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 Replies: 29 / Views: 5,207 |
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Valued Member
Canada
288 Posts |
Any thoughts on how this will affect dealer acquisitions/holdings and prices, if at all?
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Valued Member
Canada
395 Posts |
I think this will affect dealer acquisitions only in the $1000 bill category. Should be more then a few people coming in with there stacks of these now. Normal 1000 dollar bills will certainly be worth less then face a few years down the road when/if it finally becomes non legal tender.
Of course if anyone needs to turn in some $500 and $25 bills to be destroyed I think most of us will be more then happy to help out and take those off your hands so you can skip the long line!
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Valued Member
China
171 Posts |
Could this be a balancing the budget kind of thing? If they make them non-legal tender, can they take them off the books?
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Valued Member
China
171 Posts |
I'm actually quite happy. I was planning to purchase a $1000 bill this summer and now hopefully they will drop in price. Assuming of course people re bringing in perfect quality notes to be sold to dealers. Honestly, I have never even seen one before in person.
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Pillar of the Community
United States
1002 Posts |
I am thinking that the prices for all but the rarer $1,000 notes will drop significantly as currently there is not that much of a premium above the face value unless it is a higher graded note. If they no longer can be redeemed for $1,000 at the bank, then that portion of their value is removed. However, with many being turned in and destroyed, the rarity factor would increase.
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Valued Member
Canada
288 Posts |
Thought experiment: You're a dealer with a couple of common 1954 or 1988 $1,000 notes in inventory. You've paid face or slightly over and you're asking $1,100 to $1,300 retail. Do you keep them in stock or turn them in?
I guess the same logic could be applied to the $1s and $2s ('72 and '86), though potential price fluctuations are much smaller.
Edited by NumisCat
03/01/2018 5:31 pm
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Pillar of the Community
Canada
867 Posts |
The Bank of Canada has a form (and process) to make a claim. Think: Mutilated Notes...My local TD branch was too lazy to deal with a torn $20 I had, it took a while, but Bank of Canada gave me $20 directly to my account. I suppose the truly paranoid, that operate without bank accounts, will be at a loss.
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Pillar of the Community
Canada
586 Posts |
This was in the local paper.  |
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Bedrock of the Community
United States
10038 Posts |
I am in need of an edumacation here.
I don't understand why politicians see a need to demonetize anything? What is the purpose?
I understand something like Confederate money form the Civil War era would be deemed worthless since the CSA does not exist.
But Canada still exists. As long as a nation exists, why should any of their money be deemed something for the trashpile?
It seems to me to make a lot of useless work to gather it all etc. instead of just letting it naturally disappear from circulation/wear out.
I understand the Canadian government sorting/keeping nickle nickels and pennies to melt for the metal value, but how do the bureaucrats get their piece of the pie when collecting/destroying old paper?
Someone care to educate me?
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Valued Member
Canada
148 Posts |
 I know some people at the BOC  |
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Pillar of the Community
Canada
1159 Posts |
The Liberal government are tax mongers. Once they get all the cash out of the sock and mattress then they have control of our financial world. Think about it!! There just using this as a front and any transactions have to go through your account like cashing a cheque and gives them a money trail if you get audited. The cheque has to go in your account first then your allowed to take your cash!!
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Bedrock of the Community
United States
10038 Posts |
I feel your pain. Thankfully for us, our current leadership has decided its time to let the people have their own money once again by pulling back on taxes. This is proven time and again in history to always make a strong economy and nation.
I notice the people in the vid keep talking about the new tax breaks down here in a positive light. But you don't hear most of the media down here doing much but badmouthing the money We the People are getting to keep in our own pockets, the wage increases people are enjoying, and the actual (non-fiction) job growth.
Thanks for the education. I did not want to assume.
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Pillar of the Community
Canada
2495 Posts |
Chadcoins is correct.
Governments eventually want to get rid of cash so they can track every transaction from everyone and grab all the tax revenue they can.
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Valued Member
Canada
150 Posts |
Quote:
I can imagine this will be the same for Canadians, when was the last time you were in a Bank of Canada branch... Oh yeah... there are none.
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I'm glad to see $4 bills aren't included. I was thinking of spending mine on an ice cream cone.  |
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Replies: 29 / Views: 5,207 |
First Page
Posted 02/28/2018 5:37 pm
