This tougher 1928 $500 combines creamy white paper with nice embossing. PMG notes a closed pinhole which is professionally executed. It’s well concealed left of the primary oval and can only be detected during back lighting. As for the AU grade; this note could just of easily graded CH CU. A very faint corner bend is located at the upper right but it really looks more like a handling mark. This would normally not take a note out of the UNC category.