RM500 Malaysian Banknotes, which is now is not legal tender, but still valid for exchange at Bank Negara Malaysia for legal tender cash. According to statement from BNM's website, annoucement of the demonetisation of RM500 was made on 12 September 1998, and ceased to be legal tender effective from 1 July 1999. Total printed and circulated to market was 1,989,479 pieces. At time of announcement, BNM expecting that there were less than 200,000 pieces of combined RM500 and RM1000 in the circulation.
According to Banking Info FAQs, the note has been taken out from circulation and withdrawn it legal tender status was to complement the exchange control measures introduced in 1998.
From Standard Catalogue of Malaysia, Singapore and Brunei, 17th Edition (International Stamp & Coin):
1987 (No date) New series. The design generally similar to M57, but improved & additional security features. Vertical serial number printed in red, metallic silver feature, intermittent "stardust" security thread etc. Signed by the Bank's Governer Dato' Jaffar Hussein. Engraved and printed by Thomas De La Rue & Co Ltd. Multicolored.This type of banknote (and signed by earlier Governor) was issued back from 1982. The obverse features the portrait of the first Seri Paduka Baginda Yang di-Pertuan Agong with some traditional carving, while the reverse features the Sultan Abdul Samad Building located at Independence Square in Kuala Lumpur.
M65 - 500 Ringgit; red, brown & yellow (155x83mm)
Note: This information is for sharing, and I will not add into my research book. Hence answering the wonder of why I post it here. Just so that young generation knows the existence of this piece. To date, this one chip me a huge sum of money. By far, it was the most I had ever spent for this hobby.
Shahirasul, USM (2008-07-07)
The information has been updated at http://www.exonumi.com/?page=publish&id=1.26.BN.47170
1. BNM Press Statement
Status of Demonetised RM500 and RM1,000 Currency Notes
2. Banking Info - FAQs
FAQs on The Malaysian Currency
More information about the banknote can be read here: