The St. Louis Fed alone inspected over 934 million notes in 2021. Generally speaking, U.S. paper currency that’s no longer fit for circulation is removed from circulation by the Federal Reserve System. However, different fates can befall a bill, and there are different processes for handling money depending on what happened to it. Reasons why 500 euros are being withdrawn from circulation. The decision of the European Central Bank to ban the issuance of €500 banknotes came into force on January 27, 2019. Tickets that are in circulation still retain their value and are legal tender. The rejection of 500-euro bills is due to their widespread use for money laundering News release. The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022. After this date, paper £20 and £50 banknotes will no longer be legal tender. So we are encouraging anyone who still has these to use them or deposit them at their bank or a Post Office during these last 100 days. Twenty years after arriving in Europeans' wallets, euro banknotes will get a new look with help from the public, a process officials hope will make citizens feel closer to the single currency. These features are not confined to €5 notes and can be found on any euro banknote so it’s worth checking them out. According to Warwick and Warwick auctioneers, the most valuable sequences are Banknotes. Further information can be found on the website of the European Central Bank. ecb.europa.eu. The €100 banknote of the Europa series was introduced on 17 September 2018. The Europa series was introduced in May 2013, starting with the €5 banknote. 14 June 2021 at 5:23PM edited 14 June 2021 at 5:24PM. The first series of euro banknotes, including the 50€ note, have certainly not been phased out or lost their status as legal tender. Even if/when they are eventually no longer in circulation, they will not have lost their value. I am still occasionally receiving old issue 50€ notes from 500000 Italian Lire banknote (Raphael) The banknote of lire cinquecentomila features Raphael, Italian painter. Text on the blue and purple colored paper note reads ‘Banca D’Italia’. On the backside of the L500,000 note is an image of Raphaël’s painting The School of Athens. You get: £ 15.00 000. The edge of the 50c coin is patterned with heavy ridges. 20c: The 20c coin is another euro coin made of the ‘Nordic gold’ alloy. It is smaller than the 50c coin and its edge is smooth but marked with 7 evenly spaced notches. 10c: The 10c euro coin is the smallest of the gold-toned ‘Nordic gold’ euro coins. READ ALSO: Danske Bank CEO resigns over money laundering scandal. “With this ban, we are taking an important step in the fight against money laundering and financing of terror,” business spokesperson Hans Kristian Skibby of the Danish People’s party said. “Most uses of the 500 euro note are for economic crimes or money laundering across K1mVTc.