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500 Dollars Large-Size Federal Reserve Note
| Issuer | Federal Reserve Bank of the United States |
|---|---|
| Year | 1918 |
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| Composition | Cotton paper |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | FEDERAL RESERVE NOTE THE UNITED STATES OF AMERICA WILL PAY TO THE BEARER ON DEMAND SERIES OF 1918 AUTHORIZED BY FEDERAL RESERVE ACT OF DECEMBER 23, 1913 AS AMENDED BY ACT OF SEPTEMBER 26, 1918 WASHINGTON, D.C. MARSHALL FIVE HUNDRED DOLLARS |
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| Reverse lettering | FEDERAL RESERVE NOTE THIS NOTE IS RECEIVABLE BY ALL NATIONAL AND MEMBER BANKS AND FEDERAL RESERVE BANKS AND FOR ALL TAXES, CUSTOMS AND OTHER PUBLIC DUES. IT IS REDEEMABLE IN GOLD ON DEMAND AT THE TREASURY DEPARTMENT OF THE UNITED STATES IN THE CITY OF WASHINGTON, DISTRICT OF COLUMBIA OR IN GOLD OR LAWFUL MONEY AT ANY FEDERAL RESERVE BANK. |
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| Comments |
The 1918 $500 Federal Reserve Note belongs to the large-size series authorized under the Federal Reserve Act of 1913 and printed while the United States was still financing its involvement in the First World War. Notes of this denomination circulated almost exclusively between banks and large commercial institutions — a private individual handling one in daily commerce would have been extraordinary. The series was discontinued after the Treasury's 1928 shift to small-size currency, and unredeemed examples were systematically pulled from Federal Reserve vaults through the 1960s and 70s.
High-denomination Federal Reserve Notes of this vintage were never officially demonetized, remaining technically legal tender, but the Federal Reserve and Treasury have long declined to reissue them when returned.