'Ultra rare' $500 banknote from 1930s to be auctioned off

TAMPA, Fla. (WFLA) — An "ultra rare" $500 banknote from the 1930s is set to be auctioned off Wednesday.

According to Hansons Auctioneers, the banknote was printed 90 years ago and is part of a major collection of rare USA notes uncovered in Wales.

William Hayward, a coin/banknote valuer at Hansons, said the banknote is rare for a number of reasons. For starters, Hayward said just having a $500 note in your pocket in 1934 would have been extremely unusual.

“It’s also unusual because it hasn’t been redeemed," Hayward said. "They are still legal tender. $500 dollars is still $500 dollars at the end of the day. 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 $500 was officially discontinued by the US Congress in 1969 and the Bureau of Engraving and Printing (BEP) has not printed one since 1945."

Hansons said the notes were sometimes used for land or property purchases.

Based on inflation, the $500 note would be worth $11,619.17 today, according to Hansons.

The auction at Hanson’s Auctioneers in Derbyshire is scheduled for June 26. The guide price for the note was between £800 and £1,000, or around $1,000 and $1,260.