It used to exist via the older series, but on the Europa series they removed it completely now capped at 200€. However is the 500€ note still legal tender despite it becoming obscure? Have you actually seen it in person (or been paid with stacks of this denomination), if so: do stores selling expensive items accept that at its face value? Of course ATM’s do not disperse them but do banks continue to stockpile these?
They stopped making them because the 500 Euro note was the choice currency of transnational criminals.
Most places now don’t accept cash payments of 1000€ or more as well because of this as well.
It’s awfully difficult to lug around gold bars and diamonds aren’t what they used to be. Inflation however, makes the 500 note worth revisiting.