$500 Bill

[Silver Stripe]

While picking up ME halves today a teller told ME she had a $500 that she had gotten and wanted ME to check and see what it might be worth. She didn't know the year or anything but said its in really good shape. Does anyone know when they stopped printing $500 bills- or have any ideas where I could research on the net. TIA and HH, Mark

 

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[CanUDigIt]

They stopped circulating them in 1969. Here is a link to a bit more:
http://en.wikipedia.org/wiki/Large_denomination_bills_in_U.S._currency

 

[srcdco]

All bills above $100 were last printed in 1945. They were last issued for circulation in 1969. Since that time, banks are required by law to return them to the Federal Reserve. They are not allowed to sell or hand them out. Several years ago, a teller in the bank that I go to got into a lot of trouble for buying a $1000 bill that came in. She had to return it to the bank.

Scott

 

[XX]

sorry srcdco, but there is no such law.

Banks are not required to accept these notes and they are free to do whatever they want with them if they do accept them.

Your teller friend may not want to hear it, but she was scammed by someone else in the bank if she actually sold it back to the bank.

 

[srcdco]

I understand what you are saying about banks being required to return them to the Federal Reserve. The BEP website says:

"While these notes are legal tender and may still be found in circulation today, the Federal Reserve Banks remove them from circulation and destroy them as they are received."

Of course they are legal tender. However, whenever they have come into the bank, I have asked to buy them and have been told that they are not allowed to sell them by law. They have to cut them in half, record the serial number, return one half to the local Federal Reserve branch, wait for confirmation on the receipt of that half, then send the other half. That's what I have to go on.

Scott

 

[XX]

"While these notes are legal tender and may still be found in circulation today, the Federal Reserve Banks remove them from circulation and destroy them as they are received."

is a long way from cut it in half.

There is nothing in the Federal Reserves Operating Circulars that ever instructs a bank to cut money in half. You can view all the operating circulars here.

http://www.frbservices.org/regulations/operating_circulars.html

There is no law that requires a bank to act on any currency presented to them with the exception of counterfeit notes (for those they are required by law to confiscate counterfeit currency and forward it onto the Secret Service along with a form they are required to complete).

Cutting a $500 bill in half and only sending half of it would cause the bill to be returned by the FRB as they would consider it mutilated currency and the FRB does not deal with mutilated currency.

A $500 bill that is more than 50% complete is considered "UNFIT" by the FRB. They would accept it, verify it, then shred it (I shudder at the thought of that happening).

 

[bradyboy]

The FRB doesnt deal with mutilated currency?
They have a division that will take in burnt money , rottedand so on
and if they can determine the bills are ligit, they will replace the money to the sender.
Somthing like that