The 500-euro bill is being discontinued amid concerns that the big banknote has become too handy for money launderers.
The European Central Bank, which is the monetary authority for the 19 countries that use the euro, made the decision at a meeting Wednesday.
Banknotes currently in circulation will remain legal money for now, but no additional ones will be issued from existing stocks after late 2018.
The ECB said it was “taking into account concerns that this banknote could facilitate illicit activities.”
The bills — the biggest denomination for the euro — are not often seen in day-to-day circulation, and some merchants don’t take them. Yet they make up around 30 percent of the roughly 1 trillion cash euros in circulation and have turned up in money-laundering investigations.
A million euros in 500-euro bills weighs 2.2 kilograms, or just under 5 pounds, and fits in a laptop bag. Using 50-euro bills, the same million would weigh 22 kilograms, or 48 pounds, and would require an inconveniently bulky suitcase.
