High Denominations

I'm tired of carrying around 5-25 Ben Franklins whenever i go CRHing, i think its time the BEP brings back some higher bills. If the US made denominations higher than $100, which denominations should they make?

 

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This question again?

I feel your pain. Having to carry a briefcase instead of a wallet must be such a pain.

 

Really? I think it is a better idea to preload the account at the institutions I get my coins from.

 

i just think it would be much easier to keep track of 5 bills rather than 25. and i dont want so many bank accounts i cant keep track of them all . about 6 months ago i almost got pickpocketed carrying my wallet around (i broke his nose ) so now i carry large amounts of money in my buttoned shirt pocket underneath my jacket, and <$100 in my wallet along with my permit and gift cards. for me, a briefcase would be even worse than a wallet xD

 

Personally, I have a hard time making change at the Taco Bell by paying with a $500. A $200 bill might work out better.

 

Seems to me, and I may be wrong, that only drug kingpins and mafia bosses would need anything bigger than $100.

 

in Europe theres a 200 and a 500

 

Now that computerization and advanced printing methods really encourage counterfeiting, I think a $100 bill is plenty. Remember that Treasury or DHS or IRS or somebody requires a form filled out for transactions involving over $10,000 in cash, and someone told me it was now $3,000 cash, I don't know the current law. You do NOT want that form containing YOUR NAME filed in a block-long computer in Washington.

 

What if the dude had a gun?

 

So move to Europe.

 

Someone is wrong. It's still $10K.

 

You carry 1000's in coin on your return trip from the bank in your buttoned down shirt pocket?.....while on your bicycle?

 

Then you haven't been to a major coin show where I've seen display cases full of cash with most of it in Ben Franklins.

 

rickmp, here is a clarification of the $3000 rule --


$3,000 Cash Sales Record Requirement Clarified: Cash Deposit / Debit Now Must Be Recorded

Section 103.29 of the Bank Secrecy Act requires financial institutions to verify a person's identity and to retain records for five years of certain information when bank checks and drafts, cashier's checks, money orders or traveler's checks are purchased with between $3,000 and $10,000 in cash.

Many financial institutions, in order to avoid the record keeping requirement, and depending on the fact that they were dealing with known depositors, instituted policies requiring the cash to be deposited into the account, and then issued a debit against the account to offset the monetary instrument. FinCEN says there is nothing within the BSA, or its implementing regulations, prohibiting a financial institution from instituting such a policy. Up until recently, there seemed to be no objection to the practice.

Changed Their Minds

However, Treasury, through FinCEN now "…takes the position that when a customer purchases a monetary instrument between $3,000 and $10,000 using currency that the customer first deposits into the customer's account, the transaction is still subject to the record-keeping requirements of §103.29." This means that many who still keep the $3,000 log must maintain records for five years on such sales. FinCEN goes on to illustrate that this rule applies to the straightforward purchase of a check - $4,000 in cash into the account, debit the account $4,000 and issue a cashier's check.

Aggregate Different Sales
FinCEN goes on to emphasize that multiple purchases of the same or different types of monetary instruments on the same business day totaling between $3,000 and $10,000 must be treated as one purchase if the financial institution has knowledge that the purchases have occurred. For instance, if a customer brings in $2,000 in cash in the morning to purchase a money order at Bank A, Teller #1 and then later the same day goes again to Bank A, Teller # 1 with another $2,000 in cash, to buy a cashier's check. FinCEN's complete interpretation can be found at: http://www.fincen.gov/monetaryinstrumentsales3a.pdf

See: http://www.bankersonline.com/articles/bhv13n02/bhv13n02a1.html

 

this was at school, we have metal detectors
and if he had a gun i doubt he would have turned and ran when i punched him in the face

 

not always- theres 2 banks near my school and 3 within biking distance. i never do more than 500 at a time on my bike because of the weight. i stop at UMB on my way home from school usually, then walk about 100 feet to the library and wait for my grandparents to pick me up. usually when i do a $2,5k search its dollar coins, unless i can get a ride home from the bank

 

All this stinks . And I wouldn't mind seeing a $500 and a $1000 .

He'd of caught the bullet with his teeth .

 

No high denominations. Too easy to leave the country with an exorbitant amount of money. Also it will devalue the high denoms I already own.

With our banking systems entirely computerized, it would be a tremendous waste of taxpayer money to produce and print them.

 

It is unlikely that this will happen at all.
Before, high denoms were used as a way for Banks to reduce the sheer number of notes that changed within the Banking infrastructure.

If a Bill were passed to bring back a higher Denom, I would like it to be a $500 note.

These notes that I have posted were once part of the New York Collection that I was forced to sell when I was Ill and I do not own these any longer! But they sure were nice when I did!
The $500 is an awesome note.. if you have the Catalog it is listed in the FUN Auction Jan 2011 Pg 251 upper right corner.



RickieB

 

Beautiful notes Rick , to bad you had to sell them . Do you have the reverse pics ?