The European Central Bank stopped issuing the €500 banknote years ago, but Europe’s highest-denomination bill is proving remarkably difficult to consign to history.
More than €100 billion worth of €500 notes remained in circulation across the euro area in the second quarter of 2026, according to data from the European Central Bank, underscoring the staying power of a banknote that monetary authorities have been gradually withdrawing from everyday use.
ECB data show that the value of €500 notes in circulation stood at €100.07 billion in the second quarter, down from €102.42 billion in the first three months of the year. At the end of 2025, the figure was €105.18 billion, compared with €107.88 billion in the third quarter.
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The direction is clear, but the pace is gradual. In just three quarters, the value of outstanding €500 notes has fallen by roughly €7.8 billion, or more than 7%. Yet the amount that remains is substantial, particularly for a denomination that is no longer being produced.
The total value of euro banknotes in circulation rose to €1.629 trillion in the second quarter of 2026
The contrast with the broader demand for euro cash is striking. The total value of euro banknotes in circulation rose to €1.629 trillion in the second quarter of 2026 from €1.613 trillion in the first quarter, according to ECB figures. At the end of 2025, the total stood at €1.619 trillion.
That means the €500 note is shrinking as a share of Europe’s cash stock even as the overall value of banknotes in circulation continues to grow. Based on the latest figures, €500 notes still account for about 6.1% of the total value of euro banknotes outstanding.
The ECB decided in 2016 to discontinue production and issuance of the €500 note, amid concerns that such a high-denomination bill could facilitate illicit activity because large amounts of money can be transported or stored in relatively little physical space. Most euro-area central banks stopped issuing the notes in January 2019, with Germany and Austria following a few months later.
The decision, however, didn’t invalidate the notes already in circulation. The €500 bill remains legal tender and retains its value. Holders can also exchange the notes at euro-area national central banks without a time limit.
That distinction helps explain why so many remain outside central banks. Unlike a currency withdrawal that forces holders to exchange old notes by a deadline, the ECB’s approach allows the stock to decline organically as €500 bills are deposited with banks and eventually returned to the central-bank system.
