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 Replies: 63 / Views: 5,669 |
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Valued Member
United States
429 Posts |
I lived in Canada for a couple of years and HATED a $1 coin, especially on my laundry days. The idea of having to carry around $20-40 in change in my pocket brings back too many nightmares.
The other idea that has been raised is the idea of putting larger bills back into circulation, why? I hardly ever pay with cash unless it is under $10 and can not imagine the 16 year old behind the counter trying to figure out how much change to give back from a $500 when they will never carry that much in the register to start with. We live in a time when 'paper' payments are disappearing more and more. I remember getting my first check book and how excited I was because more places at the time would take that over a credit/debit card where today is the exact opposite, besides a few select bills I never write one.
The idea of cosy versus lifetime is a great debate but like others said, you will slowly have to fade them out to get people use to the idea and not all at once. I still walk into places that have no idea what $1 and/or a Kennedy coin is right now and have to ask for help. If we were raising a smart, self motivated generation my choice might be different but most of the kids toady feel everything should be done for them and not the other way around, and are these the ones we want in charge of our finances?
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Bedrock of the Community
United States
12437 Posts |
I toured the Washington DC BEP facility in the early 90s when I was on a high school trip to the DC area. I asked the tour guide what the reason was for discontinuing the $500, $1000, $5000, and $10000 notes and the reason given was that it was for anti-money laundering purposes in relation to drug rings and organized crime. The theory at the Treasury Dept is that if you are trying to launder $20 million, attempting to carry/transport 200,000 $100 bills is a huge task but a mere 20,000 $1000 bills would be easier. As an example, George Jung was a drug dealer in 1970s and 80s. He was the first American to hook up with the Medellin Cartel and Pablo Escobar, the most notorious drug lord to ever exist. It has been estimated that Jung made $100 million from the drug trade. Anyway, he was eventually busted and is still in prison and Escobar was killed by Colombian paramilitary forces. Johnny Depp made a movie of George Jung's life in 2001 called "Blow". One scene in the movie brings to life the reality that criminals have to deal with when they only have $100 bills- Jung is sitting in a house with his cohorts and all of the rooms are filled with filing boxes. Each filing box is full of $20s and $100s  One of them remarked "I think we need a bigger house." Of course, he eventually parked some of that money in Manuel Noriega's bank in Panama and we all know how that one turned out  |
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Pillar of the Community
United States
2589 Posts |
I say get rid of the one dollar bill and only use halves like they did in the old days. I also would like the $500 or $1000 to come back. This way we can compete with the EU as an effective reserve currency, since it takes only 1/5th the space to store euros than it does to store dollars since they have a $500 euro note. Britan definatly has the advantage with their million and hundred millon pound notes though.
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Rest in Peace
Australia
661 Posts |
I suggest it would be an interesting and informative exercise for Americans to study Australia's cash currency.
Coins: $2, $1, 50c, 20c, 10, and 5cent.
Notes $5, 10, 20, 50 and 100. very simple.
And no vending machine problems.
The dollar coins are smaller and a different colour than the cent coins.
regards,
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Pillar of the Community
United States
3294 Posts |
yeah but keep the 50c pieces round, no flat sides.
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Bedrock of the Community
United States
17884 Posts |
Quote:
The idea of having to carry around $20-40 in change in my pocket brings back too many nightmares. It cost you $20 to $40 to do your laundry? How often did you do it? And most laundromats that I've seen have change machines in them so you would only have to carry the coins from the machine to the washers/dryers. And personally I would still prefer carrying that change in the form of dollar coins than as quarters. ($40 in dollar coins weighs 11 and a half oz. $40 in quarters weighs 32 oz.) |
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Pillar of the Community
United States
2734 Posts |
Quote:
The theory at the Treasury Dept is that if you are trying to launder $20 million, attempting to carry/transport 200,000 $100 bills is a huge task but a mere 20,000 $1000 bills would be easier. The launderers are probably using € 500 Euro bills (worth close to $700 USD) nowadays anyway (for this very reason!), so they may as well put $200 and $500 notes into circulation and make things much easier for law-abiding U.S. citizens who like to pay cash!  Agreed, they'd need good security measures, there were some places in Europe that weren't taking € 500 bills when counterfeits were known to be circulating! Edited by DNA
10/07/2008 9:43 pm
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Rest in Peace
United States
3730 Posts |
The country is losing millions because of a paper company in Massachusetts.
Bring on the $1 and $2 coins!
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Valued Member
United States
204 Posts |
I voted to get rid of the dollar. I also think they should add a $100 Billion dollar bill. That way during the next economic crisis the secretary of the treasury could just waltz into congress, open his wallet, and whip out a few bills and throw them on the table (for dramatic effect). No use pretending it won't happen  . Besides, the bills may actually reach wide circulation once inflation reduces their actual spending power. Hopefully they will have a cool design that really evokes the shock and awe of the U.S financial system  . |
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Valued Member
United States
64 Posts |
Im all for getting rid of the dollar bill and 2 dollar bill. Its the only way of getting the dollar coins use in day to day purchase's. I would also like to see them bring back the 500.00 and 1000.00 dollar bills. I pay everything with cash as I hate checks.
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Pillar of the Community
United States
2734 Posts |
Quote:
"The country is losing millions because of a paper company in Massachusetts." If we started printing $200 and $500 bills, this would take up some of the 'slack' at Crane & Co. from the U.S. dumping the $1 bill (and the big notes would need more security measures, so more profit per bill for Crane!) |
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Valued Member
United States
296 Posts |
Just a thought. If the U.S. dollar loses it status as the world's reserve currency, I don't think anyone will want to counterfeit it anymore. That honor will go to what ever replaces it.
The U.S. is walking a very slippery slope and the dollar collapsing is by no means beyond the realm of possibility.
With the ensuing rampant inflation $500 and $1000 bills would be needed and will be commonplace like $5 and $10 currently are. There would be no need for coins at all. The $1 coin will be the new penny.
But by then we will probably be in a true Orwellian world and their will be no currency. Everything will be electronic and your money and life savings will be in the embedded chip everyone will have implanted in their head.
The technology has already been developed and implemented with animals. One has to wonder how long before humans too will be required to have an RFID chip.
Edited by Bowfin
10/11/2008 10:08 am
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Valued Member
United States
57 Posts |
no way dollar bills take up much less space than a coin. think about it if you had 4 $1 bills in your wallet. You wouldn't notice it but if you had 4 big coins in your wallet plus all your other change that would be annoying.
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Pillar of the Community
United States
790 Posts |
For anyone suggesting a $500 or $1000 bill, ever try using a $100 at McDonalds or Walmart or nearly anywhere? If they'll even consider taking it, they pull out the pen. On the off chance the bill is fake, who do you think loses the $100? I am NOT chancing the $500 or even $1000 loss. |
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Pillar of the Community
United States
3098 Posts |
Actually if they started printing 500s and 1000s, then Crane would actually be losing money against the 1s because they are paid by the banknote printed. And of course the government would not be so stupid (especially now) to start printing inflationary notes. Then that means that people around the world would start dumping the dollar due to some degree of inflationary fear and there goes our mighty dollar.
Anyways, I like bills because they're just simple to carry and use. I have a massive bucket of coins at home that I use to store change I get from stores that don't take CCs, and if we only had dollars, then that would be soooo much money that I'm not using or could be depositing.
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Replies: 63 / Views: 5,669 |
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Posted 10/06/2008 5:51 pm
