Why no $500 or $1000 notes these days?

Yes, we do have bills of €500 and €200 to.
Fun thing about them is that in most Belgian stores they dont accept them...
In about 90% of the stores there is a sign at the entrance like this:

(the text underneet the picture says "unfortunatly we do can not give change for these bills")

Offcourse the not enoug change is a whole pile of crap, every store has more than €500 in theyr registry.
It is because they are to scared of fakes

 

Log in or Sign up to hide this ad.

The reason for discontinuing $500 and $1,000 etc. bills has nothing to do with drugs. The last $500+ notes were printed in 1945 and by the time the supply ran low with the government in the late 1960s, it was determined that it wasn't worth while to update the presses from 18-subject sheets to the new 32-subject sheets for them due to lack of demand.

 

This is from Wiki, so take it with a grain of salt.

 

I agree. our money could look something like this in the future:

 

*Dr. Evil pinky thing*

 

^lol. Thanks for the replys everyone, very interesting reading.

 

Exactly (except that the last high-denomination bills were actually in the 12-subject era). Concerns about money laundering or drug trafficking are one reason why we're not likely to see these denominations come back any time soon, but they're not the reason why they were discontinued in the first place. Those issues weren't nearly as big in 1969 as they later became.

In the '80s, there was actually a proposal in Congress to discontinue the $100 and perhaps $50 denominations, because of their heavy use by the criminal element. Obviously it didn't pass, but still, it's probably what made so many people think the $500+ were killed off for the same reason.

 

Only the Russian mafia guys have the €500 and they liked to show them off in casinos. But now casinos in RU and UA are all closed due to the government cracking down on corruption.

 

Like I said, with the ever increasing demand for $100 bills, especially overseas, I don't see why the U.S. government does not issue $200, $500, and $1,000 bills. Who cares about the drug dealers? Who cares about money launderers? Who cares about counterfeiters? If you pay attention, and know what to look for on your money, you will NOT get stuck with a counterfeit, and lets face it, we are NOT going to stop the drug wars, even if we took all denominations of U.S. coins and currency out of circulation, reissued the half cent coin and just used that, the crime rings would find a way around it.

The fact is, some people do not like, or HATE electronic methods of pay. My mother and father both have had their identity stolen and credit card fraud two or three times, and I have had a credit card company rip me off two or three times, and there have been times when I was waiting in line at the store for a half hour or longer, then got up to the last person before me, then they whip out their card or check and the machine goes haywire, causing a 20 minute longer wait or more. So THERE is you "wonderful" plastic and electronic methods of payment where a transaction would be way quicker than a $200, $500, or $1,000 bill.

Also, they say that a $100 bill, going back to July 14, 1969, when the $500 and up were discontinued, would today be a $1,000 bill. So, if we had $20, $50, and $100 bills back in 1969, why can't we have $200, $500, and $1,000 bills today?

It would also save the government money if they printed $200, $500, and $1,000 bills to cut down on how many $100 bills have to be printed, and each time the U.S. currency goes through a redesign (every 7-10 years) it becomes more expensive to print, due to needing to add more and more security features to the next generation of $100 bills, so, the next generation $200, $500, and $1,000 bills would help take a load off that demand.

I read a story on Where's George? that Obama will be getting a new Secretary of the Treasury for his second term, should he win the reelection, or even if a Republican gets in, there will be a new Secreary of the Treasury, but whoever it is, I will be writing to them on this issue.

Quite frankly, in today's day and age, I can't see an argument not to bring back the $5,000 and $10,000 bills and issue a $2,000 bill, either. That would be like what a $200, $500, or $1,000 bill bought back in 1969. Think of how you could pay for a car or house in cash. Now that would be awesome.

 

What about if you promise to spend MOST of that 200 or 500 euro note? Like say E150 from a 200 Euro note, or E400 from a 500 Euro note, and can prove to the clerk or store manager that the bill is NOT counterfeit? Surely the store manager would be educated on telling counterfeit Euros from real Euros, right?

 

I see it coming but if they create a 500 or 1000 dollar bill it will be a lot more different then a 5 10 50 or 100 because people would forge 500 and 1000 dollar bills and that is all they would do because they would need to create 100 bills of 5 dollar to create 500 and for a 1000 200 bills which is would cost more money on the people who would be forging these bills then just creating a 1000 dollar bill. In Canada we had a 1000 bill at one time. The government would need to put some security thing that is VERY hard to forge or people would be losing a lot of money. Also if you lose one of these bills I would be pretty mad. XD

​

 

Oh, and two more things.

One, I heard that the $500 and up were discontinued "due to lack of use" NOT because of drugs and crime rings, although I heard that argument as well. But there is NO lack of demand today, as I have seen people in stores paying for electronics and other expensive items in stores and they would whip out a wad of $100 bills, and I am sure that they would have prefered at least a $500, a $200, and a $100 bill, because they spent $800.

Another reason I heard was that, the Treasury was running low on $500 bills, and they were not seeing much use and demand for them BACK THEN, so, the government did a public opinion poll, asking if people wanted more $500 bills, and most people said that they would just use $100 bills for large end purchases, because $100 actually meant something back then. So they figured, it was not worth modifying printing more $500 bills, since almost no one argued to keep them, so, without the $500 bill, they pretty much figured that they would have to kill the $1,000, $5,000, and $10,000 bills as well.

I'm suprised that the government listened to that public opinion poll, yet they won't listen to any public opinion poll that strongly supports eliminating the $1 bill, in favor of the dollar coin, to save money. Especially seeing as, they were not losing any money by printing $500 bills. I really do think that, if anything, they should have kept printing $500 bills and lower, and just killed the $1,000, $5,000 and $10,000, while another part of me (the devil in me, of course :devil: ) feels that we should still have all four large denominations today, even though I would not be able to touch too many $5,000 or $10,000 bills. And damn, if they still printed these large denominations, I would be putting away $16,685 away in redesigned currency, instead of $185 (unless they ever redesigned the $1 and or $2 bills, then I'd be putting away $16,688 if the large denominations were still around or $188 if the large denominations were gone)

Hey, would anyone here, like it if the government rolled out redesign $1 and $2 bills as well as redesigned $200, $500, $1,000, $2,000, $5,000, and $10,000 bills at a premium with each currency redesign? They could just put such a high premium on the new $500 and up, that it would not be worth spending them (but then, they could still be counterfeited, so that would be a problem)

 

Pressure may be on to bring them back drug war or not. If gold and silver rise any higher volume bullion dealers and buyers may need to use them. How safe would you be going into your local bullion shop buying 17K worth or gold and silver and carrying around 100 dollar bills at todays price. Now lets say gold and silver double in price you would now need 34K in puny bills to make the same purchase. Pretty soon you are renting out a brinks truck to do any business.

 

even then the most shops refuse to take them