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The €500 Note Has Been Dead for Years

Circulation of the high-value note has barely increased since 2011.
500 Euro banknotes.
Photographer: Ulrich Baumgarten via Getty Images

High-value-denomination notes have been under attack lately. The latest volley came from former Treasury Secretary Lawrence Summers, who today called for the G-20 to agree stop issuing banknotes with denomination higher than $50. 

Right in the cross hairs at the moment is the €500 ($557) note, with European Central Bank President Mario Draghi telling lawmakers on Monday that there is “increasing conviction” that such large-value notes are used for illegal purposes. He added that the central bank is currently reviewing the use of the high-denomination bill.