What’s my Five Hundred Dollar Legal Tender Worth?
$500 Legal Tender red seal notes can be worth a lot of money depending on numerous factors we go over in this old money guide. As you can see, five hundred dollar Legal Tenders were printed for 7 different years: 1862, 1863, 1869, 1875, 1878, and 1880. Every $500 Legal Tender ever printed is considered Large Size paper money.
Almost all Legal Tender notes will come with a red seal and serial number ink. This is one of the easiest ways to quickly distinguish these notes, as well as them says “United States Note” somewhere on the bill. As you can see from the pictures above these are all very beautiful banknotes.
Determining the value of your old $500 Legal Tender will depend on many factors we list below, however, all high denomination Legal Tenders are rare and worth a lot of money. If you think you have something rare make sure you reach out to a paper money expert.
If you’re unsure how much your Legal Tender is worth, contact us today and we’ll respond within 24 hours with how much your bill is worth along with our best offer, no obligations.
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The first and arguably most important factor is supply and demand. Typically with most Legal Tenders, the older the bills had smaller print runs than later issues, meaning less supply and oftentimes more demand. I’ve purchased bills from the late 1700s with incredibly low supply thinking the low supply would equate to high demand only to find this wasn’t the case.
One of the many reasons why Legal Tenders have the demand they do is because of their history. These $500 Legal Tenders were once fully redeemable at banks for their value in currency. This means even today you could bring a $500 Legal Tender to a grocery store and spend it, although I highly advise against it as these are now collectibles worth much more than their face value.
Something many people don’t take into consideration is rare serial numbers. If you’re unsure what a rare or fancy serial number is, check out this guide we wrote on fancies to learn more. A fancy serial number can dramatically increase the value of a banknote, regardless of type or condition.
Condition is a pivotal factor when trying to figure out how much your $500 Legal Tender is worth. Beat up Legal Tenders from 1880 (AKA High Denomination Red Seal Notes) are still going to be worth a lot of money. Condition really is King and should be taken seriously when trying to determine the value of a bill. Contact us if you’re unsure how to grade your Legal Tender as we have decades of experience in this area.
The final factor in determining the value of your $500 Legal Tender is the market. The market has a strong impact on how much a bill is going to be worth. Just like any market, the market for collectible paper money is constantly in flux. One of the most detrimental moments I’ve experienced while collecting and dealing with paper money was during the housing crash of 2008. The market for old banknotes nearly cut in half, as this collectible was not desirable at the time.