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 Replies: 12 / Views: 3,416 |
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Pillar of the Community
708 Posts |
I'll keep it short. Here is what the Dollar Coin Alliance guy I have been talking to said to me in an email a little while ago: -------------------------------------------------------------- I think inflation will require a $200 bill and the use of a $500 bill eventually. When is anyone's guess. Food for thought, though -------------------------------------------------------------- Hopefully by 2015 we'll get the $200 bill, and by 2020, get the $500 bill. This IS another thing Canada was speaking about doing, but they said that a $200 bill was years away, and a $500 bill was decades away. But at least they might be considering it, and maybe they'll consider it here in the U.S. as well. Only I hope we get our $200 and $500 bills over the next few years, as I already said. Wait, didn't I say I was going to make this short? Sorry!  Throw a whip cream pie in my face for that. Hee hee. |
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Pillar of the Community
Canada
785 Posts |
It's highly unlikely, the reason Canada got rid of its $1000 dollar bill because it was the first choice for" criminal cash transistions". I think the idea of a $5 coin may happen within the next 10 years.
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Pillar of the Community
United States
965 Posts |
I honestly DO think there is a use for a $200 or even a $500 dollar bill. $100 won't even buy a few weeks groceries for most people. I know the "all large purchases are made with plastic" crowd will claim that it will increase money laundering, it probably would actually. However, a $200 bill or $500 dollar bill would significantly increase the convenience of our nation's currency.
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Pillar of the Community
Canada
3167 Posts |
Now people are depending more and more on their debit and credit cards for transactions over $30, so I doubt there will be huge demand for that.
I was at Costco the other day, and was shocked to see that when a customer in front of me paid in cash, the cashier had to go through quite a bit of work (putting it in a bag, and filling out and signing a form to indicate that they handled the transaction) before popping it into the "chute" that went to the ceiling that led to some mysterious location.
At Costco, most purchases are quite large amounts, and in hundreds and hundreds of times going there, that is the first time I have seen a person pay in cash.
Yes, there may be a demand for cash, but not great enough to warrant the use of higher denomination bills.
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Pillar of the Community
 708 Posts |
noahs-numismatics,
If there are people STILL doing large purchases in cash, there IS an absolute NEED for denominations larger than $100. If you want to use your plastic, thats fine with me, but don't bar me, and the many other people who would prefer $200 and $500 bills from using those if the Treasury would print them. By anyone's logic, who oposes bringing back $500 bills and creating $200 bills, the $100 bill might as well be withdrawn from circulation as well, but it isn't, because its NEEDED because SOME people STILL like to use cash for large and private transactions, and I'm not talking about drug dealers, money launderers, or counterfeiters. As I said, I am talking about people who sell cars, boats, RVs, appliances, electronics and the like, from private sellers at a house, and if I were selling a $5,000 car, I'd prefer ten $500 bills over fifty $100 bills. And I would prefer cash, NOT a check.
So, no one should really bash the idea of large denomination banknotes. Just because they are happy with their credit cards doesn't mean we paper users can't be made happy as well. There should be a choice of $200 and $500 bills as well, and everyone should get to be made happy.
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Pillar of the Community
Canada
3167 Posts |
All I know is that if I were selling something for an amount such as you said for $5,000, I would rather a bank draft or something else than cash. Then again, that's just IMO. This thread had much argument over a similar topic, although it was more aimed toward currency as a whole, there were some interesting points made: https://goccf.com/t/150283&whichpage=1 |
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Pillar of the Community
United Kingdom
4208 Posts |
In the UK, our highest denomination is the £50 note. I never see them. LAst I saw in use was a guy buying groceries (he was buying his christmas turkey with it!). We never need higher than that.
We once bought a car from a guy who would accept only cash. It was not an issue to hand over £3000 in cash - if I need to hand over £10,000, not a problem. There are issues when you get to £100,000 but who the heck would pay cash in such a transaction?
By the way, we didnt pay in fifties. We used £20 notes. it was not a big wad either.
ALSO, who needs to store 1 months worth of groceries and wants to be able to pay with one note? The thing with notes is that they stack -its not a hassle to carry 20 of them.
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Pillar of the Community
United States
5207 Posts |
I think the current drug war will prevent any US paper money in denominations over $100 unless the current great recession becomes the second great depression and the government starts printing money for the sake of printing money.
Edited by jack jeckel
05/28/2013 9:05 pm
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Pillar of the Community
United States
814 Posts |
Personally you could do without the plastic or paper, and just go back to bartering and the gold and silver standards.
But since we cant at this time I use cash and avoid plastic as much as possible. Id like to have a $200 and $500, but I would hardly use the latter. And I dont see it happening. But werrle there a vote I did sure say yes.
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Moderator
 United States
188213 Posts |
I freak out when I get a $100 note, so I would never have a use for a $200 or $500.
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Pillar of the Community
United States
1285 Posts |
Most Eu countries do not want higher denomination notes as it brings in the bad element of society. see below from wiki Quote:
As of 20 April 2010, money exchange offices in the United Kingdom stopped selling €500 notes due to their use in money laundering.[23] The Serious Organised Crime Agency claimed that "90% of all €500 notes sold in the UK are in the hands of organised crime", revealed during an eight-month analysis.[23] The €500 note is worth in the region of £400[6] depending on exchange rates (more than eight times the value of the Bank of England's largest publicly circulated note), and had become the currency choice for gangs to hide their profits.[23] Keep dreaming....  |
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Pillar of the Community
United States
742 Posts |
I predict it will rain one day in the future.
My prediction is just as meaningless as that of the "guy from the DCA". Eventually inflation will require a $500.00 bill. Could be in the next five years, could be fifty years. It really is not saying much.
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Pillar of the Community
Canada
785 Posts |
I don't think inflation will cause the use of a $500 bill. Most likely in the next 5 to 50 years there will be even more people switching from cash to plastic for large purchases. Not to mention it would most likely be used most for criminal cash transitions.
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Replies: 12 / Views: 3,416 |
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Posted 05/27/2013 10:21 pm
