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It depends on how much is torn and if you have both sides. As long as you have at least 2/3 of the bill including at least one serial number it still retains its full value and can be exchanged at your bank for a new bill. So basically whatever bill you have in this case on the $500 if you have part of the bill that makes it to at least President McKinley's nose from either side then it will still be worth $500. Small tears where the bill isn't fully severed still retains its value as well.

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Q: What is a 500.00 dollar bill that torn worth?
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