The five-hundred-euro note (€500) is the highest-value euro banknote and was produced between the introduction of the euro (in its cash form) in 2002 until 2019. Since 27 April 2019, the banknote has no longer been issued by central banks in the euro area, but continues to be legal tender and can be used as a means of payment. It is one of the highest-value circulating banknotes in the world, worth around 537 USD; 3,902 CNY; 79,165 JPY; 479 CHF, or 430 GBP as of September 2023. The note is used in the 25 countries which have the euro as their sole currency, with a population of about 343 million.
Initially, the high denomination notes were introduced very rapidly so that in the first 7 years (up to December 2008) there were 530million five-hundred-euro banknotes in circulation. Subsequently, the rate of increase was radically slowed. In July 2023, there were approximately 281 million banknotes in circulation (decreased from 614 million in 2015). It is the least widely circulated denomination, accounting for 0.9% of the total banknotes. It is the largest note measuring 160 × 82 mm and has a purple colour scheme. The five-hundred-euro banknotes depict bridges and arches/doorways in modern architecture. The five-hundred-euro note contains several complex security features such as watermarks, invisible ink, holograms and microprinting that make counterfeiting very difficult.
The note is being phased out due to concerns of widespread use for illegal purposes. Most printing of new €500 notes ceased in 2019, although existing notes will remain legal tender until further notice.
History
The euro was founded on 1 January 1999, when it became the currency of over 300million people in Europe. For the first three years of its existence it was an invisible currency, only used in accountancy. Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the 12 initial eurozone countries.
Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, Lithuania on 1 January 2015 and Croatia on 1 January 2023.
The changeover period
The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, going from 1 January 2002 until 28 February 2002. The official date on which the national currencies ceased to be legal tender varied from member state to member state. The earliest date was in Germany, where the mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted for two months more. Even after the old currencies ceased to be legal tender, they continued to be accepted by national central banks for periods ranging from ten years to forever.
Design changes
Notes printed before November 2003 bear the signature of the first president of the European Central Bank, Wim Duisenberg, who was replaced on 1 November 2003 by Jean-Claude Trichet, whose signature appears on issues from November 2003 to March 2012. Notes issued after March 2012 bear the signature of the third president of the European Central Bank, Mario Draghi.
As of June 2012, current issues do not reflect the expansion of the European Union. Cyprus is not depicted on current notes as the map does not extend far enough east and Malta is also missing as it does not meet the current series' minimum size for depiction. The European Central Bank is currently introducing a new series of euro banknotes. The 500-euro denomination, however, will not be included in the new series as it was decided to phase out issuance of 500-euro banknotes.
End of production and issuance
The European Central Bank announced on 4 May 2016 that it would stop issuing the 500-euro notes by the end of 2018. This decision is due to the suspicion that the notes are widely used for illegal purposes, according to a high-ranking bank official, Benoît Cœuré. The notes were last printed in 2014 and the demand was satisfied since from stocks.