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 Replies: 80 / Views: 7,655 |
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Valued Member
United States
411 Posts |
FY 2020 Federal Reserve Note Print Order: Number of Notes( 000s of pieces) where no $2 notes ordered
$1 1,574,400
$5 736,000
$10 460,800
$20 1,241,600
$50 76,800
$100 1,078,400
Total 5,168,000 The $10 which is the second least ordered denomination had 6X as many orders as the $50. For most of Europe and Australia the fifty is the most common note in ATMS. In the US and to a lesser degree in Canada, the fifty is avoided almost as much as the $2 bill. In the international trade in US Currency the Benjamin is the absolute monarch. While you might think the avoidance of the fifty in the US is a harmless personal preference it puts a lot of strain on the Bureau of Engraving and Printing (BEP). If you introduce a new $20 bill people are happy to circulate old and new notes until the old ones are replaced even if it takes years. Not so with $100 banknotes. When a new design is released people are frantic about trading in the old notes for new notes. This phenomenon is especially acute in foreign countries. In February 2010 the BEP began printing new color $100 notes, and they began to have production problems of the first order in trying to print so many at once. Perhaps we should use the $50 to salute the fact that the USD is frequently used as a global currency. Many countries are printing banknotes without portraits, although the design is often very patriotic. The Swiss CHF50 is an excellent example  Maybe we should design the $50 for international use to take some of the pressure off the $100. Forget General Grant or even a woman and simply design a banknote with purple mountains majesty above the fruited plain. Edited by PacoMartin
07/21/2020 10:50 pm
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Bedrock of the Community
United States
20753 Posts |
Soon there will be no need for any paper currency. Even now more and more people are just using plastic cards.
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Bedrock of the Community
Australia
21786 Posts |
I have never had a credit card in my life. Have never been scammed, because I have no digital money footprint.
I use bank security systems, not mine, for major money transfers, which would only happen maybe once per year.
I go to the bank once per fortnight and draw cash in $100 bills ONLY. Pay all utility paper bill in cash at the post Office.
I have used cash budgeting on a fortnightly basis all of my life, and so I almost always get right in deciding how many $100 bills that I need.
Currently, AU$100 = U.S.$71.
If I look like running out of money, too bad; everybody waits until the next fortnightly period starts.
With careful budgeting, that almost never happens.
I have never been in debt, save for my mortgage. Never missed a mortgage payment,
ever.
In times of CV-19, I find that most recipients prefer cash, anyway.
Edited by sel_69l
07/22/2020 12:31 am
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Moderator
 United States
56855 Posts |
How? Charge $25 for a loaf of bread and $25 for a dozen eggs  John1  |
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Pillar of the Community
Canada
5239 Posts |
$50 notes are commonly distributed in cash machines in Canada. I don't know about individuals, but many businesses in my city no longer want to accept cash due to Covid.
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Moderator
United States
188213 Posts |
Quote:
Even now more and more people are just using plastic cards. This is true. I am in that group. Convenience wins.  Quote:
I have never had a credit card in my life. And when your life ends the world is that much closer to being cash-free. Us older people make up the most cash users. All the "kids" in my extended family dislike cash and I could go on and on about their ways, but this is their world to inherit and when they do, cash will become a relic. |
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Pillar of the Community
United States
7510 Posts |
Absolutely no need to increase $50 production, it's a waste and un-necessary. Quote:
Us older people make up the most cash users. So true and soon there will not be a need for cash transactions, let's face it we have to accept the changing times, this is a new age and us older folks have to adjust. |
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Pillar of the Community
United States
3642 Posts |
A large number of businesses here (it could even be a majority) do not currently accept cash. More business is being conducted online, and a huge part of what is left is "order online with contactless pickup."
I still have $7 in my wallet. It has been there since mid-March.
Money as a substitute for value will still exist, though digitally. That's always been the history of money. Yap Island stones became bartering with accepted media became raw metals became recognized weights and measures became coins became currency, and will now become digital.
Cash transactions aren't coming back when (or if) COVID-19 ends. Eliminating cash in many transactions has reduced the robbery and burglary rates. It has made transactions physically safer. The transaction costs have been built in now, and won't be removed if cash returns. Nobody wants to wait in endless drive-up-teller lines to make unnecessary deposits. The currency-and-coins ship has sunk. Don't try to dredge it up. It's long past time to move on.
EDIT: The same is true of the music industry. Wax cylinders became Bakolite discs became vinyl became reel-to-reel, 8-track, and cassette tapes became CDs and are now almost entirely digital. Does anybody really want to listen to music on wax cylinders? on 8-tracks?
Edited by fortcollins
07/22/2020 10:34 am
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Moderator
United States
188213 Posts |
Quote:
The currency-and-coins ship has sunk. Don't try to dredge it up. It's long past time to move on. I have to agree with you here. Quote:
The same is true of the music industry. Wax cylinders became Bakolite discs became vinyl became reel-to-reel, 8-track, and cassette tapes became CDs and are now almost entirely digital. Does anybody really want to listen to music on wax cylinders? on 8-tracks? Nope, having my library on my phone and in the cloud is just way too convenient. It is amazing that I can say, "Hey Google, play Orville Peck" and then I hear Pony without getting up. By the way, for what it is worth, in the last few years vinyl has surpassed CDs in sales. Owe that to the hipsters I guess. Full disclosure: I have a quasi-respectable vinyl collection (nothing bought recently though). I also have two turntables (and a microphone).  |
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Pillar of the Community
United States
1186 Posts |
The last time I withdrew money from an ATM it gave nothing but $50 bills out.
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Pillar of the Community
United States
6538 Posts |
When I go to the ATM now It gives me $400 in 50s $200 in 20s
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Bedrock of the Community
 United States
12819 Posts |
Hmmm, I'd love to see more $50's circulating too (and plenty more in my wallet), but just don't see it happening.
P.S. This probably should be in a different forum.
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Pillar of the Community
United Kingdom
1682 Posts |
In the UK, I never had an ATM give out the £50 note and places would not accept payment with one.
So if I take out £500 in cash, the ATM typically gives me x20 £20 notes and x10 £10 notes.
According to the Bank of England the volume of banknotes in circulation (millions):
£5 414
£10 1,338
£20 1,857
£50 351
Ken
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Pillar of the Community
United States
1667 Posts |
Why does it even matter really? the $100 the $20 and the $1 are the workhorses. The $50 is like the .50 coin, pretty unnecessary. Not sure why there is even a need for it, much less a need to circulate them more.
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Pillar of the Community
United States
600 Posts |
Simplify. No penny, no 50 cent coin, no $1 bills, no $50 bills. Nobody would notice.
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Bedrock of the Community
United States
36741 Posts |
There is a currency reset (revaluation) coming. Who knows what the currency will look like after that happens.
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Replies: 80 / Views: 7,655 |
Posted 07/22/2020 12:16 am
