This $500 Federal Reserve Note is from the 1928 series issued by the Atlanta district. The 1928 series notes are much harder to find than their 1934 counterparts.
- Second highest denomination used in circulation.
- Sealed in an inert mylar currency holder certified by PMG.
- Graded Extra Fine-40 by PMG.
- Only 69,360 notes printed.
- Signatures: Woods/Mellon. Friedberg #2200-F.
- Face: Features a portrait of President William McKinley.
- Back: Displays the denomination.
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Series 1928 Federal Reserve Notes were the last to be backed by Gold as their redemption wording states, "Redeemable in Gold on Demand at the United States Treasury, or in Gold or Lawful Money at any Federal Reserve Bank." No Federal Reserve Notes after the 1928 series has carried this clause in its obligation.
Small size $500 Federal Reserve Notes were printed for three different Series. 1928, 1934 and 1934-A. There are a total of 35 different Series/District combinations available. That is 12 different districts from all three Series with the exception of Series 1934-A Boston $500s where none were printed.
Although they are still technically legal tender in the United States, high-denomination bills were last printed on December 27, 1945, and officially discontinued on July 14, 1969, by the Federal Reserve System, supposedly due to "lack of use."