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 Replies: 16 / Views: 3,343 |
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Pillar of the Community
708 Posts |
I remembered reading a few years back, that Canada was going to issue a new $200 bill to replace their $100 bill as a larger denomination banknote for Canada, there was so much negativity, and so many Canadian merchants complained that they were out TWICE as much if they accept a counterfeit $200 bill over a counterfeit $100 bill, so the Royal Canadian Mint axed the plan for the time being (But I believe that they are still discussing $200 and $500 bills in the future, as well as a $5 coin and nickel elimination) I'm just glad that the U.S. never follows Canada in their...ahem...wise decisions in (some cases anyway, like $1 and $2 coins and no pennies), so hopefully the U.S. will not listen to merchants who would worry about losing out FIVE times as much when accepting a counterfeit $500 bill, as opposed to accepting a counterfeit $100 bill, unlike Canadian merchants who put a stop to Canadian $200 bills. |
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Pillar of the Community
Canada
4227 Posts |
Note number one: the Royal Canadian Mint has nothing to do with the issue of the country's currency, it's The Bank of Canada. |
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Pillar of the Community
Canada
3167 Posts |
I still have trouble understanding what is so appealing about $1 and $1 bills instead of coins. All I can is that it is costing them money. Same with the penny.
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Moderator
 United States
188110 Posts |
Quote:
I still have trouble understanding what is so appealing about $1 and $1 bills instead of coins. All I can is that it is costing them money. Same with the penny. I call it tyranny of the majority.  |
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Valued Member
Canada
414 Posts |
 I don't understand what the issue is with our "wise decisions"...for once the governement made a cost effective decision that has saved us all money. Here is an interesting fact, the average $1.00 US bankonote only lasts about 18 months, whereas, it is common to see a 1988 Canadian loonie still in circulation. Makes cents to me, pun intended. |
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Pillar of the Community
Canada
3167 Posts |
So basically.... 'We have them now so why not keep them, I don't like things to change' type of thing?
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Moderator
United States
188110 Posts |
Yes. For some reason, too many Americans hate to make big changes.
That, and the power of the lobbyists.
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Pillar of the Community
Canada
3692 Posts |
I get the argument that "they're already there so why not use them". But that same argument applies to the president dollar coins you guys have stockpiled in who knows where. AND the paper bills deteriorate, and allthewhile you keep making new ones! Talk about using your resources unwisely. In WWII they changed up the coins and bills and yet they don't do it now with crazy violence globally.
Edited by Libertad
10/16/2013 10:40 am
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Pillar of the Community
Canada
3692 Posts |
I think that nations that try to develop a large banknotes like that wants to have some kind of international status among the wealthy. Just the way the Swiss have a 1000 Franc note and the Europeans have a 200 Euro note. Canada's known to be a bit more stable than our southern equals in terms of banking so it wouldn't surprise me that they would push for a larger note. Why don't they incorporate rare earth metals into the notes to make them hard to fake?
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Moderator
United States
188110 Posts |
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I get the argument that "they're already there so why not use them". But that same argument applies to the president dollar coins you guys have stockpiled in who knows where. I agree. |
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Pillar of the Community
United States
621 Posts |
I support dollar coins however I am a manager at a food business that deals with a large amount of dollar bills and regularly have $300-$400 on hand in petty cash at all times and the extra weight and storage area needed will be a pain in the butt for us. the girls can barely carry the coin orders as is and the amount of space a stack of 300-400 bills take up is a lot less than that many dollar coins.(in fact my own meager 125 $1 coin collection wouldn't even fit in the same area).
how we got on the topic of $1 coins I'm not sure, but that's my take on it. I'd be willing to just take one for the team with the dollar coins negatives but I doubt everyone else feels that way and is probably a part of the reason it hasn't happened here yet.
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Pillar of the Community
United States
2541 Posts |
Have there been any issues with counterfeit €500 notes? I haven't seen one in person....
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Valued Member
United States
446 Posts |
I can't argue against the logic of a dollar coin in terms of longevity vs a paper dollar. The logic can be extended to replacing all paper money with coins....silver coins in $5, $10, $20, and $50 denominations, and gold for $100.
But as Justin has pointed out, there's also practicality, and no merchant would like lugging half a grand in metal to the bank after hours to chuck into the night deposit.
Edited by DCM Coins
10/16/2013 11:39 pm
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Pillar of the Community
 708 Posts |
Quote:Note number one: the Royal Canadian Mint has nothing to do with the issue of the country's currency, it's The Bank of Canada. Sorry, I meant to say "The Bank of Canada". My mistake.  |
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Pillar of the Community
United States
1748 Posts |
You won't see notes larger than $100 in the USA or Canada unless inflation goes wildly out of control. The goal is to force larger transactions over to a cashless instrument, such as credit cards or wire transfers. They can then be monitored much easier.
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Pillar of the Community
Canada
4227 Posts |
Quote:
The goal is to force larger transactions over to a cashless instrument, such as credit cards or wire transfers. They can then be monitored much easier. And then the cost of the transaction passed on to the merchant via the electonic fees, who then has to decide to raise their prices to get the fees back from the customer or to eat the charges.  |
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Replies: 16 / Views: 3,343 |
Posted 10/16/2013 09:41 am
