An “ultra-rare” $500 bill from the Roosevelt era will be auctioned off in England on Wednesday — and it could fetch more than twice the number printed on its face.
The 1934 banknote, featuring a stoic portrait of President William McKinley, was part of a big collection of rare US money found in Wales, Hansons Auctioneers told Fox 8 in North Carolina.
The bill was uncommon for several reasons, according to William Hayward, a coin and banknote valuer at Hansons — not the least of which is that it was exceedingly uncommon for someone to walk around with that much money in their pocket back in 1934.
Back then, a bill of that amount would worth the equivalent of about $11,600 today, the station said.
“It’s also unusual because it hasn’t been redeemed,” Hayward said.
“They are still legal tender. Five hundred dollars is still five hundred dollars at the end of the day,” he continued. “The United States no longer issues bills in larger denominations, such as $500, $1,000, $5,000, and $10,000 bills, but some may still be in circulation.”
The Bureau of Engraving and Printing has not printed a $500 note since 1945, he added. Congress officially discontinued it back in 1969.
The guide price for the bill said it could fetch between $1,000 and $1,260 when it hits the auction block, the station said.
The rare coin and banknote market is a “rich area of growth” in the collectibles market, Hansons said, and their sale regularly achieves record-breaking results.
