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 Replies: 21 / Views: 4,116 |
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Pillar of the Community
United States
1750 Posts |
http://news.nationalpost.com/2012/1...inal-elites/Makes me wonder how long before the Bank of Canada announces demonetization of the note. That would force redemption and the transactions would become traceable and no doubt be reported to Revenue Canada or our IRS. Edited by DoubleEagle20
10/26/2013 7:42 pm
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Pillar of the Community
Canada
1554 Posts |
 I'd like to see the Government eliminate the $100.00, $50.00 and $20.00 bills too. No reason to have them anymore. High tech is here to stay! Glenn  |
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Pillar of the Community
Canada
1192 Posts |
I've never really understood the belief that these are only used among criminals. Sure you can have a million dollars worth of $1000 notes as 1 kilogram when it would take 10 kilos for the equivalent amount of $100 notes. A pretty big size difference too.
Hypothetically speaking, if you're swapping a duffelbag full of drugs for money, why would it really matter if it was a duffelbag of money rather than a large freezer size bag of money?
Now the fact that they are more obvious targets for counterfeiting, I understand completely.
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Pillar of the Community
Canada
1192 Posts |
And for what it's worth, the old $2 notes still in circulation amount to more than the amount of outstanding $1,000 notes. I believe I read not long ago an estimate of $4 billion worth of old two dollar notes are still out there, still not returned to the Bank of Canada.
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Pillar of the Community
 United States
1750 Posts |
I'm guilty of $4 worth of that $4 billion, poker. I have a unc 1974 and 1986. The BoC will never get those notes back as long as I have them lol. I also made sure I got an old $20 with the Banff Nat'l Park mountain scene on back before they got too expensive.
Edited by DoubleEagle20
10/26/2013 8:26 pm
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Pillar of the Community
Canada
3692 Posts |
Think about it, you can't export those notes and try to redeem them in other countries (currency exchange or deposit) so that makes them a domestically used note. And with their relatively low printings compared to $5 notes they can be traced much easier. Criminals are not worried about the weight of their money that much unless it's to weigh it and that's because the products that they traffic are much heavier than their wads of cash. $1000 bills doesn't help them keep low-key. Just an observation. The $20 is the real workhorse of every business legal and illegal. High notes raise alarm bells.
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Pillar of the Community
Canada
2805 Posts |
My dad told me how he saved up all summer, in the early 80s - he withdrew a crisp new $1000 bill from the bank on the first day of September, and then spent it all on a super-deluxe stereo system.
I have no idea what happened to the stereo system, but paying with 10 $100 bills isn't as cool. Boo to you, Bank of Canada.
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Pillar of the Community
Canada
1581 Posts |
Interesting that the extremes of Canadian cash have been withdrawn.
Kids today have no sense of the value of abstract numbers in an electronic ledger. Parents need to define chores and have kids earn transfers via NFC taps of smartphones.
Hmmm
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Pillar of the Community
Canada
2805 Posts |
Kids today!
OK, usually the kids in question will go along with that kind of blanket statement, because deep down they know that while they certainly aren't dumb, all those other kids definitely are.
But I think kids these days have the same mathematical ability as the kids of yesterday, i.e. rudimentary.
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Pillar of the Community
Canada
726 Posts |
I was at my small bank on friday.....They said I could purchase some 2.oo's they had in the to be destroy pile (In safe)...I said yes...They sold me 20.oo worth of 1986-2.oo's one was a little crip, others were Fine......when I went through them one was a crow-bouey,,,of which was amissing spot in my collection-now I hav one.....I also say and agree that there are a lot of these 2.oo's out there...No wonder collecters turn them into Banks for just the 2.oobucks---most still are only worht 2.oo
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Pillar of the Community
Canada
3049 Posts |
I totally understand why they got rid of the $1000 bill.... you're a drug dealer with 60K... you can easily be on a plane, bus or any other method of transportation and carry that on your person raising very little suspicion. It's a LOT harder to do with 100's.. let alone 20's...
All this does is cause a tiny nuisance for those that trade with very large sums.
As an aside... I once went to the bank.. and for some reason two guys were extracting will over 20K from the bank.. I had even overheard the banker say for their personal security they could write a bankdraft....they declined (my suspicious were that their intentions were pretty nefarious to say the least) And as the banker was counting all the 100's out.... I though "how stupid...the transaction is taking WAY too long and these two could easily be marked to be robbed after they leave the bank"... this kind of transaction would have drawn a whole lot less attention had there been 1K notes used...
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Pillar of the Community
 Canada
9866 Posts |
I have a pink in my safe. In a country of 35 million how many more are like me? How many are under mattresses or buried in backyards? Far more than in the hands of drug dealers or gangsters.
"Dipping" is not considered cleaning...
-from PCGS website
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Pillar of the Community
Canada
3234 Posts |
I also took out a couple of "pinks" way,..way back,...just to hold them and examine them for a few days...Probably was a "cool" idea that I had at the time. Even way back then,..there was a follow up with checking the serial #'s.
Took them back to the same bank a few days later...I guess that lost $interest$ was also.. 'on my mind'....
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Pillar of the Community
708 Posts |
Quote:
I'd like to see the Government eliminate the $100.00, $50.00 and $20.00 bills too. No reason to have them anymore. High tech is here to stay!
Are you INSANE?! Getting rid of the Canadian $1,000 bill was just as foolish of a move as the U.S. getting rid of its $500, $1,000, $5,000 and $10,000 bills. And it was also foolish that Canadian retailers stopped the Bank of Canada from issuing a new Canadian $200 bill to replace their $1,000 bill as a larger denomination banknote. Could you imagine how much of a pain it would be to use $5 and $10 bills and loonies and toonies in Canada if you wanted to just use cash. Man, I hope this is never considered in the U.S. In fact, I'm glad that the U.S. is now considering bringing back our $500 bill. And hopefully, they'll add a $200 bill into the mix as well. I'm trying darn hard to convince them. |
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Valued Member
Canada
299 Posts |
The way governments throughout the world are printing....er, I mean quantitative easing, the $1000 bill's time may come around again and, even better, a whole new bunch of highly collectable (and highly denominated) notes will become available for collectors.  |
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Pillar of the Community
Canada
1581 Posts |
I'm sure the governments would love to get rid of cash.
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Replies: 21 / Views: 4,116 |
Posted 10/26/2013 8:05 pm
