As silly as it may sound now, the idea of a $500 note was quite normal in the early days of numismatics and currency. In fact, there were even higher denominations back then, which makes the idea of learning about early paper money even more exciting. That is what we get to do together in working our way through this blog series covering Whitman Publishing’s 100 Greatest American Currency Notes. Authors Q. David Bowers and David M. Sundman will be at the helm, escorting us through this next entry that cracks the top 20.
#19 – Acts of 1862 and 1863 $500 Legal Tender Note
Depicting Albert Gallatin, the $500 Legal Tender Note, Series 1862 and 1863, features his portrait enclosed in a circular frame. The denomination is featured on either side of him on the face of the note. While not as rare as its $1000 cousin that features Robert Morris in the center, the $500 note only has six examples known.
Albert Gallatin is said to have been quite the prominent figure in the financial world. He was called upon to be the secretary of the Treasury in 1801 by Thomas Jefferson. He remained in that office until 1813 when he was sent with others to negotiate with Great Britain. After 1828, he moved to New York and became a citizen, taking over the presidency of the National Bank from 1831 until he was succeeded by his son in 1839.
Authors Bowers and Sundman also make note of Gallatin being one of the brightest individuals to have held the position of secretary of the Treasury. He is thought of as being a “true great” in the early financial days of America.
The historical market value of the $500 Legal Tender Note of 1862 and 1863 in 1960 was $5,500 for Crisp Uncirculated Condition. By this publication (2006), the value rose to $550,000.
