1934 $500 Green Seal Federal Reseve Note FR-2201C President McKinley Grades vf++. When the 1918 Federal Reserve Series was introduced, these large denominations were intended for one purpose. The notes were issued to facilitate bank-to-bank transactions in an era before online banking and electronic wire transfers were possible. The majority of the American public never even saw these notes and they were not intended for use in circulation.In fact, the $500 note was the only note that wasn’t in excess of the average annual salary of an American in the early 20th century. The $5,000 and $10,000 notes exceeded, or vastly exceeded in the case of the $10,000 note, the income of most Americans in the first half of the 20th century.President William McKinley is featured on the obverse of the 1934 $500 Federal Reserve Note. This depiction captures McKinley in a slight-right-profile relief inside a porthole frame. McKinley was the 25th President of the United States and oversaw the nation during the Spanish-American War. He served from 1897 until his death in 1901, just after he won reelection in 1900.The denomination and nation of issue feature as the primary elements on the reverse of 1934 $500 Federal Reserve Notes. This simpler design was common across all denominations with the 1934 Series overhaul. The 1918 Series notes featured ornate vignettes that had gone out of style on American currency by the 1930s.