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 Replies: 13 / Views: 1,629 |
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Pillar of the Community
708 Posts |
Poll Question
Okay, I KNOW we would NEVER see a $2,000 or higher denomination, but this is just for personal opinions. I choose the $1,000 note to be the highest, because I think a $1,000 bill is high enough, and the most logical choice for today's costs of living. I almost chose the return of the $10,000 note. 
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Pillar of the Community
United States
818 Posts |
The system is fine as it is, introducing higher bills will just speed up the process of inflation and won't solve anything.
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Moderator
 United States
188342 Posts |
I agree. Even with their faults, electronic transactions are still better (safer) for moving large amounts of money. Although it would be cool to use a few 10k notes when buying a car. |
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Pillar of the Community
United States
5825 Posts |
$500 and/or $1000 notes would be useful.
Not necessary, but useful.
The last $500 bill I saw in circulation was in 1956.
Never saw a $1000 bill circulating.
Edited by kanga
05/29/2015 09:15 am
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Bedrock of the Community
United States
94367 Posts |
Without doing the math, I would guess that a $1,000 note from the 40's would be worth at least $10,000 in today's money in terms of purchasing power back then, and a $100 note would be worth $1,000 or more in today's dollars. Heck, a $100 note won't buy much of anything today, which argues for a much higher denomination. I thnk one of the main reasons we don't (and won't) have larger bills is the effort to hinder money laundering from drug deals, among others,
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Pillar of the Community
Canada
3692 Posts |
10,000
Just squirrel away a few of these for that purchase down the road.
Otherwise 1,000 is useful in business transactions.
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Bedrock of the Community
Australia
21786 Posts |
The issuance of higher denomination notes is a result OF inflation, not an extra contributing factor TO it. In the current situation a new $200 note will be issued sooner or later. They are very useful for paying utilities bills at the Post Office, thus avoiding funds transfer or account operating fees (for me, at least). (My bank and the Post Office are next door to each other.  ) Very high denomination notes should not be issued in the current circumstances. They are not only more attractive to counterfeit, they are also much more useful to drug and arms dealers, to shift large amounts of money illegaly, outside the tax system and avoid being caught. Al Capone must have loved them ! |
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Bedrock of the Community
 United States
12822 Posts |
I voted $1k. Not that I think it'll happen any time soon, but it would sure add some interest to the world of paper money.
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Bedrock of the Community
United States
94367 Posts |
Except for illicit activities, the need for high-value currency has declined as non-currency payment options have risen. I don't see this trend reversing itself, so I think the C-note will be top dog for some time to come.
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Pillar of the Community
United States
6370 Posts |
Inflation would be my concern.
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Moderator
United States
188342 Posts |
Inflation is already a concern. It is going to happen regardless of what our highest denominated note is.
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Pillar of the Community
United States
6130 Posts |
I think the $500 and $1000 would be useful, but almost never used. I guarantee that after the first time somebody tries to use a $1000 bill for a candy bar, nobody except car dealerships will accept them.
People use cash for large transactions more than you would think, especially immigrants, the elderly, and tinfoil hat types. At my old job (granted, at a warehouse club) cash transactions over $300 were a daily occurrence, and cash transactions over $1000 were not uncommon.
And on the subject of $20 notes... when I bought my first car, I had been stockpiling $20s by cashing my weekly paychecks. I was using my dad's old car, and the engine blew one day without warning, so I had to get a new car with no warning. Ended up bringing $6k in 20s as a down payment. I can still see the twitch in his eye when I pulled the 2 inch stack out of my pocket.
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Pillar of the Community
1153 Posts |
If we don't have 2% inflation every year, the Fed gets worried. Every year we (should) have inflation. Because of this, of course the money we have today is not similar to the money of the past.
That said, with electronic transactions dominating the world, I don't see us adding anything higher than $100. If we did, I wouldn't worry so much about it effecting higher inflation, I would worry more about it increasing theft and robberies.
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Moderator
United States
188342 Posts |
Quote:
I guarantee that after the first time somebody tries to use a $1000 bill for a candy bar, nobody except car dealerships will accept them. They balk at taking the $100, so that is expected. |
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Replies: 13 / Views: 1,629 |
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Posted 05/29/2015 04:04 am
