What is the amount of the highest single bounty ever posted?
Is there a limit to how much rep you can spend on a single bounty?
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From the beginning, the biggest amount of reputation one can give in a single bounty is 500, as mentioned in the faq.
However, in the beginning the system added 50 reputation on top of any bounty that was started making it an actual +550 award when the user gave 500.
This was changed in June 2010:
The system no longer tosses in +50 bonus reputation to a bounty. We feel this newer, much more open bounty system no longer needs that incentive.