FRANKFURT — A suitcase stuffed full of cash may soon be worth a lot less.
In a move aimed at hampering cash transactions by terrorists, drug dealers and money launderers, the European Central Bank on Wednesday announced an end to the 500-euro bank note, worth roughly $575.
When it comes to moving money nefariously, the €500 note has been especially handy.
It is a large denomination in a widely circulated and easily convertible currency. In the United States, the largest denomination is $100, after the Federal Reserve discontinued the $500, $1,000, $5,000 and $10,000 bills in 1969. Switzerland has a 1,000-franc note, worth about $1,050, but its supply is limited.
The €500 note is also more compact and convenient for evading the gaze of authorities. The equivalent of $1 million, in that high euro note, weighs about five pounds and fits in a small bag, according to a Harvard University study this year.
Edited by Rogerdodger, 04 May 2016 - 02:55 PM.