
Why him? McKinley was a powerhouse of the Republican Party and presided over the Spanish-American War. He was well-liked. When he was shot in 1901 at the Pan-American Exposition in Buffalo, the nation went into a period of deep mourning. Putting his face on a high-value bill was a way of cementing his legacy alongside titans like Lincoln and Washington.
It's a bit ironic. McKinley was a massive proponent of the gold standard. He fought "Free Silver" advocates tooth and nail to ensure the U.S. dollar was backed by gold. Now, his face represents a denomination that the government would rather you didn't use.
Why did they stop making them?
The Federal Reserve stopped printing the $500 bill in 1945. They didn't officially "retire" it until 1969.
The reason is simple: crime.
Basically, big bills make it way too easy to move illegal money. If you’re trying to hide a million dollars in $20 bills, you need a massive suitcase. It’s heavy. It’s conspicuous. It’s a workout. If you have $500 bills, that same million fits in a small envelope.
By the late 1960s, the Department of the Treasury and the Fed realized that the only people regularly using the picture on 500 dollar bill were drug traffickers and tax evaders. Regular people were using checks or early credit cards. Banks were using wire transfers. There was no "legitimate" reason for a civilian to carry a piece of paper worth half a thousand dollars.
On July 14, 1969, the Fed announced that all notes larger than $100 would be discontinued. They started pulling them out of circulation and destroying them.
The value of a McKinley today
If you find one, don't spend it.
Even if the grocery store accepts it, you’re literally throwing away money. Because these bills are rare, their numismatic value—what collectors will pay—is way higher than the face value.
A beat-up, circulated 1934 McKinley might sell for $600 or $800. If it’s in "uncirculated" condition? You’re looking at $1,500 to $4,000. Some rare variations, like the 1928 Gold Certificate version, can fetch five figures at auction.
I remember seeing an auction at Heritage Auctions where a high-grade $500 bill went for a price that could have bought a decent used car. People obsess over the "centering" of the portrait and the crispness of the paper. It’s a hobby that requires a lot of trust and even more cash.
How to spot a fake
Since these are so valuable, people try to forge them. But the Secret Service was already very good at their jobs in the 1930s. Real McKinley bills use a specific type of paper with tiny red and blue silk fibers embedded in it. If you look at the picture on 500 dollar bill under a magnifying glass, the engraving lines should be sharp. Like, razor sharp.
Fakes often look "muddy." The ink on a real bill is raised. You can feel it with your fingernail. It’s called intaglio printing.
The design details you probably missed
The back of the bill is surprisingly plain. It says "The United States of America" and "Five Hundred Dollars" in fancy, ornate lettering. Unlike the $10 or $20, there’s no building. No White House. No Treasury. Just a big, bold declaration of value.
There are also different "seals."
- Federal Reserve Notes: These have green seals. They are the most common.
- Gold Certificates: These have gold seals. They were meant to be redeemable for actual gold coins. These are the "holy grail" for many collectors.
The portrait itself was engraved by Bureau of Engraving and Printing artists who spent months on a single plate. They captured McKinley's specific jowls and the way his hair sat. It’s a masterpiece of security printing from an era before computers.
Is it legal to own one?
Yes. Completely.
There’s a weird myth that it’s illegal to have high-denomination currency. That’s nonsense. You can own a $500, a $1,000 (Grover Cleveland), a $5,000 (James Madison), or even a $10,000 bill (Salmon P. Chase).
The only one you can't own is the $100,000 Gold Certificate featuring Woodrow Wilson. Those were only used for transactions between Federal Reserve banks. If you have one of those in your basement, the government considers it stolen property.
But the McKinley $500? That’s yours to keep. You can put it in a frame. You can keep it in a safe. You can give it to your grandkids. Just please, for the love of all things holy, don't put it in a vending machine. (Not that it would fit, anyway).
The psychology of the high-denomination note
There is something visceral about holding a single piece of paper that represents a month's rent or a down payment on a motorcycle. In the 1930s, $500 was a fortune. During the Great Depression, that bill could keep a family fed for a year.
Seeing the picture on 500 dollar bill today feels like looking at a relic from a different civilization. A time when "cash was king" wasn't just a saying, but a logistical reality.
Today, our money is mostly pixels. We tap our phones. We swipe plastic. The physical weight of wealth has vanished. Owning a $500 bill is like holding a physical tether to the past. It’s heavy history.
What should you do if you inherit one?
Don't go to the bank.
If you take a $500 bill to a standard commercial bank, they will likely give you five $100 bills for it. Then, they will send the McKinley bill to the Federal Reserve to be shredded. You just lost hundreds, maybe thousands, of dollars in collector value.
Instead, follow these steps:
- Don't clean it. Never use water, soap, or an iron to "crisp up" an old bill. Collectors hate that. It ruins the natural patina of the paper and drops the value instantly.
- Get a PVC-free sleeve. Put the bill in a protective plastic holder. Make sure it's "archival grade."
- Look for a PMG or PCGS Grader. These are the experts. They will look at the bill under a microscope, give it a grade from 1 to 70, and seal it in a "slab." A graded bill is much easier to sell because the buyer knows it’s authentic.
- Check the Serial Number. If the serial number is low (like 00000042) or if it has a "star" at the end, the value sky-rockets.
The McKinley legacy
William McKinley doesn't get much press these days. He’s often overshadowed by his successor, the bombastic Teddy Roosevelt. But for as long as these rare bills circulate in the hands of collectors, his face remains a symbol of American economic might at the turn of the century.
He was the president of a burgeoning superpower. His face on the $500 bill was a testament to that growth.
It’s unlikely the U.S. will ever print a $500 bill again. Inflation means we might "need" one for practical reasons soon, but the government’s desire to track every penny means they want us moving toward a cashless society, not back to high-value paper.
The McKinley $500 is a ghost. It’s a beautiful, expensive, green-and-black ghost.
If you ever get the chance to see one in person, take a second to look at the engraving. Look at the detail in the eyes. It’s a reminder of a time when money was an art form and a physical promise you could hold in your hand.
To verify if your specific note is a rare variety, check the "Series" year located near the portrait. A Series 1928 bill will generally carry a premium over the 1934 version due to lower production numbers. Also, examine the color of the Treasury seal; while green is standard, any other color—like red or blue—indicates a different type of currency issue that might be worth significantly more to a specialist.
Final advice: keep it out of direct sunlight. The ink used in the 1930s is susceptible to fading, and a faded McKinley is a sad sight for any numismatist.
Actionable Steps for Owners
- Audit the Condition: Use a bright light to check for pinholes or "pressed" folds.
- Check Auction Archives: Search sites like Heritage Auctions or eBay (sold listings) for "McKinley $500 bill" to see what current market prices look like.
- Consult a Professional: Find a member of the American Numismatic Association (ANA) to get an honest appraisal before selling to a local coin shop.