High Denominations

RZage...

No..I did not keep them to be honest..I was surprised to find these in a old photo bucket acct.
Thanks for looking..I will have these again!!

 

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There was a report a while ago about this. Canada made a $1000 until the 1980, I think. If I remember correctly, the notes are being removed when turned into a bank but a high percent of the large number outstanding are thought to be used in the drug trade.

 

Here's the cash room of one of the Mexican cartels. Teeny-tiny $100 bills don't slow them down a bit. A few Mexican notes in front, a zillion $100's behind.

 

Umm, the "if you don't like it here, go elsewhere" way of countering suggestions that one dislikes does not always help. Over here in the euro area, the €200 and €500 notes are not really used in circulation.

Christian

 

There you go.

The OP wants large denominations here in the US and rationalizes his want with the fact that the EU has 200 and 500 Euro notes so why shouldn't we. Some people want everything the same the world over, and worse, they want it their way.

Yes, EU has those notes, but, as you can see from chrisild's post, they don't circulate. If only a very, very few might use them, why bother?

The repetitive posting of threads wanting bigger $ notes is only an exercise in futility and a waste of bandwidth. Higher denomination notes are unnecessary, not needed and aren't ever going to happen in my, or my grandchildren's lifetimes. Give it up.

 

In the euro area and some neighboring countries, such high denomination notes are indeed used for "shady" purposes, but also for perfectly fine reasons. There have, for a long time, been people who do not trust banks a lot and keep cash at home. Well, a few "big" notes are easier to store somewhere than a lot of "small" ones.

Around here, about the only place and time (in terms of legal transactions) where such notes come in handy is when you buy a used car from a private seller. But do away with them? The highest denomination here (€500) is about $680, and the 1,000 Fr note in neighboring Switzerland is about $1,100. Currently there are no plans to stop issuing them, or withdraw them. However, would such high denominations be introduced today? I doubt it.

Similarly, it does not make sense to change the "setup" in the US. Who knows, maybe the $100 will become a little more common, but even that I am not sure about. One of the few reasons I can imagine for having high denomination dollar bills is to make it easier, for people in high inflation countries for example, to keep their USD piggy bank relatively small.

Christian

 

Our British friends manage to get by with their highest Bank of England banknote of £50, although there are £100 Scottish notes that have limited circulation and are allowed under special Scotland only laws.

The last US$500 and US$1000 notes circulated in the late 1960s. Oddly, one of the last major public uses of these large denomination banknotes were prizes on the television show, "Let's Make A Deal" with Monty Hall.

Most of the world's currencies that are considered premiere, global trade instruments or reserve currencies, do not have high denomination notes circulating. The nations that participate in the European Union and Switzerland being exceptions, but as Christian points out, these high denomination banknotes are rarely seen in daily transactions.

 

I believe the currently highest valued circulation notes are the Brunei $10000 bills that are legal tender in Brunei and maybe even Singapore(they have a form of currency union) At the current exchange rate they are worth $8000 US.

€500 and €200 notes in Europe are referred to as Bin Ladens - you know they exist but you never see them.

£100 Scottish notes - friends in Scotland say they are more for show and tourists than anything resembling real circulation.

The Bank of Canada last issued C$1000 notes in the Series 1988 during the mid 1990s, I saw one in a Casino in Ontario once - the owner of the note was making a big show of trying to get change for it.

 

Do you think this is a reflection of the fact that today, counterfeiting is easier than ever?

 

I like the "bid Laden" comment.

 

And why would that be a "fact"? As far as I can tell, we simply have some kind of competition: The developers and manufacturers of paper money add new sophisticated features, so for a while they are ahead of the criminals. Then the counterfeiters "catch up" which then results in improved paper money ...

Christian

 

i found out i can get €500 notes at my dump bank... guess i dont need $500 notes now that i have $698.90 notes. they get them from customers i guess.

 

I voted for a 500, it would be nice to see grown ups money again.

 

The European Central bank has decided to phase the €500 note out. See today's press release. The primary consequence is that the note will no longer be produced and issued. (Then again, the last time the German Bundesbank for example commissioned the production of €500 notes was seven years ago; the last or latest production in the euro area was in 2014, commissioned by the Austrian OeNB.)

The notes will, however, continue to be legal tender. Practically that denomination is not used in everyday life, but some people (in the euro area and elsewhere) store their money this way, especially these days when interest rates are close to zero.

The second generation euro notes will not include the 500 any more. The €5, €10 and €20 have already been replaced; this year the €50 will be presented. After that, the €100 and €200 ... and that was it.

Christian

 

I've read that when the $500 was withdrawn (in the 60s), that left the $100 as the highest circulating now. The $100 in 1965 had more buying power than a $500 would have now.