Are500 euro bills still valid? Existing €500 banknotes remains legal tender and will always retain its value. Can I exchange 500 euro notes? The €500 banknote, like the other denominations of euro banknotes, will always retain its value and can be exchanged at the national central banks of the Eurosystem for an unlimited period of time. Issuedby the European Central Bank, there are currently two sets of Euro notes in circulation. The First Issue, introduced in 2002, and the Second Issue, introduced from 2013. Old Euro banknotes remain valid and legal tender, with the exception of 500 euro notes. We exchange all Euro banknotes free of charge. We also give cash for Euro coins. JCCtB.