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Possibly 700 US Dollars

CorrectionThere's no "Series I" $50 bill with that date. "I" is the Federal Reserve indicator for the District of Minneapolis.

The series letter is a small letter next to the date. The series letter is changed whenever there's a minor design change or a change to the signature(s) of the Treasury Secretary or Treasurer. The date is generally changed only when there's a major design revision, although that policy has been modified in recent years.

Series letters for 1934 $50 notes range up to "D". These were actually printed in the late 1940s. Because $50 was a large amount at that time these bills didn't see a lot of circulation and aren't considered to be scarce. Regardless of the letter, auction prices range from face value for a worn bill to maybe $75 for one with only slight wear. A nice crisp uncirculated bill retails for $175-$200 except for the "D" letter; being newer these sell for about $125 in uncirculated condition.
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Q: What is the value of a Series 1934 I US fifty dollar bill?
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