On March 30, 1939, a Heinkel He 100 V set a new speed record of 463.9 mph. This record was broken April 11, 1939 when Captain Fritz Wendel flew a Bf-109F (Bf 209V1) Messerschmitt at 469.24 mph. This stood as the world's record for reciprocating engined aircraft until August 16, 1969 when an American, Darryl Greenamyer, flew a Grumman F8F2 Bearcat to a new record of 483,041 mph (777.35 kmph).

Note:
On Sept. 8, 2003, The Rare Bear Qualified at 495.039 MPH at the Reno Air Races. I don't know where the latest records stands, so help me out with this one.

Ramblin' Jack