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High Demand For Currency Resulting From The Covid-19 Global Pandemic.

 
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Author Previous TopicReplies: 4 / Views: 244Next Topic  
Valued Member
United States
386 Posts
 Posted 08/02/2020  03:27 am Show Profile   Bookmark this topic Add PacoMartin to your friends list Get a Link to this Message

Quote:
Revised 2020 Currency Print Order

On April 16, 2020, the Board approved a revision to its FY 2020 order from 5.2 billion to 6.2 billion notes, or a 19.7 percent increase. The total value of the revised order is $185.7 billion. The increased order reflects action taken to address the high demand for currency resulting from the COVID-19 global pandemic.


By denomination
15.0% $1
-7.0% $5
0.0% $10
36.1% $20
208.3% $50 - the original order was exceptionally small
20.8% $100
19.7% Total

This topic does not come up very often as a lot of people think that COVID-19 decreased the demand for currency.
Bedrock of the Community
United States
34683 Posts
 Posted 08/02/2020  04:53 am  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
A little off subject,but I would like to read up on safety in regards to using currency and coins when it comes to catching a virus from using it. Someone with a good background in the subject,doctor or scientist.
John1
( I'm no pro, it's just my humble opinion )
Searched 5+ Million Cents Since 1971
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Germany
525 Posts
 Posted 08/02/2020  08:35 am  Show Profile   Bookmark this reply Add redlock to your friends list Get a Link to this Reply

Quote:
I would like to read up on safety in regards to using currency and coins when it comes to catching a virus from using it. Someone with a good background in the subject,doctor or scientist.


Well, not the experts you are looking for. But Sweden's Riksbank, the ECB and the Bundesbank (that's the ones I read) issued statements that catching the SARS-CoV-2 virus from banknotes and coins is highly unlikely. It's a resperatory virus. You'll most likely catch it from someone who thinks wearing a mask is infringing on his personal freedom and thus doesn't wear one.


Well, people are hoarding cash (if they can afford to do it) during the pandemic. For example, Brazil will print and issue a 200 Real note because there is a need.
In March and April (reflected in the figures for April and May) the ECB even released series-1 (=old series) 200 banknotes into circulation although the ECB tries to withdraw series-1 banknotes from circulation.
Edited by redlock
08/02/2020 08:35 am
Pillar of the Community
Canada
3539 Posts
 Posted 08/02/2020  08:53 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
I find the increased demand for cash contrary to my experience. Some businesses are refusing cash-and most people, including me, are simply using tap and pay. I only use cash at my LCS.
Valued Member
United States
386 Posts
 Posted 08/03/2020  04:24 am  Show Profile   Bookmark this reply Add PacoMartin to your friends list Get a Link to this Reply
The decision to release old series '1' 200 banknotes in April and May could possibly be unrelated to COVID-19.

A lot of people are trying to turn in old 500 banknotes and presumably many of them wish to keep their money in cash
Month		Series '1'	Series '2'
Apr 2019	269,440,447	------------
Dec 2019	259,859,053 dwn	152,841,547
May 2020	265,416,542 up	285,110,420
Part of the reason I use so many statistics is that I have noticed that most people who use their intuition, base their conclusions on their real life experience, or copy a lot of tropes from forums are dead wrong.

Edited by PacoMartin
08/03/2020 04:26 am
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