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500 Dollars Federal Reserve Note, 'Redeemable in Gold'
| Issuer | Federal Reserve System |
|---|---|
| Year | 1928-1934 |
| Type | Standard circulation banknote |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | FEDERAL RESERVE NOTE THE UNITED STATES OF AMERICA REDEEMABLE IN GOLD ON DEMAND AT THE UNITED STATES TREASURY, OR IN GOLD OR LAWFUL MONEY AT ANY FEDERAL RESERVE BANK. WASHINGTON, D.C. SERIES OF 1928 WILL PAY TO THE BEARER ON DEMAND FIVE HUNDRED DOLLARS |
| Reverse description | Printed entirely in green intaglio, the reverse is dominated by an elaborate central guilloche oval enclosing the numeral 500, flanked by symmetrical acanthus scroll work and lathe-work ornamental panels. The denomination in numerals appears at all four corners and along the top and bottom borders, with the spelled-out value centered below the main vignette. |
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| Comments |
The "Redeemable in Gold" clause printed on these notes was rendered legally meaningless almost immediately. When FDR signed Executive Order 6102 in April 1933 and then the Gold Reserve Act in January 1934, private gold redemption was eliminated — but the notes themselves stayed in circulation until the Federal Reserve retired the $500 denomination entirely in 1969. The redemption promise became dead text while the notes kept circulating for decades.
Surviving examples overwhelmingly come from Federal Reserve bank holdings rather than public circulation — $500 was roughly two weeks' wages for most Americans in 1928, so actual hand-to-hand use was rare. The San Francisco Fed reportedly held substantial quantities in vault reserve well into the 1940s.