100x $500 US bill pack!

A thousand dollar note back in 1967, was a fair chunk of change. It took 6 of them to buy a fully loaded 67 Corvette L-71 427-435HP Six Pak! Today it takes 120K to buy a 2022. So you can figure its like $24K in todays money.

 

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I checked an Inflation Calculator, and $6,000 in 1967 is equivalent to right at $50,000 in today’s money.

 

What the govt. tells you is not reality. I paid 5 cents in 67 for a caramilk chocolate bar. Today, I paid $1.75 at 7-11 store/
movie ticket was 25 cents/ today 14.75. A house that sold for 16K now goes for 1M+ (that is here in Canada)

 

Oops that’s my bad I got it mixed up with the €500 note.



You’re right it was the 1000 franc note I meant to refer too but for some reason I thought it was 500 because of the 500 euro note.

 

There's already a few in Congress who are selling the idea of doing away with cash. Among the reasons given were "it's less expensive and thereby more efficient". "More convenient" was also given as a justification. No one actually came out and said, "It'd be a really great way of getting more control of the teeming, gray masses, out there!", but now we have Canada, leading the way to our future.

 

Cashless is a bad idea.

 

i
Actually, we had the head of the Canadian Banknote Co. at our coin meeting. He said, cash is here to stay/ and I agree 100 percent. During COVID businesses that did not take cash/ suffered losses, people just went to stores where cash was king. You got to be crazy not to want cash payments over cheque/ credit card/ paypal....
Cash doesn't bounce/ no fees/ untraceable.

 

Not to mention without electricity credit cards & debit cards are useless and checks are risky as they may bounce.

Even PayPal and CashApp and Venmo all rely on an electronic device of some kind (phone, computer, tablet) to use.

Although I imagine if things got bad silver & gold might be accepted like it is in Venezuela due to hyperinflation making the currency basically worthless.

I posted an article in another thread but people in Venezuela were offering like a haircut for 1/8 gram of gold or 1/2 gram per night to stay at a hotel.


Apparently according to the article businessmen quickly acquired the ability to identify real gold from attempted fake stuff. They said gold was unique and if you know what you’re looking for it’s easy to spot the real thing.

 

Could not agree more. I remember when we had a "Blackout" 2006. I was still able to buy stuff since I carry cash/ people with credit/ bank cards where royally screwed.

 

All I can say is WOW. Last printed in 1934, I’ve only seen one “live” in my lifetime. Okay, guess I could say more then WOW.

 

Yeah, sorry but I just cannot comprehend people who walk around with zero cash on them. Numerous times I have walked into a business and a huge line was there because the cc machines were down. I just walk up, pay in cash and leave. Same with cc, if they cannot accept cash I give them that. One should be fluent with all transaction types IMHO. This is not even talking about how cash is king at coin shows, and prices for items are cheaper if its paid in Benjamins usually.

 

Yeah what’s crazy is that someone was able to set aside all those bills for the future collectibility way back in 1934.

$50,000 was an enormous sum of money back then (and even today!) so only someone extremely rich could have afforded to buy this pack of 100 notes and set it aside.

Heck back then just 3x $500 bills would be more than a normal person made in a year based on the average 1934 annual salary of $1,400/year.

 

Once saw a couple at Starbucks order, then found their card did not work, not a good thing to carry no cash. I always carry $200 in my pockets/ more the better. I love getting paid by clients that way to.

 

Wasn't the story that they got stuck behind something in a bank vault?

 

Not sure about the backstory but that’s still a lot of money xD.

Even if someone offered it to me at face value I couldn’t afford it!

 

I find it interesting to think about the value against inflation. I have saved a number of bills over the last 60 years of collecting that I bought at face from a bank. I bought them for the pleasure of owning these crisp bills rather than for future investment, which is a good thing, because few have appreciated in value faster than inflation. Whoever originally bought this pack from either a bank or the Federal Reserve paid $50,000 for them somewhere between 1934 and 1945. If they or their descendants still owned them (which presumably they don't since they have been sold at least once since then), and they were to sell today for $1 million, after inflation they would just about break even.

 

Why would they? As far as I'm concerned, the Lincoln cent died in 1982. And besides, the mint could profitably continue to make them "proof only" for decades.

 

Just because it’s been around for so long I think there would be people angry about it.

They’d get over it though. No point spending all that money minting pennys.


In fact even the nickel and dime are worth less now than the 1/2 cent was when it was cancelled so those could be cancelled as well without any real harm.

Although I imagine much more resistance to cancelling those than the little resistance to cancelling pennys.

 

According to the Heritage Auctions link that was shared this pack sold for a little over $200,000 in 2005.

But I imagine $50,000 back in the 1940s was worth far more than $210,000 in 2005.

I bet for $50,000 you could buy a really nice house in 1940 that today would cost $500,000 easily.

If I recall correctly Warren Buffet bought his Omaha home for $31,500 in 1958 which is a couple decades of inflation later.


Edit: Yup!

 

Perhaps I should have said, "Why should they?" instead of "Why would they?" You're probably right there would be some angry over it, but I don't think the mint cares about that. I don't even think businesses would really object to having to round prices up for cash transactions. Electronic transactions could continue to be to the cent if they liked. The only people really hurt by it would be the people who mine and sell zinc. Copper usage would not change much because there would be a slight increase in demand for other denominations of coins, all of which use copper. But the mint could issue proof only cents in pure copper, brass, silver, even gold, all at huge profit to the mint and satisfaction to the collectors who just have to have one of each.