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 Replies: 34 / Views: 5,856 |
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Pillar of the Community
708 Posts |
Does anyone here think we should have a larger denomination than $100 bills? I think that, since a $100 bill, going back to July 14, 1969 when the $500, $1,000, $5,000 and $10,000 bills were last issued, was worth what a $1,000 bill would be today, that we should have $200, $500, and $1,000 bills today.
I know that there are concerns of drug dealers, counterfeiters, money launderers, and other such crime doers who would benefit from large denominations. But let's face it. We are not going to stop these crimes, no matter what denominations we have. I also know that there are many people who pay with electonic methods of pay now, but what about the good honest people who want to use cash for high end purchases, and don't want bulgeing wads of $100 bills in their pockets, or who simply want to count out a few bills and be done with it. And less bills would be less noticible by muggers and thieves as well.
So, does anyone here think that it is time to revive the $500 and possibly the $1,000 bills, and add a $200 bill?
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Valued Member
United States
207 Posts |
I don't think it is necessary for our modern society to have large denom. bills. It would only add additional costs for the BEP to design and print these denominations. Credit cards or checks allows regular people to pay for large purchases easily and allows for a record to be had. Which makes illegal activities more difficult to execute.
All the problems you posed are solved by credit/debit cards.
High denomination bills had to be present back then because paper money was the primary medium in which wealth was exchanged.
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Pillar of the Community
 708 Posts |
What if you're standing in an hour long line in a store, then you get up to the last person in front of you, and he whips out his card or checks and the machine goes haywire, leaving you to wait a half hour or so longer? I've had this happen a few times. I think we could use at leasr a $200 and a $500 bill, although I really think we should have $1,000 bills as well, seeing as the Euro also has a 500 Euro note worth close to $1,000 $US
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Valued Member
United States
239 Posts |
I see your point Fox but what about the other side of it...you know someone will whip out there $500 bill they got for a week's pay and go buy a stick of gum and expect change. I want you to be right and that we start printing more denominations but am sad knowing we are heading towards a future with only "digital money"
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Valued Member
United States
207 Posts |
Hm, Never had a credit card machine go haywire. If a credit card machine isn't working usually means the internet connection is offline and I live in a internet stable region. I am curious to what exactly you were buying which would have required $500. Couldn't you have left and gone to another store?
Edit: After seeing Bison's post, yes!
I work as a cashier and I can't imagine having to give change for a $500 or $1000 bill for a small purchase. Plenty of businesses I am afraid would have to refuse these large denom. bills as it strips them of change. Usually small businesses refill change every several days to a week and a half. If you can't even use large denom. bills in most businesses other than those dealing in luxury goods with products running in the thousands of dollars, then why should they even exist?
Edited by Woodford
02/06/2013 5:43 pm
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Valued Member
United States
442 Posts |
I think it's a terribly idea in my opinion to have the $500 and any note higher because then it makes "gangsters" and other "criminals" jobs really easy instead of having to have 100, Hundred dollar bills to have $10000 you would only need 10 or 20 so at anytime a drug smuggler could be walking around with $100,000 in his wallet instead of having to be carrying a briefcase to have that kind of money. And honestly at the last coin show I was at I was shocked to see how many gangsters and other bosses that were investing 100K or more in one coin so that their money can't be tracked and so that nobody knows and it's easy to transfer, could they have been real coin collectors sure but odds are very very slim. Even my parents that went with me came up to me after the show and were asking about why there were so many of them there, and my dad ended up hearing some of them talk about how easily they can hide there money in coins. But again this is just my opinion.
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Valued Member
United States
207 Posts |
Agreed with Voshus on that. The ability for criminals to hide their wealth from official sources gives them a great amount of power. It allows for tax evasion and ease in transferring untraceable funds across the world. Not surprised that they would invest in rare coins or currency as it allows a large amount of money to to be manifest in a lightweight and small package.
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Pillar of the Community
708 Posts |
As I said, I would not worry about the gangsters, because we will never stop organized crime. Even if we discontinued all of our coins and currency we have now, and brought back the Half Cent coin and used just that as our only denomination of currency, the crime ring would still find a way around it. And I do not see the people in Europe worrying about their 500 Euro note thay was once worth $880 $US |
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Pillar of the Community
1283 Posts |
Yeah, I think it's really a horrible idea, esp in the age of the terrorist. That makes smuggling so much easier it would be so much easier to carry a million in $10,000 notes rather then 1000 times as many $100 notes?
Now that being said, I love large denominations notes from the 30's and before and would love to buy a collectors notes.
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Pillar of the Community
708 Posts |
Oh, and BisonMatt, I believe that $500 and $1,000 bills should only be used for large purchases, and you should have to spend at least $300 of a $500 bill and at least $800 of a $1,000 bill, as for the $200 bill, making change for a lower denomination like that should not be much of a problem.
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Bedrock of the Community
Australia
21786 Posts |
Most governments are reticent when it comes to issuing larger denominations than around $100 value.
It has to do with the fact that the king pin drug dealers can move large amounts of money too easily.
There is leglislation in Australia called the
'Cash Transactions Reports Act' in place to also help control this problem.
All commercial organisations are required to keep specific records and report immediately with large cash transactions.
That prevents the drug dealers depositing large amounts of cash without full identification of themselves and a reason why they are making such large cash deposits.
A stash of $1000 notes would be much smaller than a stash of the same value of $100 notes.
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Valued Member
United States
212 Posts |
High denoms were removed to help control money laundering. And in this day and age we do not need them back IMHO.
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Pillar of the Community
708 Posts |
But $200, $500, and $1,000 bills really are no longer large denominations, or they would have gotten rid of $100 and possibly $50 bills back in 1969 as well, and I do know that they were trying to eliminate $100bills and possibly $50 bills back in the 1980s. Theat would have been very foolish.
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Valued Member
United States
442 Posts |
I think that Europe has no problem with there high end notes because there economy is doing much better and their crime rate is much much lower so you really can't compare the US to that of Europe. I've not heard of that many drug dealers in Europe as much as there are in the us and Mexico. Just my opinion again
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Moderator
 Australia
16817 Posts |
As I understand it from other conversations here on the forum, banknotes higher than $20 almost never actually circulate in America. What would be the point of issuing even higher denomination notes when the lower denomination notes don't circulate?
That being said, the steady creep on inflation means that eventually, higher denomination notes are going to have to be issued. When McDonalds cheeseburgers cost $20 each, you're going to need something like a $200 note.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
United States
1285 Posts |
Quote:
Yeah, I think it's really a horrible idea, esp in the age of the terrorist. That makes smuggling so much easier it would be so much easier to carry a million in $10,000 notes rather then 1000 times as many $100 notes? You should hook up with the secret service and be a consultant for them. |
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Replies: 34 / Views: 5,856 |
Posted 02/06/2013 5:17 pm
