Everything About the Highest Euro Bill

The highest euro bill is the €500 note, which has been in circulation since 2002. It's a significant denomination, but not the largest in terms of size.

The €500 note is 125mm x 77mm in size, making it slightly smaller than the €200 note. It's also the most counterfeited euro bill, which is why it's been largely phased out in some countries.

The design of the €500 note features a portrait of Europa, a mythological figure from ancient Greece.

Germans are delaying their farewell to the €500 note, unlike the rest of the eurozone, which stopped issuing them in 2016.

The €500 note is known as the "bin Laden" due to its ease of use in illicit activities like money laundering and terrorism financing.

In Germany, many people fondly remember the 1,000 Deutschmark bill before euro notes were introduced in 2002.

Bundesbank chief Jens Weidmann denounced the decision to abolish the €500 note, saying it would have little impact on combating crime.

An ECB study found that only 19 percent of cashless payments were made with cards in 2016, a stark contrast to 53 percent in the United Kingdom and 65 percent in France.

Germans are particularly attached to their cash, with the average person carrying more than €100 in their wallet.

In a recent Bundesbank poll, 88 percent of respondents said they still wanted to pay with cash in the future.

The €500 note was handy for criminals, being a large denomination in a widely circulated currency, and its compact size made it easy to transport large amounts of money.

The European Central Bank is phasing out the €500 note by the end of 2018, after which the next highest denomination will be €200.

The equivalent of $1 million in €500 notes weighs about five pounds and fits in a small bag, but the same amount in €200 notes would weigh roughly two and a half times as much.

Related reading: New Euro Notes

If you're planning a trip to Europe this summer, be aware that some smaller businesses may not accept new €100 and €200 notes.

These notes have advanced security features, but some holiday resorts, bars, and restaurants won't take them. According to CompareHolidayMoney.com, 40% of the places they contacted don't accept notes larger than €100.

It's best to spend high-value euro notes while in Europe to avoid being charged a premium for exchanging them back to pounds in the UK. You can check in advance to confirm whether larger notes will be accepted.

The new €100 and €200 notes are made from cotton fibre and are the same height as the €50 note, making them easier to handle. They also have a hologram that becomes clearer under direct light and are more durable than previous notes.

Some businesses won't accept high-value euro notes because of their association with crime. In 2016, the European Central Bank stopped producing €500 notes due to their link to terrorism, money laundering, and drug dealing.

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