United States five-hundred-dollar bill
The United States five-hundred-dollar bill (US$500) (1861-1945) is an obsolete denomination of United States currency. Since 1969 banks are required to send $500 bills to the United States Department of the Treasury for destruction.
History
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The United States five-hundred-dollar bill was printed from 1861 to 1945. The Bureau of Engraving and Printing continued to issue the notes until 1969. The notes did not see much circulation among the public because they were printed to facilitate transactions between banks. On July 14, 1969, the United States Department of the Treasury announced that all notes in denominations greater that US$100 would be discontinued.[1] Since 1969 banks are required to send any $500 bill to the Department of the Treasury for destruction.[2]
There were several versions of the note. Chief Justice of the United States John Marshall appears on the obverse of the 1918 five-hundred-dollar bill. The note was a large=size bill measuring 8 cm (3.1 in) x 19 cm (7.5 in).[3] A new small-size 500 bill was issued in 1928 and 1934. The new version featured former president William McKinley's portrait.[4]
Efforts to reissue
[edit]In 2017 American economist Jay Zagorsky suggested that the United States should reissue the 500 bill. He suggested that a disaster could shut down commerce and the high denomination bill could ensure against an economic collapse.[5] In 2024, Paul Gosar Arizona congressman Paul Gosar proposed a bill in the United States House of Representatives to put President Donald J Trump on a new US$500 bill.[6][7]
Gallery
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nited States Treasury Note issued during the Mexican-American War -
1869 US$500 Legal Tender -
1882 US$500 gold certificate -
1918 US$500 featuring John Marshall
References
[edit]- ^ "Bureau of Engraving And Printing". www.bep.gov. The Bureau of Engraving & Printing.
- ^ "Chapter 5. Federal Reserve Notes". Board of Governors of the Federal Reserve System. Federal Reserve. Retrieved 12 September 2024.
- ^ "500 Dollars, Federal Reserve Note, United States, 1918". americanhistory.si.edu. Smithsonian. Retrieved 12 September 2024.
- ^ Flood, Rebecca (18 November 2021). "This Is What a Rare $500 Bill Looks Like, and Which Figures Feature on It". Newsweek. Retrieved 12 September 2024.
- ^ Millward, David (13 November 2017). "US economist calls for return of $500 bill nearly 50 years after it was scrapped". The Telegraph. Retrieved 12 September 2024.
- ^ Pandolfo, Chris (6 June 2024). "House Republican proposes to put President Trump on $500 bill". FOXBusiness. Retrieved 12 September 2024.
- ^ Kochi, Sudiksha (18 June 2024). "OnPolitics: Trump on a $500 bill? Republicans can't stop honoring ex-president". USA TODAY. Retrieved 13 September 2024.
