Recommendation To Phase Out $50 And $100 Notes.. Good Luck!

The rich ones are always in a better position to rort the system, but why do it with $100 bills? Much better to use a good accountant, and do it legally.

If you had $50,000 in stashed banknotes, you are loosing $1,500 per year to inflation. That's dumb. If you had $50,000 as part of a self managed pension fund with no tax to pay, invested in cash at 5%, you are $1,000 per year better off, with inflation taken into account. For rich pensioners it is always possible to re invest the $2,500 back into the pension fund, up to the age of 70.

More to the point: Within the next few years, a $200 and a $500 note are more likely to be issued, due to the ravages of inflation.

Here is a much better strategy:
I am reasonably well off as a pensioner.
With advice from an accountant, I am in the process of divesting as much as I can of my assets to the favour of my kids as it is possible fo me to do.
They need to money more than I do. They are to ones with the big mortgages, not me. That is how my parents helped me; I have an obligation to pass that on.

I will execute the terms of my own will, BEFORE I die. there is far less tax and legal fees to pay.

Like having a bigger stash will stop anyone. I don't know if anyone has seen the movie Dodgeball, but there's a scene where a company is bought for $50000, and is payed for with a bundle of notes maybe 5cm high. While it's probably exaggerated for comedic effect, I don't think it's far from the truth.
Also, how much would it cost to replace more than half of the notes currently in circulation?

funny to think that many years ago, Oz had a 1000-pound note.

Bad to stash banknotes. Inflation makes that so.

Buddy of mine was a bank teller. When the gold $200 dollar was out of vogue she was buying them from the bank at FV, via customer returns, when gold was around $650 per ounce, some years ago. Has about 20 of them. She is laughing now!