Should the $500 banknote be revived
Poll
 | 81 votes (77.88%) | ||
| | 7 votes (6.73%) | ||
| | 12 votes (11.53%) | ||
| | 4 votes (3.84%) |
104 members have voted
Quote: beachbumbabs
Paco,
Not sure what your BBR's are about; they're not clickable, and a cut and paste into a new window just brings up a non-linked logo as well. Is it audio, video, illustrations of torn banknotes?
The banknotes security features are wearing off. They are showing too much damage without going through unusually stressful manipulation. Most of these notes were simply put into wallets, and not run through washing machines.
1000 Singapore Dollar notes worth €579=$795 apiece.
To make matters worse, there is also a 10,000 Singapore Dollar banknote worth about $8K apiece. I looked at the website to see how many are in circulation, but there was no data. As a practical matter it is impossible for more than a million to have been printed, but it may be significantly fewer. Brunei also issues banknotes that are exchangeable one to one with Singapore dollars.
I have no idea what kind of anti-counterfeiting devices are included in these banknotes.
Relation to Gambling
The US government should consider issuing a $1000 token patterned after a casino chip with RFID anti-counterfeiting device embedded. Although it would be legal tender, and can be used anywhere, as a practical matter it would be very popular in casinos.
It would be very helpful to US gamblers, but it would also be very profitable to the government as many of these chips would be taken to Asia.
https://www.yahoo.com/finance/news/why-100-bills-500-notes-113131296.html
You are digging deep into the old threads. Do you get paid for this Jhit? If yes, where can I sign up for a stipend?Quote: IbeatyouracesTalk of getting rid of the $100 bill
https://www.yahoo.com/finance/news/why-100-bills-500-notes-113131296.html
Quote: TwoFeathersATLYou are digging deep into the old threads. Do you get paid for this Jhit? If yes, where can I sign up for a stipend?
Was just flipping through Yahoo articles then searched for this thread. Tis all.
Quote: IbeatyouracesWas just flipping through Yahoo articles then searched for this thread. Tis all.
No foul, said the referee...
Quote: ukaserexMyself, I'd like to see a $500 bill, rather, would like to own many of them and use them at the casinos - but given the argument that larger bills make it easier for criminals to move large sums, I can deal with the inconvenience of losing the 100 as well.
I would be royally pissed if the $100 went away. Bringing a decent roll to Vegas and walking around with it comfortably is already a PITA.
In my head I was thinking of going to $20s, which would be PITAx5. I guess if they leave the $50 alone it would only be PITAx2. But $50s are fairly uncommon already, so I if they stopped production of $100s, what would the production of $50s look like? Up or down or the same?
Either way. Pain. In. The. ASS.
And no, that would not be a good thing. When I lived in California I was shocked when I was informed restaurants had to throw out excess food. If they gave it to the homeless they were fined. This was considered a countermeasure to the homeless problem.
The result? Lots of homeless stealing for food and also living in very centralized portions of the city (where free food relief was generally located). I remember walking through one part of LA where you saw nothing but homeless tents for several blocks.
http://www.fox2detroit.com/news/local-news/93097900-story
Quote: IbeatyouracesSpeaking of $100 bills, this was on the news here today.
http://www.fox2detroit.com/news/local-news/93097900-story
Some people come up with awful ideas...
Quote: AcesAndEightsI would be royally pissed if the $100 went away. Bringing a decent roll to Vegas and walking around with it comfortably is already a PITA.
In my head I was thinking of going to $20s, which would be PITAx5. I guess if they leave the $50 alone it would only be PITAx2. But $50s are fairly uncommon already, so I if they stopped production of $100s, what would the production of $50s look like? Up or down or the same?
Either way. Pain. In. The. ASS.
And considering many gamblers don't like $50 bills, it'd land more in the PITAx5 territory.
My store just recently got an ATM that holds hundreds after dealing with one that held only twenties for years. The difference is night and day.
Quote: RSSome people come up with awful ideas...
Two planes clipped each other there this morning too. Quite an eventful day at DTW.
Quote: DeucekiesAnd considering many gamblers don't like $50 bills, it'd land more in the PITAx5 territory.
My store just recently got an ATM that holds hundreds after dealing with one that held only twenties for years. The difference is night and day.
I have noticed that a lot of ATMs in Vegas dispense $100s. But I haven't used an ATM in Vegas in years, probably not since 2010. Actually check that; I did use the ATM at El Cortez for their free play offer (the EV of the free play exceeded the ATM charge).
Can you withdraw from said ATM without fees? Or is there a deal similar to the ElCo?
Quote: AcesAndEights
Can you withdraw from said ATM without fees? Or is there a deal similar to the ElCo?
Our ATM has a fee.
In the 1960's I never had a problem carrying and/or concealing my bankroll.
That was because $500 and $1,000 bills were still in circulation.
After "Tricky Dick Nixon" recalled them, I had to resort to $1,000 Traveler's
Checks. They too were eliminated. I did use Canadian Traveler's Cheques
in $1,000 denominations for awhile.
Does anyone else think that the talk to phasing out large denomination bills for the prevention of criminal activity is just an attempt to force us into some form of electronic currency? I believe this to be true for several reasons. The first and most important is directly associated with negative rates. If rates were to go negative and banks were to actually charge consumers to hold deposits people would be much more likely to withdrawal money. If there was no good mechanism (i.e. 100 bill) of holding cash in a home or elsewhere people would be more likely to leave it in the bank subject to the negative rate. Just picture someone trying to hide 100k under a mattress all in $20's because the bank was charging interest on the deposit accounts.
The second reason I believe that we are heading toward electronic currency for large transactions is the ease of tracing the transaction from end to end. From the Governments point of view this would be a great solution and provide excellent transparency.
I personally would like to see larger notes revived but the trend is in completely in the opposite direction.
Quote: DJTeddyBearWait a sec....
The SBA dollar failed because they were too easily confused with quarters.
They also fail for the same reason the current $1 coin is failing: The $1 bill is still being produced.
Perhaps what you stated is 100% correct. But the MAIN reason it fails is due to the lack of "ENFORCEMENT" and has little or nothing to do with the confusion between the quarter coin and the $1 coin.
It is very ironic that tax paying citizens are all complaining about the budget deficit and government spending that they have no control over. But when given a chance to participate in the reduction of government's cost of doing business such as the circulation of $1 coin, the tax paying public chose not to participate. Do you all remember this famous quote, "My fellow Americans, ask not what your country can do for you, ask what you can do for your country." How difficult or inconvenience is it to make a small change in behavior that definitely will result in saving to U.S. treasury?
$1 coin definitely will offer great saving over $1 currency. And considering the saving to the tax payer, Congress must enact law to phase out $1 currency over, say 5, 10 years or other reasonable time frame. Such law, is an "ENFORCEMENT" mechanism to slowly FORCE the public or to change the public's behavior into accepting the $1 coin without causing disruption to the commerce.
We pass laws that most citizen DON'T like (seat belt, motorcycle helmet, speed limits, etc.) , and over time those laws become the norm and are welcome by all. And it is time now for Congress to enact law to phase out $1 currency over a reasonable time frame.
Quote: TwoFeathersATLOne dollar coins are hard to stick in a garter belt.
If that's the case then the failure of $1 coins is due entirely on the lobbying effort of the entertainment industry. But necessity is mother of invention, and sooner of later someone will invent a better garter belt ...
In reality, if $1 bill is out of circulation, I'm 100% certain that such place will be stock full of $2 bills, and it will become a win-win situation for both the tax payers, uncle Sam and the hard working ladies -- no more $1 bill, $1 coin is the norm, $2 bill becomes more popular, the ladies' income increase by two folds and more taxable incomes for uncle Sam, and the cost printing $1 bill is eliminated.
And PLEASE, no more talk of $2 bills, that's just crazy....
And a $1 coin better have George on the front and Martha on the back, heads or tails, whatever floats your boat.
Quote: TwoFeathersATLActually, I think $5 bills are prolly already the norm, at least anywhere where I wouldn't want to recognized at ;-)
And PLEASE, no more talk of two dollar bills, that's just crazy....
The common sense would tell me that if $1 bill is out of circulation, then $1 coin and $2 bill will gain acceptance EVERY WHERE.
A $1 coin, and a $2 bill, costs more than the structure we already have in place. I thought you were trying to save money here.... I want the sexy version of Martha on the 'tails' side, just my preference. Dodsferd should have a say in the selection.Quote: TwoFeathersATLActually, I think $5 bills are prolly already the norm, at least anywhere where I wouldn't want to be recognized at ;-)
And PLEASE, no more talk of $2 bills, that's just crazy....
And a $1 coin better have George on the front and Martha on the back, heads or tails, whatever floats your boat.
Quote: 777But when given a chance to participate in the reduction of government's cost of doing business such as the circulation of $1 coin, the tax paying public chose not to participate.
...
$1 coin definitely will offer great saving over $1 currency.
I initially thought this as well, but I read a study somewhere (that I can't find now, grrr) that the $1 coin's savings over the $1 bill were actually minimal or nonexistant. If I remember the numbers, the bills only last about 30 months while the coins last 10 times that, but the coins cost 10 times more to produce. Or something similar.
Now, this could have been total bunk or propaganda from Crane & Co (the company that provides paper to the US government).
Personally it seems that the coin would still be cheaper in the long run. I am the founder and sole member (at present) of the DCPF, or Dollar Coin Proliferation Front. I have yet to create a web presence but it's in the works. I try not to spend $1 bills whenever possible; when I get them as change I collect them and trade them for $1 coins when I go to the bank and then I spend the coins out in the economy. I spend the majority of my $1 coins in Vegas, where I use them to tip the cocktail waitresses.
If you gave them 5 and wanted 2 change you'd probably get a 2 Euro coin, but in the UK you'd probably get 2x£1. My box of Euro coins usually has similar numbers of 1's and 2's, whereas in my normal change there are many more £1 coins than £2 coins.
On the larger values, the highest English note is £50 (Scotland have £100's) - you sometime see bagged-up 20x£50=£1000 used by casinos but rarely see £50's used outside. In Europe I sense the 100's+ aren't usually seen outside, some places refuse 200's; but I've seen al three (100,200,500) in casinos.
On the tiny values (coppers), the UK has 1p and 2p (used to have 1/2p many years ago). Europe still has 1c and 2c but I've noticed some countries have essentially abandoned them.
Louisiana and Alaska went well, press your bets....
I think the US Mint really Narfled the Garthok* on this one when they replaced the traditional silver dollar with the Susan B. Anthony. The SBA's looked so darn much like quarters, they were summarily rejected by the public. I think that if they came out with the Pocahontas Pennies Sacajawea Dollars first, they would have gotten more acceptance.Quote: AcesAndEightsPersonally it seems that the coin would still be cheaper in the long run. I am the founder and sole member (at present) of the DCPF, or Dollar Coin Proliferation Front. I have yet to create a web presence but it's in the works. I try not to spend $1 bills whenever possible; when I get them as change I collect them and trade them for $1 coins when I go to the bank and then I spend the coins out in the economy.
I hope for the girls' sake, you don't frequent strip clubs when in Vegas! Well, maybe if you warm the coins up in your hands first... ;)Quote:I spend the majority of my $1 coins in Vegas, where I use them to tip the cocktail waitresses.
The only problem I see with that plan is when we default on the marker, where could we hide Europe so that the Chinese repo men can't find it?Quote: TwoFeathersATLWe should buy Europe with money borrowed ( a marker if you will ) from the Chinese. Straighten the whole mess out. Surprised Trump hasn't already proposed it ;-)
Louisiana and Alaska went well, press your bets....
Quote: JoemanI hope for the girls' sake, you don't frequent strip clubs when in Vegas! Well, maybe if you warm the coins up in your hands first... ;)
In my utopia without dollar bills, strip clubs would offer "tip vouchers" that are worth $1. You buy them from the bouncer/cashier dude, tip with them, the ladies turn them in for cash.
Or just tip a bit less frequently and more selectively with $5s.
Someone mentioned $2 bills, but I wonder if the US would continue making $2 bills if they stopped with the singles. There is precedent for the government to continue making an unpopular denomination for a specific industry: they continue making $0.50 coins primarily for casinos to use, when normal citizens don't really care.
Damnation! There really is still a $.50 coin being minted? Really? I haven't gotten one in change in like forever, and yes I have been around for forever, not funny. I get weird coins from like Equador and jhit all the time as change and don't notice until later......no Sparkles I have not been to Equador lately.....Quote: AcesAndEightsIn my utopia without dollar bills, strip clubs would offer "tip vouchers" that are worth $1. You buy them from the bouncer/cashier dude, tip with them, the ladies turn them in for cash.
Or just tip a bit less frequently and more selectively with $5s.
Someone mentioned $2 bills, but I wonder if the US would continue making $2 bills if they stopped with the singles. There is precedent for the government to continue making an unpopular denomination for a specific industry: they continue making $0.50 coins primarily for casinos to use, when normal citizens don't really care.
And I go party like it's nineteen ninety-nine.....
Quote: TwoFeathersATL...And I go party like it's nineteen ninety-nine.....
Fast forward to 1:09
https://youtu.be/C-YPUHo2uts
Quote: AcesAndEightsThere is precedent for the government to continue making an unpopular denomination for a specific industry: they continue making $0.50 coins primarily for casinos to use, when normal citizens don't really care.
Someone told me recently that 50¢ pieces newer than 2001 or so can only be bought directly from the mint at a premium. Was that bunk?
Apparently most are worth more than 50c. I found this which says you can have 40 (i.e. =$20) for £32.95. see http://catalog.usmint.gov/kennedy-2015-half-dollar-2-roll-set-KN8.html?cgid=kennedy-half-dollars#start=1Quote: DeucekiesSomeone told me recently that 50¢ pieces newer than 2001 or so can only be bought directly from the mint at a premium. Was that bunk?
Quote: charliepatrickApparently most are worth more than 50c. I found this which says you can have 40 (i.e. =$20) for £32.95. see http://catalog.usmint.gov/kennedy-2015-half-dollar-2-roll-set-KN8.html?cgid=kennedy-half-dollars#start=1
That looks like what I'm referring to. A few rolls of 2011s came to us from the bank a few weeks ago. Someone must have bought them from the mint and then mistakenly, or out of necessity, cashed them in at the bank.
I am sure that I get them at Face Value.
I say that because I can do the same with $2 bills,
which I carry for tipping purposes.
There is a CATCH.
You have to get them from the Federal Reserve in LARGE batches.
I will be checking on this after the weekend.
Quote: ZenMasterFlashI will be going to my banker and requesting 50¢ pieces.
I am sure that I get them at Face Value.
I say that because I can do the same with $2 bills,
which I carry for tipping purposes.
There is a CATCH.
You have to get them from the Federal Reserve in LARGE batches.
I will be checking on this after the weekend.
Yeah, I would assume that you can get them with a little bit of lead time at any bank. They give them away at casinos for face value, so it's not like they're that rare. Any $25 table at Bellagio or MGM Grand will have a rack full of them. Among other places of course, this is just the first that came to mind. I think $0.50 chips instead of the Kennedy half dollars are more common at "lower class" casinos in my limited experience.
Never seen same.
On the East Coast they use $2.50 chips at BJ tables.
That makes sense.
Quote: ZenMasterFlashI once heard that 50¢ chips existed.
Never seen same.
On the East Coast they use $2.50 chips at BJ tables.
That makes sense.
A lot of the small card rooms in WA state (15 or fewer tables, cards only, no machines or dice) have $0.50 chips. Others just use quarters or the Kennedy half-dollars. The $0.50 chips are very dingy; usually they are a cheap plastic construction as opposed to the nicer clay composite chips.
I bet you the suitcase lobby is secretly blocking this ;)
Quote: ZenMasterFlashI once heard that 50¢ chips existed.
Never seen same.
On the East Coast they use $2.50 chips at BJ tables.
That makes sense.
I've seen 50 cent chips at low limit craps tables.
Australia uses $2.50 chips and call them "smash". Wish that would catch on in the US. Much easier to handle.
Quote: rsactuaryI've seen 50 cent chips at low limit craps tables.
Australia uses $2.50 chips and call them "smash". Wish that would catch on in the US. Much easier to handle.
Up until 10-15 years ago there were still a couple of places in southern Nevada that had 25 cent chips (referred to as bird checks) at the crap tables. I seem to remember the Fremont having them, Railroad Pass and a couple of others in the Boulder Hwy area. These games were called bird games because of the low value chips and at many places you could bet them on prop bets even tough the table min was $1.00.
Quote: ZenMasterFlashI once heard that 50¢ chips existed.
Never seen same.
On the East Coast they use $2.50 chips at BJ tables.
That makes sense.
I have a couple. (Or I should say HAD, my daughter swiped them for herself - like she does with most of my "novelty" chips.)
I've seen them at two, maybe three places in the Midwest. One has low-quality dealers, they may not be able to teach them how to make change with a $2.50 but not a 50c; the other uses them exclusively to cash out an itable where the player's balance can fall to 50c.
They probably don't make sense, in general. There is a security reason to use chips instead of coin, but the penalty is that below $2, it's likely that a chip costs more than the cash.
Casino chips of good quality cost approx. 35¢ apiece.
Quote: ZenMasterFlashDieter is a bit off, saying ... "it's likely that a chip costs more than the cash."
Casino chips of good quality cost approx. 35¢ apiece.
Fair enough - I hadn't considered high-volume pricing, but I think you're not considering RFID.
Quote: DieterFair enough - I hadn't considered high-volume pricing, but I think you're not considering RFID.
It would absolutely require a high-volume order to get a price like that, and with RFID, it's out of the question.
