1935 $500 (French And English)

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"The statue of liberty is extremely rare" because there is only one.

There are actually 2 of these, 1 in France and the other in NY.

I guess the value is going to really fall on these now that the number known to exist has doubled.

"I guess the value is going to really fall on these now that the number known to exist has doubled. "

Not Really... If I am correct...

The one in France is a Miniature Version of the one in New York.  I think it was used as a scale model to produce the one that was given to the USA.

Also there is one in Vegas I believe.. but its a cheap Knockoff one.. so grade it a G-VG.   Unless PMG Grades it... then it's a GEM!

Once you get a few years experience collecting Canadian Currency I hope you'll understand what are considered rare notes. These are not something you can just consider "not finding frequently" as there are many banknotes with low market presence that are not considered rare at all. The 1935 $25 dollar is not considered rare in any grade. I beleive the current count of these $25 notes exceed 1800 examples.  Rare notes must have very low survival count followed by oustanding demand. The 1935 $500 certainly meets these 2 criterias and could easily be considered as Extreamly rare.

The examples currently housed in the National currency museum are not available for any amount of money. 

I have been collecting for long enough. I had a very hard time finding a 1935 $5 or $20 note in any decent condition. Even when I found one, it was either over-graded or bought by someone else before I got a chance to negotiate.

Like I said, if I was to announce "Wanted - 1935 $20 in EF, will pay double book", then the note will COME TO ME. It's all about the money....

When dealing with very rare notes don't focus too much on book values as they tend to trail market value "sometimes considerably" due to outdated sales. What you invest into notes that are few and far between will play a big part in future trends

As for the note which you frequently mention are going over book value, this should make you happy. It means that demand outweighs supply and the upcoming book values will continue to show increases. While if everyone were getting deals the books will eventually start to reflect this and you may end up loosing some money.

There was an earlier thread (in 2008) dealing with this subject:

http://www.cdnpapermoney.com/forum/index.php?topic=7217.0

I don't think any new $500 notes have come to light since then. However, personally speaking, I feel that there must be a few out there somewhere languishing in safety deposit boxes or overseas bank vaults, etc.

It takes a much more knowledgeable collector to realize an under valued note and pay full catalog or more just to get it if it comes up for sale.
Bargain hunters will always have a collection of typical material.