1000 Dollar Bill Phase Out

Australian $100 (FV = $75 U.S.) will no longer be printed after November 2018.
I have never had a credit card and must have saved $thousands with cash budgeting and payment, even with payments to utility providers. Governments couldn't care less about you electronic security, they just blame you, if you get it wrong.

We just become easier targets for scammers. Australians were scammed of $140 million in 2016.
I have never been scammed.

They don't know my electronic payments record, because I don't have one.

And I need credit like I need a hole in the head !

Governments are ostensibly trying to eliminate the cash economy, so the the drug dealers' lives can been made harder.
Meanwhile, the drug industry just keeps on growing.

If I have to buy everything with $50 notes, then that is what I will be forced to do.

Very few of us can afford to collect rare versions of $1,000 Notes.

Most of us will not take the risk of saving a pristine example of a $1,000 Note, due to the loss of value due to inflation. With a continuous average inflation rate of only 4% over a period of 20 years, the buying power of a $1,000 Note is $440 in terms of today's values. That note would have to have a numismatic (correction: 'notaphilic')* increase to $2,190 in terms of 2038 values, if the notaphilic market rose by a continuous compounded average of 4% per year.

Would you trust your Government to safeguard the buying power of the circulating currency that well?
Do you have that much confidence in the notaphilic investment market over a period of 20 years?

* = the correct term for someone who saves and studies banknotes. (At least that is the term used by the IBNS)**

** = International Bank Note Society. There is most probably a chapter of this Society in Toronto.

Off topic:



First time I hear about this.
I did a quick internet search and found nothing that corroborate this news. Yes, there had been talk about getting rid of the Aussie $100 note. But those plans were scrapped recently.
It's burried deeply in this report (pp 49-51; 73-76) https://static.treasury.gov.au/uplo...l-Report.pdf

Instead, a new study was proposed to figure out where all the Aussie $100 notes are.
Please, state source for the above claim.

Absolute misinformation about OZ doing away with the 100 Dollar Banknote.
Story started by some UBS analyst who suggests it is a good idea. Former Fediot Larry Summers suggests the US do the same thing.
The war on cash is just about to really get the party started , so to say.

A couple years ago India removed all 500 and 1,000 rupee bills from circulation with a day's notice... subsequently replaced with new 500 and 2,000 rupee bills. The stated intent was to clamp down on forgeries, the underground economy, and tax avoidance.

This was not as successful as was hoped and there was a net drop in GDP resulting from the immediate removal of these notes.

All governments would prefer that we move to a cashless society as that will allow them to track all income and expenditures for tax attribution purposes.

From a collectible perspective, the demonetization of the old and high value Canadian bills will not have a large impact on their collectible status as they will still retain their value if surrendered to the Bank of Canada; when they lose that, then watch out. All it means is you won't be able to go buy your AMG E55 with crisp new pink bills... you will need 10 times the number of brown bills.

@sel_69l I am interested though as in Canada, any transaction over $3,000 in cash needs to be reported to the government... ostensibly to clamp down on money laundering... but more likely to confirm tax is paid on that transaction or on the funds that allowed the transaction to occur. It is a pain because any purchase or sale of two or more Gold Maple Leaf coins triggers the reporting requirement... Was your purchase of the Merc in cash reported to the government?