Kline's $500 Bill
Friday, August 30, 2013 7:00 AM
A rare $500 bill rescued from a safe in the burned-out Urbandale mansion of developer John Kline will go toward repaying the convicted developer’s creditors.
The U.S. Treasury Department stopped printing large-denomination bills – including the $500 bill – in December 1945 and pulled them from circulation in July 1969, according to the Treasury Department website. The bills were first printed in 1929. President William McKinley was featured on the $500 bill. They are considered legal tender, but the Federal Reserve Banks destroy them when they are received.
An assistant U.S. attorney, who asked Chief Judge James Gritzner of the U.S. District Court for permission to apply the $500 bill and another $9,300 in cash found in the safe toward the nearly $1.2 million restitution Kline owes several lenders, would not say whether the government had the Kline note appraised, whether it would be appraised, nor whether it would be sold at auction to the highest bidder.
A salesperson at Christopher’s Rare Coins in Des Moines said the store has had a few of the $500 bills for sale for between $880 and $1,350. A couple of the bills had been folded, reducing their value, he said.
Kline is serving a 2 1/2-year prison sentence after pleading guilty to bank fraud.