I give up on lobbying for the return of large denom FRNs

I went to a coin shop to cash in some silver, and I was talking to them about reissuing $500, and $1,000 bills as well as issuing a $200 bill, and they told me that, some places in Europe are trying to ban and phase out the 500 Euro note, so, if that is the case, I might as well not seek to try to get anything larger than $100 issued in the U.S. again. :crying:

I am now shifting my lobbying efforts completely to redesigning the $2 bill, the half dollar coin, and even a redesign of the $1 bill. Yes folks, a redesign of the $1 bill. You know? That issue Congress always seems to stop from happening due to the cost to vendors and small businesses?"

The fact is, I am getting sick of the old $1 and $2 bill looks. I want to see redesigned big head $1 and $2 bills with some color added. In fact, as I said, I also want to see ALL denominations in polymer plastic so that our U.S. FRNs last longer and are more sanitary. I give up on $1 and $2 coins because I believe that, if the government really wanted to replace the bills with the coins, it would have been done, what? 30-40 years ago? How long have they been trying? But the American public has spoken, and apparently, the general public's words are the most important words in this issue.

So, I am still going to push for a redesigned $2 bill, only I am going to probably advocate the return of the Monticello, as, believe it or not, I love the Monticello design on the reverse of the red seal $2 bills a LOT better than the current signing of the Declaration of Independence reverse on the current green seal $2 bills, contrary to many other people's opinion, who like the current $2 bill's reverse design the best.

The half dollar coin, I will still advocate my "Famous Dogs Half Dollar Coin Act" no matter how stupid it sounds, because, there have been a lot of other ideas accepted that seem like dumb ideas. Like especially two different dollar coin programs (Native American and Presidential) going on at the same time for a coin denomination most people do not want, and never use or receive in change, unless by a machine.

As for the $1 bill. I just want a simple modernized redesign of the $1 bill similar to the redesign sketch that the Coin Coalition had drawn up by an artist, to show Congress what they did NOT want to happen. I liked how they got rid of the huge spelling of "ONE" in the middle and merged both of the seals together on the reverse. Its a very nice design. But even that design would have to be upgraded due to the fact that it is styled after the first currency redesign, with the oval still around the portrait, but with another slight redesign, the proposed sketched design could work. And of course some added color would be nice.

Finally, all veding machines should be programmed and retooled to accept and dispense $2s and halves as I have said time and time again, however, this time, I am meaning that maybe there should be a law enacted that ALL vending and self checkout machines must start being manufactured to accept and dispense ALL denominations, including $2s and halves, because they ARE LEGAL TENDER currency for all debts, public and private. So even though I know that the government can't "force" any specific denomination on us, they should still enact a law that states ALL new coin and currency machines MUST be equipt to accept and dispense ALL current denominations of coins and currency, except the dollar coin on the dispensing issue of course. The $1 coin should be "acepted", by self checkouts, but not dispensed from self checkouts unless the machine runs out of $1 bills and can switch automatically to give out $1 coins in their place. Only certain vending machines should dispense $1 coins, as people somply do not want them. But I do agree that all machines should at least accept $1 coins.

I think its time to redesign the $1 and $2 bills and also, halves, and it is time to get $2s and halves circulating once more. :hail:

 

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If that "ban" is the primary reason why you changed your mind, then forget it. There are no intentions to stop having or issuing the €500 notes here. The only recent change I am aware of affects the UK - you cannot have them exchanged there any more. I wonder if they "banned" the Swiss franc (there are even higher CHF denominations) in a similar way ...

But the UK is outside the euro area anyway. And what they do or don't do, cash wise, does not really affect us here. In my opinion we can do very well without the €200 and €500 notes, but I have not heard or read about any plans here, in Euroland, to "ban" them.

Christian

 

well the big problem is now a days most retailers wont touch $100's and are even sketchy of 50's. so i dont see anyone ever taking a $500 or $1000 bill. as much as i like collecting currency it seems that our economy is moving away from paper money slowly but surely.

 

No offense, but some of you do not realize that $200, $500, and $1,000 bills would be availble at banks and credit unions for if you want to make a high-end purchase. If you bought a refridgerator for $1,200 or a tv for $1,500, I am 100% sure that the merchants would take a few $200s, a couple $500s and/or $1,000 bill. If these Euro countries are truely not having problems big enough to get rid of 500 Euros, maybe I should not throw in the towel yet. I just heard that there were people in power that wanted the 500 Euro note phased out. Thats all. I am not sure how true that is though.

 

non taken but i would think its just easier for the retailer to take credit cards instead of such a large note. they can also offer there on credit card and then make money on interest. i just recently left my job at a bank after 3 1/2 years and i saw how even many customers didnt want bills over $50. there is a big risk they are taking carrying such large currency around. i just dont see large denominations coming back. its just not cost effective for the US to go and spends hundreds of millions of dollasr to design new currency along with having to come up with new technologies to help prevent counterfeiting just so people can by a tv or refrigerator with a large denomination note. also those notes would also only be available to those that actually have the money to spend like that. people just dont have as much money to spend as they use to. trust me i am a huge paper currency collector so i would hate to see paper money fizzle out. i just dont think large denominations make much sense anymore. just my .02

 

I have to ask. What is the big risk? I have carried $100 bills for years and never had a problem with a counterfeit note. The other thing I hear is that businesses will not accept $100 bills. Perhaps because I live in a gaming town, my local area is more tolerant. However, the only places I have ever had a problem accepting $100's are those places that are routinely targets of armed robberies. Other than convenient stores and gas stations, I have never had a business refuse to accept one of my $100 bills as payment.

 

well here is south florida there are a lot of places, not just gas stations or convenient stores that wont talk large bills. at the bank i use to get tons of fakes 100's. a lot of people had been burned to the point if they did get large bills they would check each one with a fine tooth comb. i dont know why people are so afraid of larger notes here. personally i dont have problems with $100's but $500's or $1000's for transactions are a whole different ball game.

 

Is the counterfeit problem in south Florida a product of the drug trade?

 

i don't think.

we have a big problem with counterfeits in pittsburgh.

most places have signs on there doors saying, "we do not except $50 or $100 bills".

they are not just gas stations or pizza places either, i am talking like best buy and such.

 

i honestly dont know. i am sure it might play into it. i think economic times has a part in it as well. i know when i first started at the bank we didnt have as many counterfeits it was only within the last 2-2 1/2 years where i saw a spike in fakes

 

I would like to see $500's and $1,000's again too, but I doubt it will happen until some serious inflation hits us. Heck, when it gets to that point, I don't think it will be uncommon to see $10,000 or $100,000 dollar bills!!! Maybe Obama will be on them, lol.

As for the $1 bills, I liked the old 1899 silver certificates with Lincoln and Grant on them. The $1 bill will never change though because it is an icon for the establishment. It has all the masonic symbols throughout it, but that's all I'm gonna say. Don't want to get flagged. Gnight

 

Are some of you guys basically saying "Don't give up"? I mean, does my lobbying even "mean" anything to government officials?

Also, as I may have said, back in 1998, when the U.S. government started talking about the 200 and 500 Euro, there was a congressional testimony titled "Will Jumbo Euro Notes Threaten the Greenback?" where they were discussing the possibility of the return on the $500 bill at least (at other times, I had heard from the BEP that they also discussed the $1,000 bill a bit as well, at one time) and one guy did ask "I know there are no plans on the drawing board, but is it "on the radar screen" somewhere?" and another guy said "It IS on the radar screen" and yet another guy said "It is not a "front burner" item, but it is "on the top of the stove" and will continue to get attention" I would hope that IF the government at least reissued the $500 bill, that they issue a $200 bill as well, just to get more into the Euro theme and get with the rest of the world, and also, so I can carry two $200s instead of four $100s. But please, nothing corny like a $250 bill. An odd denomination like that would be annoying, and probably make most cashiers's heads explode when counting them.

Well, I'll let you guys read the testimony, and see what you think:

http://commdocs.house.gov/committees/bank/hba51647.000/hba51647_0f.htm

 

Drago, just out of curiosity, exactly who are you "lobbying" to? Of course, you mentioned talking do your local coin dealer about it, but what would that do? It's not like he's the head of the Fed.

When you say "I give up on lobbying for the return of large denom FRNs" you make it sound like you were making progress at one point for the return of large denominations of FRNs but you no longer are. If you really were making progress, how?

Just talking to anyone ain't going to get you anywhere. Just my opinion...

 

I basically have been writing to Congress (House and Senate) to many Congressmen, and every new Secretary of the Treasury who has taken office over the last decade or a bit longer. I also once sent a letter to the White House. If that is not lobbying, I apologize for my mistake in words. But I was told that what I was doing, by writing those letters, I was "lobbying" feel free to correct me if I am wrong, but I am not the one who called "sending letter" lobbying. I never really got anywhere though. I just got the ocassional form letter "Should such and such come across the Congress, I will keep your thoughts in mind, yada yada" Or the ocassional "Electronic methods of payment have made large denomination Federal Reserve notes unnessasary" and such. Both form letters I think are bull. Why can I not ONCE get a darn letter from them saying "Your idea is a good one and I am preparing, or strongly considering preparing legislation in the area(s) you addressed" or something?

 

I am no person to define lobbying, but that sounds like a lot of work to me! I thought you were merely talking to your local people about it :goofer:

 

Would you want large denomination notes for circulation, or just for collectors? Seems to me that what separates paper money from other collectibles (coins, stamps) is that almost all paper money is created to be circulated. Since conterfeiting and credit cards are both reducing the demand for large denomination notes, the role of paper money is changing - no pun intended!

I like the fact that notes reflect usage patterns throughout history. Can't see myself being as interested in notes that do not have a circulating role. But that's just me....

 

I want $200, $500, and $1,000 bills for general circulation.

However, I have always thought, for about 15 years or so that they should also reissue the $5,000 and $10,000 bills and issue a $2,000 bill MAINLY for collectors, and would be sold to the public at an affordable premium, but a premium that makes it "not worth" buying, just to put them into circulation. I WOULD want them to be legal tender for all debts public and private, as with any U.S. coin or currency denomination. So, in other words, you should be able to purchase a new style "big head" colorized $10,000 Salmon P. Chase bill, but they should cost at least $12,000 or so, just to deter most Americans or even foreigners from using these ultra-high denominations as cash. The major problem though, would still be counterfeiters. Its probably the dream of most counterfeiters to bring back new style $5,000 and $10,000 bills as well as issue new $2,000 bills. I also think that the government should bring back some of the obsolete coin denominations as well, such as the 20 cent coin, the 2 cent coin, the 3 cent coin, and mainly, the half cent coin. Like I said, I would love the half cent's return and THOSE should be sold at a premium low enough for IF you desired to spend a few around town for fun. My main reason though, is for half cent slots at the casino. And finally, I wish the government would ressurect its orginal plans to print $3 bills and make $3 bills at a premium, but also print small quantities of $3s for general circulation, as I am sure that $# bills would have probably been popular at the horse racing tracks where they could have increased their minimum $2 betts to $3 bets, as a person once suggested might have happened, had the government actually went through with their plans to print $3 bills. As much as I hate mentioning it, I am sure the strippers would LOVE to see $3 bills circulate as well.