Rare $500 banknote from 1934 set for auction

A rare $500 banknote from the 1930s is to be put on sale by a Derbyshire-based auctioneer. (Credit: Hanson's Auctioneers via Storyful)

A rare $500 banknote from the 1930s will be up for auction Wednesday.

England-based Hanson’s Auctioneers released images of the $500 banknote, which they say was printed in 1934.

The item is part of a larger "major collection of rare USA notes" that was uncovered in Wales.

Measured in today's terms, Hanson’s Auctioneers said the note would be worth $11,619.17 today, which includes the adjustment for inflation.

The auction house said large banknotes were used for purchases such as of land or property.

Storyful contributed to this report. This story was reported from Los Angeles.