2016-02-17 Wed

The five hundred euro note (€500) is the highest-value euro banknote and has been used since the introduction of the euro (in its cash form) in 2002. It is the highest value banknote circulating in the world with its current exchange rate at USD 556.41 (as of today). The note is used in the 23 countries which have the euro as their sole currency.

But the European Central Bank is considering scrapping the 500 Euro note!

As the value of the note is several times greater than many of the largest circulating notes of other major currencies, such as the United States 100 dollar bill the authorities suspect that the 500 Euro notes are being used for illegal purposes.

So the 500 euro banknote may be pulled out of circulation from the Euro zone. Britain, a country outside the euro zone, has prohibited the distribution of the €500 note by banks and currency exchanges since 2010.