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View Full Version : Why are there no bills large than a $100 bill?


Diamonds02
12-28-2010, 02:00 PM
Why do bills run so small? There's a infinate amount of money out there, and those who are lucky receive large money amounts at one time. Why aren't there $500 bills or $1000 bills or anything larger?

thirdname
12-28-2010, 02:03 PM
Because a suitcase full of $100s looks cooler than a handful of $100K bills.

Northern Piper
12-28-2010, 02:04 PM
concerns about drug trafficking and money laundering, I assume.

Canada used to have a $1,000 bill, but discontinued it about a decade ago for that reason - that increasingly the only people using large denomination bills were doing so for illegal purposes.

kaylasdad99
12-28-2010, 02:05 PM
Because there don't need to be larger denominations available in order for us to get things done that require cash.

Exapno Mapcase
12-28-2010, 02:05 PM
Larger bills are gifts to counterfeiters. They aren't necessary in an electronic economy. The best course would be to eliminate even the $100 and $50 and make counterfeiting that much more difficult.

Guinastasia
12-28-2010, 02:10 PM
There have been, in the past (http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency):

-$500, William McKinley
-$1,000, Grover Cleveland
-$5,000, James Madison
-$10,000, Salmon P. Chase
-$50,000, Woodrow Wilson


(And even then, they were pretty rare and used mainly be the government)

XT
12-28-2010, 02:11 PM
There used (http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency) to be denominations from $500-$100,000 (though I think the former was only used in bank transfers).

The reasons are pretty much as listed. Add to that the fact that electronic money makes a lot of those bills moot (banks don't need to transfer large pallets of money anymore...they can just transfer large amounts electronically), and the fact that the public doesn't really clamor for large bills (on a smaller scale, electronic money renders it moot as well).

-XT

Markxxx
12-28-2010, 02:53 PM
As a person who spent four weeks this past Christmas, in a computer store, checking people out, and having to routinely count thousands of dollars in twenty dollar bills, I long for a five hundred or thousand dollar bill :)

SmartAlecCat
12-28-2010, 02:58 PM
There is a €500 note worth over $600..

CaveMike
12-28-2010, 03:01 PM
As a person who spent four weeks this past Christmas, in a computer store, checking people out, and having to routinely count thousands of dollars in twenty dollar bills, I long for a five hundred or thousand dollar bill :)Isn't it easier to count five twenties, then to go through the rigmarole of verifying a hundred as authentic?

Bearflag70
12-28-2010, 03:03 PM
They aren't necessary

If they could apply this reason to small coins and $1 bills, I'd be happy.

Baron Greenback
12-28-2010, 03:09 PM
Some of the UK banks issue £100 pound notes (about $150) but they are rare as hen's teeth. Even the £50 ones are uncommon. The Swiss have a 1000 franc note (around $1000 US) but no idea how common they are.

The Bank of England has/had some very high value notes used internally, including one worth £100 million.

KneadToKnow
12-28-2010, 03:18 PM
Isn't it easier to count five twenties, then to go through the rigmarole of verifying a hundred as authentic?

I have to verify $20 bills. :mad:

Sternvogel
12-28-2010, 03:29 PM
There have been, in the past (http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency):

-$500, William McKinley
-$1,000, Grover Cleveland
-$5,000, James Madison
-$10,000, Salmon P. Chase
-$50,000, Woodrow Wilson

Wilson was on the $100,000 bill (http://en.wikipedia.org/wiki/File:US100000dollarsbillobverse.jpg). There was no $50,000 denomination.

fumster
12-28-2010, 03:41 PM
As a person who spent four weeks this past Christmas, in a computer store, checking people out, and having to routinely count thousands of dollars in twenty dollar bills, I long for a five hundred or thousand dollar bill :)Isn't there an app for that?

Musicat
12-28-2010, 03:44 PM
I have to verify $20 bills. :mad:How do you do that?

mbetter
12-28-2010, 03:50 PM
There used (http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency) to be denominations from $500-$100,000 (though I think the former was only used in bank transfers).-XT

I think the word that you are looking for is "latter."

robert_columbia
12-28-2010, 03:53 PM
How do you do that?

It's easy.

foreach (bill currentBill in Till)
{
if(!(Verify(currentBill)))
{
PoliceService.ReportCounterfeit(currentBill);
AccountingService.ProcessLoss(currentBill);
}
}

yabob
12-28-2010, 04:03 PM
To confirm the general rationale given above, BEP on large denominations:

http://www.moneyfactory.gov/uscurrency/largedenominations.html
On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945.
And yes, the $100K Wilson gold certificate wasn't actually circulated. It's use was pretty restricted:
These notes were printed from December 18, 1934 through January 9, 1935 and were issued by the Treasurer of the United States to Federal Reserve Banks (FRB) only against an equal amount of gold bullion held by the Treasury. These notes were used for transactions between FRBs and were not circulated among the general public.

yabob
12-28-2010, 04:05 PM
There is a €500 note worth over $600..
Ah, but for how long ... you may take your pick as to whether I mean how long it will be worth over $600, or how long it will exist ...

KneadToKnow
12-28-2010, 04:08 PM
How do you do that?

Counterfeit detector pen (http://www.howstuffworks.com/question212.htm).

Martin Hyde
12-28-2010, 04:26 PM
I wouldn't be shocked if the 500 euro note eventually was phased out. I read something once which suggested 90% of 500 euro notes that have been issued are in the hands of organized crime.

yabob
12-28-2010, 04:40 PM
I wouldn't be shocked if the 500 euro note eventually was phased out. I read something once which suggested 90% of 500 euro notes that have been issued are in the hands of organized crime.
I wasn't musing on the possibility of just the 500 Euro note being phased out, but referring to the pronouncements by some financial pundits that the Euro as a currency is doomed.

Voyager
12-28-2010, 06:24 PM
As a person who spent four weeks this past Christmas, in a computer store, checking people out, and having to routinely count thousands of dollars in twenty dollar bills, I long for a five hundred or thousand dollar bill :)

So, can you get high sniffing those things?
Seriously, who buys a computer with 20s? If I for some reason were going to get money from the bank for it, I'd at least get 100s.

Martini Enfield
12-28-2010, 06:33 PM
I have to verify $20 bills. :mad:

Marginally OT: The last time I was in the US, many shopkeepers/cashiers seemed to think that a $20 note was A Lot Of Money and I was frequently asked if I had anything smaller when I used them to buy stuff worth less than about $6 or so, which seemed odd because- well, $20 isn't that large a denomination, surely?

And back OT: I suspect part of the problem with a $500 note (besides the excellent issues already raised regarding counterfeiting and legitimate uses of the note) would be: How many shops would actually have change for a $500 note? Sure, high-end jewellers and trendy designer boutiques in fashionable parts of town, but I doubt the local supermarket wants to keep enough change on hand for people buying their groceries with $500 or $1000 notes. Especially when things like EFTPOS and credit cards are so prevalent these days.

panache45
12-28-2010, 06:39 PM
Few people pay cash for large (legal) purchases, and I imagine not too many business would accept it. I wonder how often anyone used a $100,000 bill.

Voyager
12-28-2010, 06:45 PM
Marginally OT: The last time I was in the US, many shopkeepers/cashiers seemed to think that a $20 note was A Lot Of Money and I was frequently asked if I had anything smaller when I used them to buy stuff worth less than about $6 or so, which seemed odd because- well, $20 isn't that large a denomination, surely?

Where were you? Given that ATMs spit out $20 bills, they are very common, and I've never had an issue with them. Your point about spending $500 bills is well taken - I suspect your average vendor would be extremely suspicious about giving large amounts of change from one.

samclem
12-28-2010, 06:54 PM
Few people pay cash for large (legal) purchases, and I imagine not too many business would accept it. I wonder how often anyone used a $100,000 bill. NO one ever used a $100,000 bill. They were only for interbank transfers. Bank to bank. No public need apply.

samclem
12-28-2010, 06:56 PM
And, no matter what the Feds say---$1000 and $500 bills were withdrawn starting in 1969 to prevent drug dealers from having it easy. Period.

Guinastasia
12-28-2010, 06:56 PM
Wilson was on the $100,000 bill (http://en.wikipedia.org/wiki/File:US100000dollarsbillobverse.jpg). There was no $50,000 denomination.

:smack:

(Still, of all the presidents, why WILSON???)

Martini Enfield
12-28-2010, 06:57 PM
Where were you? Given that ATMs spit out $20 bills, they are very common, and I've never had an issue with them. Your point about spending $500 bills is well taken - I suspect your average vendor would be extremely suspicious about giving large amounts of change from one.

Los Angeles and Anaheim, which surprised me because you'd think that $20 notes would be very common in those areas. But I was asked often enough and at completely different stores and food/drink places for me to raise my eyebrow and think "Seriously?".

Suburban Plankton
12-28-2010, 07:17 PM
Los Angeles and Anaheim, which surprised me because you'd think that $20 notes would be very common in those areas. But I was asked often enough and at completely different stores and food/drink places for me to raise my eyebrow and think "Seriously?".

It was probably because they didn't want to run short of change ($1s and $5s). Because everybody pays with the $20 bills they get from the ATM, lots of places have a tough time keeping enough smaller bills in the till. You buy something that costs 6 bucks, they have to give you 4 ones and a ten (or 2 fives). Repeat that transaction several dozen times and you can see why the retailers start asking if you might have smaller bills you can use instead.

Joey P
12-28-2010, 07:22 PM
Counterfeit detector pen (http://www.howstuffworks.com/question212.htm).

Those are worthless. Nowadays people are bleaching bills and reprinting them with higher denominations. Doing so means they are using the correct paper (so the pen will tell you it's good), it also means the bill still has a strip and watermark, so casually holding the bill up to the light will make it look good as well. In my store, the cashiers are required to not only see the strip but actually read what it says. A hundred dollar bill will say "100" on the strip. If there's still a concern they can check the watermark (which should have the same person as the picture on the bill) and also check for red and blue fibers in the paper.

Fretful Porpentine
12-28-2010, 07:46 PM
:smack:

(Still, of all the presidents, why WILSON???)

He probably gets a few props for being a wartime president. McKinley, I guess, gets props for being assassinated. Cleveland is the one I find really baffling...

Musicat
12-28-2010, 08:22 PM
Counterfeit detector pen.Those are worthless. Nowadays people are bleaching bills and reprinting them with higher denominations. Doing so means they are using the correct paper (so the pen will tell you it's good), it also means the bill still has a strip and watermark, so casually holding the bill up to the light will make it look good as well. In my store, the cashiers are required to not only see the strip but actually read what it says. A hundred dollar bill will say "100" on the strip. If there's still a concern they can check the watermark (which should have the same person as the picture on the bill) and also check for red and blue fibers in the paper.Which is why I asked. If ever you get a bill that fails the pen test, just spray it with hair spray and it will become "genuine." Conversely, if you spray a genuine bill with starch, it will become "counterfeit."

Here's an experiment that shows it. (http://calladus.blogspot.com/2006/09/testing-counterfeit-money-detector-pen.html)

Diamonds02
12-28-2010, 09:03 PM
Re: mentions up thread...

Why are big legal items seldomly purchased with cash?

I have done so in the past, and will continue doing so in the future.

Martini Enfield
12-28-2010, 09:21 PM
Re: mentions up thread...

Why are big legal items seldomly purchased with cash?

I have done so in the past, and will continue doing so in the future.

Because actually getting two thousand dollars (or however much the item costs) in cash with which to purchase a home theatre system or a fridge or whatever is significantly more effort than paying for said Big Ticket Item with a credit or EFTPOS card.

I've worked in retail a long time and yes, there are enough people who buy expensive stuff like computers, flat screen TVs, and whitegoods in cash that I don't bat an eyelid at it or wonder why they have that sort of money in negotiable currency on them, but for the most part people buying expensive stuff pay for it with plastic and not banknotes.

msmith537
12-28-2010, 09:51 PM
Re: mentions up thread...

Why are big legal items seldomly purchased with cash?

I have done so in the past, and will continue doing so in the future.

Why on earth would someone do that? I can either carry around thousands of dollars in cash just in case I see a laptop, flat screen TV or Rolex watch I like. Or I can carry a single card that is accepted nearly everywhere and can be replaced if lost or stolen with no financial risk.

Elendil's Heir
12-28-2010, 10:00 PM
Wilson's on those bills, I've read, because he signed the Act of Congress establishing the Federal Reserve. Grover Cleveland was a good, honest President who doesn't get the respect he deserves today, IMHO.

If you wanted really big bills, you should've gone to Zimbabwe. Given their grotesque hyperinflation in the early 2000s, look what you needed to buy three eggs: http://upload.wikimedia.org/wikipedia/en/2/28/Hundred_billion_dollars_and_eggs.jpg

KneadToKnow
12-28-2010, 10:03 PM
Thanks for letting me know about the counterfeit detector pens, y'all.

Sadly, I am in no position to tell my employer that they're wasting time.

kenobi 65
12-28-2010, 11:18 PM
When I was in grade school, we went on a tour of a bank (this was probably 1977, give or take a year). They showed us a couple of high-denomination bills which they still had (I want to say that it was a $1000 and a $5000), which we all thought were just amazingly cool.

hajario
12-28-2010, 11:31 PM
For years The Horseshoe Casino in downtown Las Vegas had a display with 100 $10,000 bills. It was a million bucks right before your eyes.

Sunspace
12-29-2010, 04:58 AM
Then, of course, there's the legendary 63 000 000 dollar (http://www.angryflower.com/keepth.gif) bill...

Mean Mr. Mustard
12-29-2010, 08:42 AM
Wilson's on those bills, I've read, because he signed the Act of Congress establishing the Federal Reserve. Grover Cleveland was a good, honest President who doesn't get the respect he deserves today, IMHO.

If you wanted really big bills, you should've gone to Zimbabwe. Given their grotesque hyperinflation in the early 2000s, look what you needed to buy three eggs: http://upload.wikimedia.org/wikipedia/en/2/28/Hundred_billion_dollars_and_eggs.jpg


Sheeeeeeiiiiit.....I can remember when you could get three eggs for no more than 80 billion. It's no wonder I eat less omelets these days.


mmm

Enderw24
12-29-2010, 11:36 AM
There have been, in the past (http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency):

-$500, William McKinley
-$1,000, Grover Cleveland
-$5,000, James Madison
-$10,000, Salmon P. Chase
-$50,000, Woodrow Wilson


(And even then, they were pretty rare and used mainly be the government)

Everyone knows the $10,000 bill has all the presidents on it. And they're having a party.

Musicat
12-29-2010, 11:40 AM
Thanks for letting me know about the counterfeit detector pens, y'all.

Sadly, I am in no position to tell my employer that they're wasting time.Just give him a can of hair spray and starch. :)

Voyager
12-29-2010, 11:49 AM
Why on earth would someone do that? I can either carry around thousands of dollars in cash just in case I see a laptop, flat screen TV or Rolex watch I like. Or I can carry a single card that is accepted nearly everywhere and can be replaced if lost or stolen with no financial risk.

Not to mention that in the unlikely event the store rips you off, the credit card company gives you at least some protection. I'm not sure about debit cards. Plus, we get cash back on our credit card, and never carry a balance, so it is cheaper than cash.

robert_columbia
12-29-2010, 11:58 AM
NO one ever used a $100,000 bill. They were only for interbank transfers. Bank to bank. No public need apply.

The last time that I checked, there was a $100,000 USD bill at the American History Museum (Smithsonian) on the National Mall in DC.

MsRobyn
12-29-2010, 12:34 PM
Re: mentions up thread...

Why are big legal items seldomly purchased with cash?

I have done so in the past, and will continue doing so in the future.

I've made some fairly large legal purchases over the past year, and neither company would accept cash. I had to get a cashier's check, and even that was verified with the bank to make sure it was legit.

Carrying large sums of cash is stupid and dangerous. All it takes is someone lifting your wallet or holding you up and it's gone forever.

The Second Stone
12-29-2010, 12:41 PM
The last time that I checked, there was a $100,000 USD bill at the American History Museum (Smithsonian) on the National Mall in DC.

I stopped by in late Oct 2010 and it was still there. The Hope Diamond was still a few buildings down. They were locked up. Both of them. Imagine my disappointment.

KneadToKnow
12-29-2010, 12:48 PM
Carrying large sums of cash is stupid and dangerous. All it takes is someone lifting your wallet or holding you up and it's gone forever.

Obligatory Karl Malden reference.

kenobi 65
12-29-2010, 01:57 PM
Obligatory Karl Malden reference.

For the younguns who have no idea what we're talking about:
http://www.youtube.com/watch?v=4K4seWtxEeA&feature=related

Shot From Guns
12-29-2010, 04:25 PM
The last time I was in the US, many shopkeepers/cashiers seemed to think that a $20 note was A Lot Of Money and I was frequently asked if I had anything smaller when I used them to buy stuff worth less than about $6 or so, which seemed odd because- well, $20 isn't that large a denomination, surely?

Like Suburban Plankton said, the problem is making change. It's very rare for people to be paying for a purchase of exactly $20 with a $20 bill. So, that means you need some combination of $1/$5/$10 bills to make up the difference. And if everybody is handing you $20s... your stash of smaller bills is going to run out very quickly. Unfortunately, because $20 is the most common denomination dispensed by ATMs, it's also the one that most people tend to carry around.

SeaDragonTattoo
12-29-2010, 07:40 PM
Re: mentions up thread...

Why are big legal items seldomly purchased with cash?

I have done so in the past, and will continue doing so in the future.

What do you mean by "legal items?" Many sellers don't want to deal with large bundles of cash, things like mortgage closings and other real estate dealings require cashiers checks - for security of the loan officers/title closers/RE agents especially, so they don't have to carry cash at times when they can't take it directly to the bank for deposit, and for the bank to avoid having representatives take off with bundles of cash.

As for other large purchases, why would I take a trip to the bank just to get cash to make a trip to a store where I can use a debit card from the same bank and draw from the same account? It's a hassle to go to the bank, I take a trip there maybe once every 6 months.

Elendil's Heir
12-29-2010, 08:09 PM
More fun with hyperinflation - check out Hungary, the worst in world history, where, in 1946, prices doubled every fifteen hours: http://en.wikipedia.org/wiki/Hyperinflation#Examples_of_hyperinflation

Dallas Jones
12-29-2010, 08:43 PM
Marginally OT: The last time I was in the US, many shopkeepers/cashiers seemed to think that a $20 note was A Lot Of Money and I was frequently asked if I had anything smaller when I used them to buy stuff worth less than about $6 or so, which seemed odd because- well, $20 isn't that large a denomination, surely?

I addition to the reasons already stated, I'm going to guess that you were buying something at a convenience store. The amount of money kept in the till of most convenience stores is very small in order to discourage robbery.

You may even see a sign posted along the lines of "No more than $150 is kept in cash register." The clerks routinely dump excess cash into a secure slot as it builds up. The theory being that a robber will think twice before risking jail over such a small amount.

Of course most robbers aren't even thinking at all. But the general idea is to reduce temptation and protect employees by limiting access to cash.

clairobscur
12-29-2010, 08:52 PM
I wouldn't be shocked if the 500 euro note eventually was phased out.

We owe the € 500 notes to the Germans, who, for some reason, are accustomed to make large payments in cash.

I think I'd have a hard time finding someone here in France accepting an € 500, or even an € 200 note in payment (out of fear it would be counterfeit). Maybe criminal types would do so, as mentioned by some posters.

JoelUpchurch
12-30-2010, 03:36 AM
Why on earth would someone do that? I can either carry around thousands of dollars in cash just in case I see a laptop, flat screen TV or Rolex watch I like. Or I can carry a single card that is accepted nearly everywhere and can be replaced if lost or stolen with no financial risk.

From what I've seen standing in line at Costco and Sams, a lot of shop keepers don't deposit most of their receipts in the bank. Most of it just gets recycled into new inventory or pay other expenses, so paying for a computer for cash doesn't seem that odd.

It is a totally different world from someone who is paid by direct deposit and in theory could go through the whole week without using cash or even checks.

JessMagic
12-30-2010, 05:34 AM
Everyone knows the $10,000 bill has all the presidents on it. And they're having a party.

Here, trillie trillie trillie trillie trillie.

Shot From Guns
12-30-2010, 10:18 AM
From what I've seen standing in line at Costco and Sams, a lot of shop keepers don't deposit most of their receipts in the bank. Most of it just gets recycled into new inventory or pay other expenses, so paying for a computer for cash doesn't seem that odd.

Wait, standing in line at Costco and Sam's Club and watching strangers is now a cite, somehow? Seeing people pay for purchases there with cash somehow tells you that "most" of a business owner's cash income is not deposited but rather used to pay other expenses? :dubious::dubious::dubious:

When I was a manager at a coffeeshop, you know what I did with all of the cash when I closed up for the night, sans the amount that we would need to start the drawer in the morning? Walked across the street and deposited it at the bank.

etv78
12-30-2010, 10:36 AM
For the younguns who have no idea what we're talking about:
http://www.youtube.com/watch?v=4K4seWtxEeA&feature=related

I'm one of those "younguns", then I clicked the link, and vaguely remembered it. (I'm 32 FWIW)

Lumpy
12-30-2010, 01:51 PM
I worked at a fast food outlet (LeeAnn Chin's) a few years ago and I definitely noticed the "twenties in, change out" phenomenon; though oddly, fifties weren't that rare and a week didn't go by when you didn't see at least one C-note. Also, when I used to bank and shop for my mom she would have me get tens in cash, and when buying stuff the cashiers seemed to appreciate them.

Elendil's Heir
12-30-2010, 02:26 PM
In stores, bars and gas stations in not-so-nice areas, I've often seen signs indicating that no bill larger than $20 will be accepted.

JoelUpchurch
12-30-2010, 04:17 PM
Wait, standing in line at Costco and Sam's Club and watching strangers is now a cite, somehow? Seeing people pay for purchases there with cash somehow tells you that "most" of a business owner's cash income is not deposited but rather used to pay other expenses? :dubious::dubious::dubious:

When I was a manager at a coffeeshop, you know what I did with all of the cash when I closed up for the night, sans the amount that we would need to start the drawer in the morning? Walked across the street and deposited it at the bank.

I'm not sure why you think that substituting one anecdote with another based on a sample size of one is an improvement. I would think that it would obvious that an owner operated store would behave differently than one that is managed by an employee. I wouldn't want an employee walking around with most of my money in their pocket. They might forget whose money it is. A lot of the customers at Sams and Costco are small owner operated markets, not chains. Even an owner operated coffee shop wouldn't operate the same, since so little of their receipts go into inventory.

There was nothing in what I said that implied that all or even most store owners walk around with thousands of dollars in their pockets, but a lot of them do.

Shot From Guns
12-30-2010, 04:36 PM
I'm saying I have an example of a small independent store that operates in a way different to your bizarre observation of people in a checkout line that you have no way of knowing who the hell they are, how much cash money they take in if they do own a business, and what percentage of that cash they churn back into inventory and other costs instead of depositing.

Arnold Winkelried
12-30-2010, 05:44 PM
There is a €500 note worth over $600..There is a CHF 1000 (swiss franc) bill worth over US$1000. :p

yabob
12-30-2010, 06:51 PM
There is a CHF 1000 (swiss franc) bill worth over US$1000. :p
We had this discussion recently. There's a 10,000 Singapore Dollar note in current use, worth about $7,700 US:

http://en.wikipedia.org/wiki/Singapore_dollar
The $10000 note is the largest single note in terms of real value.

JoelUpchurch
12-30-2010, 08:59 PM
I'm saying I have an example of a small independent store that operates in a way different to your bizarre observation of people in a checkout line that you have no way of knowing who the hell they are, how much cash money they take in if they do own a business, and what percentage of that cash they churn back into inventory and other costs instead of depositing.

Have you ever been in a Sams or a Costco? The people buying for a store have to present their resale license at checkout to avoid paying sales tax and cigarettes by the case can be only be purchased for resale. After 20 years of shopping at warehouse stores, you can just look at what is on their flat bed cart and tell who is buying for personal use and who is buying for resale. Besides, I have friends that owned small markets or restaurants and learned quite a bit about how they operate.

hogarth
12-30-2010, 09:27 PM
Then, of course, there's the legendary 63 000 000 dollar (http://www.angryflower.com/keepth.gif) bill...
Not to mention the $1,329,063 bill (http://en.wikipedia.org/wiki/File:Mad_Magazine_Game_fake_$1329063_bill.jpg).

p4poetic
12-30-2010, 09:48 PM
They should bring the $2 bill back.

SmartAlecCat
12-30-2010, 09:51 PM
They should bring the $2 bill back.

Has it ever gone? I get them from the bank and spend them all the time..

I've got several in my wallet right now.

Lynn Bodoni
12-30-2010, 09:57 PM
I addition to the reasons already stated, I'm going to guess that you were buying something at a convenience store. The amount of money kept in the till of most convenience stores is very small in order to discourage robbery.

You may even see a sign posted along the lines of "No more than $150 is kept in cash register." The clerks routinely dump excess cash into a secure slot as it builds up. The theory being that a robber will think twice before risking jail over such a small amount.

Of course most robbers aren't even thinking at all. But the general idea is to reduce temptation and protect employees by limiting access to cash. In convenience stores, the idea is to limit losses by both robbery AND by employee theft. Heck, most c stores can just about make change for two twenties in a row, because they keep less than $50 in the till, and the rest goes right into the safe.

In grocery and other stores with several registers open at a time, you'll occasionally see someone collecting excess money from the till (hundreds and fifties always get collected, along with excess twenties) so that too much cash doesn't build up, and become tempting to either a robber or a cashier. Sometimes such stores make midday bank deposits, too.

drastic_quench
12-30-2010, 10:30 PM
Are the old high denomination bills still legal tender? Could I deposit a 10k bill at my bank?

An Gadaí
12-30-2010, 10:45 PM
We owe the € 500 notes to the Germans, who, for some reason, are accustomed to make large payments in cash.

I think I'd have a hard time finding someone here in France accepting an € 500, or even an € 200 note in payment (out of fear it would be counterfeit). Maybe criminal types would do so, as mentioned by some posters.

I occasionally have people in my store pay with a €500 or a €200 note. I'd say in the last year I had one of the former and maybe half a dozen of the latter in our tills.

samclem
12-31-2010, 08:54 AM
Are the old high denomination bills still legal tender? Could I deposit a 10k bill at my bank? Yes. Yes.

'Course, they bring about $50,000-$75,000 in the collector market.

Elendil's Heir
12-31-2010, 12:01 PM
Has it ever gone? I get them from the bank and spend them all the time..

I've got several in my wallet right now.

Yes, they're still available. I think p4poetic was joking.

I once knew an old guy who would get a stack of crisp, sequential new $2 bills from the bank and have them gummed along one edge by a friend who had a print shop. He'd carry them in a checkbook, and tear them off one at a time for small purchases. He loved the looks on clerks' and tellers' faces when he paid like that. :D

Sunspace
12-31-2010, 12:03 PM
I once knew an old guy who would get a stack of crisp, sequential new $2 bills from the bank and have them gummed along one edge by a friend who had a print shop. He'd carry them in a checkbook, and tear them off one at a time for small purchases. He loved the looks on clerks' and tellers' faces when he paid like that. :DThat's cool. If we had $2 bills, I'd do that too. (It'd get a little expensive with fives...)

cmkeller
12-31-2010, 12:09 PM
Fretful Porpentine:

Cleveland is the one I find really baffling...

Yes - given his main claim to fame, I'd think he would be pictured not on one bill, but on two of non-consecutive denominations.

jtgain
12-31-2010, 01:23 PM
They should bring the $2 bill back.

I agree. I mean, they are still here, but I think that they should replace the dollar bill what with inflation and all.

digs
12-31-2010, 06:34 PM
NO one ever used a $100,000 bill. They were only for interbank transfers. Bank to bank. No public need apply.

I used to give my dad a hard time for never bringing samples home from work "like all the other kids' dads dooooo..." [/whiny 'Toshi Station' voice]

But he did take my cub scout pack into the vault when they had some larger transfers going on (early 60s). I remember loudly interrupting with "WHO the HECK is Salmon P. Chase???" to which he replied, "Well, who's Alexander Hamilton?" And we realized he wasn't a president, and we had no idea.

digs
12-31-2010, 06:41 PM
They should bring the $2 bill back.

Has it ever gone? I get them from the bank and spend them all the time..

I've got several in my wallet right now.

That's cool. If we had $2 bills, I'd do that too. (It'd get a little expensive with fives...)

I go through a lot of $2 bills. One clerk yesterday turned it over, saw the full-width engraving of the Signing of the Declaration, and said "I lovvvvve these!" a little too enthusiastically.
I played it cool: "It's all about the Jeffersons, bay-bay..."

Markxxx
12-31-2010, 10:32 PM
I remember loudly interrupting with "WHO the HECK is Salmon P. Chase???"...

Better question, what kind of a name is Salmon???

dtilque
12-31-2010, 11:41 PM
Better question, what kind of a name is Salmon???

Is actually any worse than Grover?

Spectre of Pithecanthropus
01-01-2011, 08:21 PM
Is actually any worse than Grover?

We can only scratch our heads in wonder at some 19th-Century given names. There was a Preserved Fish (http://en.wikipedia.org/wiki/Preserved_Fish) in New York at the turn of the 19th Century; his family later produced United States Congressman Hamilton Fish, much reviled by FDR as a thorn in his side.

Spectre of Pithecanthropus
01-01-2011, 08:22 PM
Has it ever gone? I get them from the bank and spend them all the time..

I've got several in my wallet right now.

Maybe so. But how likely are you to get one in change? That, to my way of thinking, is the true indicator of whether a coin or bill is in circulation.

Lumpy
01-01-2011, 11:26 PM
Heh, I just thought of something: suppose they eliminated the one-dollar bill and only minted the coins, but kept the two-dollar bills? I wonder how much they'd get circulated then?

kenobi 65
01-02-2011, 12:36 AM
Maybe so. But how likely are you to get one in change? That, to my way of thinking, is the true indicator of whether a coin or bill is in circulation.

Agreed. Dollar coins have the same issue -- a (relatively small) group of people like to use them, but most cash registers lack a "bin" for them, and so, I'd imagine that few retailers regularly keep them in their registers for use as change.

Billdo
01-02-2011, 07:07 AM
Wait, standing in line at Costco and Sam's Club and watching strangers is now a cite, somehow? Seeing people pay for purchases there with cash somehow tells you that "most" of a business owner's cash income is not deposited but rather used to pay other expenses? :dubious::dubious::dubious:

When I was a manager at a coffeeshop, you know what I did with all of the cash when I closed up for the night, sans the amount that we would need to start the drawer in the morning? Walked across the street and deposited it at the bank.

One thing that may be going on is that some small business owners do not report all of their cash earnings to the tax authorites (illegally, I might add, somewhat unnecessarily). Where a business generates a lot of excess cash, they owners have a problem with what to do with the cash, because depositing it would require reporting it (essentially, a money laundering problem). One thing they can do is turn around and buy busines inventory and supplies from warehouse stores that take cash like Costco, rather than commercial suppliers that would require non-cash payment terms (so, for instance, their delivery people don't handle cash).

In fact, I would suspect that a significant number of people who make large purchases in cash are doing so with unreported cash income. Part of the reason that the government does not want to issue bills greater than $100 is to limit the ease with which people can make transactions outside the tax reporting system. It's not just big drug dealers and smugglers that need cash, but the local hardware store owner or dentist who underreports cash income.

Lumpy
01-02-2011, 11:28 AM
Agreed. Dollar coins have the same issue -- a (relatively small) group of people like to use them, but most cash registers lack a "bin" for them, and so, I'd imagine that few retailers regularly keep them in their registers for use as change.More to the point, when retailers DO get any, they don't hand them back out to customers- they go under the cash drawer in the "special" category and stay there until it's time to send them back to the bank. Seriously, if I bought something and had $3.00 in change coming, and they just happened to have a two-dollar bill and a dollar coin, I doubt I would be given them.

Ruken
01-02-2011, 11:41 AM
I checked here (http://data.bls.gov/cgi-bin/cpicalc.pl) to compare the 1969 vs 2010 purchasing power of the discontinued bills. If we reintroduced the $500 bill, it's worth less than $100 was back in 1969. I think we should bring it back.

$100 ('69) = $596 ('10)
$84 ('69) = $500 ('10)

I need to ask my bank about ordering a stack of $2 bills.

Elendil's Heir
01-02-2011, 12:20 PM
The U.S. has never demonetized (officially declared valueless) any currency. If we want to encourage use of dollar coins, we should simply stop printing more $1 bills (they'll wear out, on average, within two years), and simultaneously give retailers and vending machine operators a date certain by which they should be prepared to regularly deal with the coins.

etv78
01-02-2011, 01:33 PM
The U.S. has never demonetized (officially declared valueless) any currency. If we want to encourage use of dollar coins, we should simply stop printing more $1 bills (they'll wear out, on average, within two years), and simultaneously give retailers and vending machine operators a date certain by which they should be prepared to regularly deal with the coins.

At my "Y" I regularly use a $5 to buy a sandwich ($2.50 or $3), I get the dollar gold coins as change.

Bearflag70
01-02-2011, 01:36 PM
I think it would be wonderful if we had the following regularly in circulation:

NOTES
$500 (maybe)
$100
$50
$20
$10
$5
$2

COINS
$1
$.50
$.25
[Perhaps $.10 as an alternative to quarters]

Lynn Bodoni
01-02-2011, 01:56 PM
The U.S. has never demonetized (officially declared valueless) any currency. If we want to encourage use of dollar coins, we should simply stop printing more $1 bills (they'll wear out, on average, within two years), and simultaneously give retailers and vending machine operators a date certain by which they should be prepared to regularly deal with the coins. I'd go along with this. I think that we also need to quit minting the penny. I love squished pennies, but the newer ones are clad, and don't make the best squished coins.

We need to change to printing either the five or two dollar bill as our lowest bill, and minting nickels (note correct spelling) as our lowest coin, and we need to step up our minting of dollar coins. We might consider minting a $2 or $2.50 coin, as well, but that could come later.

Speaking as an ex cashier, we were taught to put the "odd" coins into a bin, and an odd coin was a dollar, half dollar, or any foreign coins. We rarely gave them out as change, unless we were low on change, because for the most part, making change isn't something you think about, it's just something you do on autopilot after the first couple of weeks. I usually bought out the odd coins, because I like to collect them.

Sunspace
01-02-2011, 02:51 PM
So how many bins do you folks typically have in the till? Here in Canada, there are bins for $0.01, $0.05, $0.10, $0.25, $1.00 and $2.00 coins. The $0.50 coin is very rare (around here at least) and presumably gets thrown into the 'oddities' bin. I seem to see many tills with five bins across, and one is divided back-to-front for $1/$2 coins.

When we eliminated the $1 and $2 bills, that freed up two bins for coins. Today at the food store, I noticed bins for $5, $10, and $20 bills; the lady in front of me paid with a $50, and the cashier stuck it under the $20 bills.

Lumpy
01-02-2011, 02:53 PM
I've noticed that with the two-dollar bill you have bills starting with the one-dollar worth approximately twice as much as the next lowest one up to $100. Is this by design?

Exapno Mapcase
01-02-2011, 05:30 PM
I think it would be wonderful if we had the following regularly in circulation:

NOTES
$500 (maybe)
$100
$50
$20
$10
$5
$2

COINS
$1
$.50
$.25
[Perhaps $.10 as an alternative to quarters]
Why do you think large bills are good?

The number of people who need them and would use them decrease every year as electronic movement of money increases. Large bills are of value to crooks and counterfeiters and practically worthless to everybody else. So why have them in the system?

Bearflag70
01-02-2011, 05:46 PM
Why do you think large bills are good?

The number of people who need them and would use them decrease every year as electronic movement of money increases. Large bills are of value to crooks and counterfeiters and practically worthless to everybody else. So why have them in the system?

Now that I think about it some more, I don't care much one way or the other about larger bills. I thought it was interesting that a 1969 $500 is worth <$100 now. i just wish the $50 was more readily accepted.

Martini Enfield
01-02-2011, 10:27 PM
More to the point, when retailers DO get any, they don't hand them back out to customers- they go under the cash drawer in the "special" category and stay there until it's time to send them back to the bank. Seriously, if I bought something and had $3.00 in change coming, and they just happened to have a two-dollar bill and a dollar coin, I doubt I would be given them.

I was amazed to get 50c pieces in Las Vegas from the Casinos- they had JFK on them, IIRC. I didn't know they existed but evidently they do and they're legal tender.

kenobi 65
01-02-2011, 11:17 PM
I was amazed to get 50c pieces in Las Vegas from the Casinos- they had JFK on them, IIRC. I didn't know they existed but evidently they do and they're legal tender.

The U.S. Mint doesn't mint many of them anymore (and, according to the Wikipedia article (http://en.wikipedia.org/wiki/Half_dollar_%28United_States_coin%29), they're now primarily minted for collectors now), but they are still legal tender. I'll see maybe one a year, always as change from a purchase (undoubtedly from a clerk who wants to get rid of the half-dollar someone gave to him! :D ) Most U.S. vending machines won't accept them.

hajario
01-02-2011, 11:33 PM
My favorite Mexican place in the world is very close to where I grew up. It's called Tito's Tacos. They always give out fifty cent pieces in their change and have for decades. It's a tradition. 99% of the fifty cent pieces in Los Angeles have been though that place, probably multiple times.

Northern Piper
01-02-2011, 11:50 PM
I'm sorry, but I read that as "Taco's Titties." It must be late. :p

Lynn Bodoni
01-03-2011, 01:15 AM
So how many bins do you folks typically have in the till? Here in Canada, there are bins for $0.01, $0.05, $0.10, $0.25, $1.00 and $2.00 coins. The $0.50 coin is very rare (around here at least) and presumably gets thrown into the 'oddities' bin. I seem to see many tills with five bins across, and one is divided back-to-front for $1/$2 coins.

When we eliminated the $1 and $2 bills, that freed up two bins for coins. Today at the food store, I noticed bins for $5, $10, and $20 bills; the lady in front of me paid with a $50, and the cashier stuck it under the $20 bills. Generally, we have the 1, 5, 10, and 25 cent bins, with one extra bin for any odd coins in the till. Then we have the slots (long bins) for 1, 5, 10, and 20 dollar bills. Again, there's an extra slot sometimes for the checks or 50 dollar bills, or odd bills or coupons. Sometimes that extra slot is really booby trapped with a bundle of ones...if the cashier lifts that bundle, a silent alarm goes off. Lifting that bundle means that the cashier is being robbed.

In grocery and big box and department stores, it's common to slip checks and any bill over $20 under the cash drawer. Back in the days of carbon copy charge receipts, we'd put them under the drawer too. The thing is, we'd almost never have to use any bill larger than a twenty to make change, so we'd put it out of sight. This also would help prevent a cashier from accidentally giving out a fifty when a lower bill was called for.

Elendil's Heir
01-03-2011, 09:42 AM
It's too bad about the Kennedy half-dollars. I think they're one of the finest-looking U.S. coins.

robby
01-03-2011, 10:57 AM
We owe the € 500 notes to the Germans, who, for some reason, are accustomed to make large payments in cash.I noticed that, too, back when my parents were living there. (My stepfather was in the U.S. Army stationed there.)

On one occasion, my stepfather bought some furniture from a local furniture store. The store did not accept credit cards, and didn't have any sort of credit terms available. Instead, they suggested that my stepfather take out a loan from a local bank. He did just that.

When he went into the bank, and after signing the loan documents, the loan officer proceeded to reach into his jacket pocket, take out a envelope, and count out five (5) one-thousand-Deutschmark notes, which was the amount of the loan. My stepfather then paid for the furniture with the cash.

Gagundathar
01-03-2011, 02:39 PM
... i just wish the $50 was more readily accepted.

Down here in the South, there are several places I have been to where the $50 bill is treated as if it had plague germs attached.

Why?

Consider that even now in the second decade of the 21st century, there are still southerners who consider Grant (whose portrait graces the obverse of the $50) to be an evil man deserving of no respect.

Hard to believe? Yes.
Irrational? Yes.
True? Yes.

There are times when I wish I had been born somewhere else.

Lumpy
01-03-2011, 06:32 PM
Down here in the South, there are several places I have been to where the $50 bill is treated as if it had plague germs attached.

Why?

Consider that even now in the second decade of the 21st century, there are still southerners who consider Grant (whose portrait graces the obverse of the $50) to be an evil man deserving of no respect.

Hard to believe? Yes.
Irrational? Yes.
True? Yes.

There are times when I wish I had been born somewhere else.So Civil War commemorative quarters with Sherman or Benjamin Butler wouldn't be very popular?

Siam Sam
01-04-2011, 09:21 PM
Large purchases in cash are typical in Thailand, even for houses -- IIRC, when we sold our previous condo, we were paid in cash -- although bank transfers are becoming increasingly more common. Checking accounts are rare, almost unheard of, and credit-card limits make it impossible to use cards for larger purchases. The largest note here is 1000 baht, equivalent today to US$33.

Sunspace
01-04-2011, 09:41 PM
The thing is, we'd almost never have to use any bill larger than a twenty to make change, so we'd put it out of sight. This also would help prevent a cashier from accidentally giving out a fifty when a lower bill was called for.Of course, this is made easier in Canada by the fact that twenties are mostly green with highlights of yellow and purple, and fifties are salmon-red colored. :) Are the colours on the newest US bills helpful?

dtilque
01-05-2011, 02:38 AM
Of course, this is made easier in Canada by the fact that twenties are mostly green with highlights of yellow and purple, and fifties are salmon-red colored. :) Are the colours on the newest US bills helpful?

Sure, but there are still some old bills of each denomination in circulation. Old (green-and-black) $20s are fairly rare, but those are probably the most commonly circultated denomination besides the $1. There are still numerous old $5s, $10s, and $50s going around. Especially $50s which don't circulate much, so they don't wear out quickly. We still don't have the new $100 issued yet. Not sure why, since they've been promising it for a couple years now.

gmonsen
01-05-2011, 04:01 AM
Counterfeit detector pen (http://www.howstuffworks.com/question212.htm).

Don't work. They only work on the cheapest paper. A counterfeiter doesn't need to do anything fancy -- just basically not use newspaper. If you want to prove it to your boss, just take a bill and some regular paper and mark them both with a pen. Notice that the colors are the same.

The best way is to make sure to look at the strip and make sure that the words say the correct denomination. Or, make sure that the watermark is the correct dead person. Be careful, because some counterfeiters are bleaching $5 bills and overprinting them with $20 and $100 images. They have strips and watermarks, so they look OK on cursory inspection. You have to make sure that the strip and watermarks match the correct denomination.

Lynn Bodoni
01-05-2011, 06:28 AM
Of course, this is made easier in Canada by the fact that twenties are mostly green with highlights of yellow and purple, and fifties are salmon-red colored. :) Are the colours on the newest US bills helpful? I don't find the colors particularly helpful. I'm not used to associating a certain color with a certain denomination, and I still kind of think that the colors look WRONG, like it's play money, not real money. That's just my experience, though, and other people's MMV.

Thuringwethil
01-05-2011, 10:05 AM
He probably gets a few props for being a wartime president. McKinley, I guess, gets props for being assassinated. Cleveland is the one I find really baffling...

Maybe because he was the last Democratic president with facial hair to be elected.

yabob
01-05-2011, 11:02 AM
Fretful Porpentine:
Cleveland is the one I find really baffling...


Yes - given his main claim to fame, I'd think he would be pictured not on one bill, but on two of non-consecutive denominations.
Following that line of reasoning, they ought to have put William Henry Harrison on fractional currency.

Gedd
01-05-2011, 11:17 AM
Don't forget the trillion dollar bill (http://en.wikipedia.org/wiki/Trillion_Dollar_Bill) that Fidel Castro stole from Mr Burns.

Lumpy
01-05-2011, 12:05 PM
Don't forget the trillion dollar bill (http://en.wikipedia.org/wiki/Trillion_Dollar_Bill) that Fidel Castro stole from Mr Burns.It has Harry Truman (http://www.stopliberallies.com/wp-content/uploads/2010/10/simpsons-trillion-dollar-bill.png) on the front, but what exactly (http://3.bp.blogspot.com/_p0Ky0eMmXNo/TIrXweoR4nI/AAAAAAAA8Lc/0ZMqbyuTq58/s1600/simpsons-3.jpg) is on the back? (I presume the frame is reversed because of the backwards "one trillion")

Elendil's Heir
01-05-2011, 12:50 PM
It has Harry Truman (http://www.stopliberallies.com/wp-content/uploads/2010/10/simpsons-trillion-dollar-bill.png) on the front, but what exactly (http://3.bp.blogspot.com/_p0Ky0eMmXNo/TIrXweoR4nI/AAAAAAAA8Lc/0ZMqbyuTq58/s1600/simpsons-3.jpg) is on the back? (I presume the frame is reversed because of the backwards "one trillion")

Truman on the front, and just the words "One Trillion" on the back, it looks like.

Shot From Guns
01-05-2011, 03:42 PM
So how many bins do you folks typically have in the till?

Remembering back to jobs where I worked a register, my experience agrees with Lynn's, including the general SOP of putting higher-denomination bills under the cash drawer.

Are the colours on the newest US bills helpful?

For me, not in the least. The colors are so bland and washed out you hardly notice them. I feel that their main function is to make our currency look more depressing. :D

Cluricaun
01-05-2011, 04:18 PM
The U.S. has never demonetized (officially declared valueless) any currency. If we want to encourage use of dollar coins, we should simply stop printing more $1 bills (they'll wear out, on average, within two years), and simultaneously give retailers and vending machine operators a date certain by which they should be prepared to regularly deal with the coins.

And tell strippers to start wearing catchers masks and giant diapers. Dollar coins would absolutely ruin strip clubs. Not that everyone cares, but still.

Siam Sam
01-05-2011, 09:14 PM
And tell strippers to start wearing catchers masks and giant diapers. Dollar coins would absolutely ruin strip clubs. Not that everyone cares, but still.

I am reminded of a strip joint in Texas way back when. Some old codger -- no, not me, I was still young then -- got up and tried to put a quarter in the G-string of the girl on stage. To which she replied: "I'm not a goddamn slot machine!"

samclem
01-05-2011, 09:24 PM
I am reminded of a strip joint in Texas way back when. Some old codger -- no, not me, I was still young then -- got up and tried to put a quarter in the G-string of the girl on stage. To which she replied: "I'm not a goddamn slot machine!"

Reminds me of the joke about the credit card being swiped.........what? :D

Exapno Mapcase
01-05-2011, 09:26 PM
Reminds me of the joke about the credit card being swiped.........what? :D

Why would stealing a credit card be relevant?

Ooooooooh, I get it!

:D

Siam Sam
01-05-2011, 09:53 PM
Well, if you're going to swipe a credit card, that's one place to hide it.

StuffLikeThatThere
01-05-2011, 11:14 PM
Better question, what kind of a name is Salmon???

A Biblical one. Salmon was the father of Boaz, who married Ruth.

Spectre of Pithecanthropus
01-06-2011, 12:36 AM
Agreed. Dollar coins have the same issue -- a (relatively small) group of people like to use them, but most cash registers lack a "bin" for them, and so, I'd imagine that few retailers regularly keep them in their registers for use as change.

This really shouldn't be a problem. Almost every cash register I've seen is at least five slots wide, with the front row for coins and the back row for bills. Even as it is, only four denominations of bills are placed in the back row--$1, $5, $10 (maybe), and $20. Fifties and hundreds are placed underneath the plastic part of the drawer; the clerk has to lift it up when handling those denominations. So it would be simple to designate a spot in the drawer for dollar coins, particularly if the dollar bill were eliminated.

Cluricaun
01-06-2011, 07:06 AM
I was just trying to make a funny, but seriously what do people do in strip clubs that are in countries that don't have $1 notes? Pay more? Throw little coin purses? Make it hail?

JessMagic
01-06-2011, 07:15 AM
In the UK, the one pound note is still, to my knowledge, legal tender but only found very rarely and in Scotland.

The strip bars that I've been to charge an entrance fee. Generally they either overcharge for drinks (if you were to sit watching the dancers with no drink you'd be asked to buy one or leave), or, before every dance on stage, the dancer circulates the room with a pint glass and each patron puts a pound coin in (this is not optional and is explained to you on admittance). In addition you can pay for a "private" (varying degrees of privacy operate here) dance.

hogarth
01-06-2011, 08:32 AM
I was just trying to make a funny, but seriously what do people do in strip clubs that are in countries that don't have $1 notes? Pay more? Throw little coin purses? Make it hail?
There have been several threads on the subject. Here's one of the more recent ones. (http://boards.straightdope.com/sdmb/showthread.php?t=566817)

hajario
01-06-2011, 09:36 AM
I was just trying to make a funny, but seriously what do people do in strip clubs that are in countries that don't have $1 notes? Pay more? Throw little coin purses? Make it hail?

I don't know the answer but an easy solution would be to sell scrip for a dollar apiece. One dollar gets you a bill sized piece of paper that you can use.

yabob
01-06-2011, 10:17 AM
I was just trying to make a funny, but seriously what do people do in strip clubs that are in countries that don't have $1 notes? Pay more? Throw little coin purses? Make it hail?
The most obvious answer would be "pay more", using the lowest denomination bill in circulation. There will probably be one that isn't too out of line for this service. Otherwise, other posters seem to be suggesting solutions.

In the US, I suspect that creating (or resurrecting) a dollar coin and discontinuing the dollar bill would finally make us start circulating the $2 bill, in strip clubs and other places.

Shot From Guns
01-06-2011, 11:57 AM
Presumably if we stopped production on $1 bills, it would defeat the purpose to step up production on $2 bills to compensate.

Cluricaun
01-06-2011, 12:25 PM
I don't know the answer but an easy solution would be to sell scrip for a dollar apiece. One dollar gets you a bill sized piece of paper that you can use.

I like your idea the best I suppose, as long as they had enought that they didn't "recycle" them constantly. I read the other linked thread and am slightly horrified to find out that in parts of Canada they actually throw coins at the woman, which while slightly hysterical in concept is actually kind of mean.

hajario
01-06-2011, 12:30 PM
I like your idea the best I suppose, as long as they had enought that they didn't "recycle" them constantly. I read the other linked thread and am slightly horrified to find out that in parts of Canada they actually throw coins at the woman, which while slightly hysterical in concept is actually kind of mean.

They wouldn't be any more recycled than the dollar bills that go through a typical strip club. When you get change for a twenty, where do you think that dollar bill was ten minutes earlier?

Shot From Guns
01-06-2011, 12:31 PM
I like your idea the best I suppose, as long as they had enought that they didn't "recycle" them constantly.

I'd bet actual bills in circulation are just as groady--you just don't have anything drawing your mind to where they've been.

Cluricaun
01-06-2011, 12:44 PM
Oh I'm fully aware how filthy money is, but paper could start to degrade quickly and get even more disgusting.

On the plus side I'll bet that the scrip that they'd come up with would be hilarious.

Lynn Bodoni
01-06-2011, 05:31 PM
If you can find some of the old brothel tokens, or even images of the tokens, yes, they're pretty funny. Some of them are good only for specific acts, while others are good for a period of time.

I've never been to a strip club, so I am ignorant in the ways of the customs there. I've seen them depicted in movies and in comic books (Gaiman's Sandman has a character who worked in one), but that's not the same as real life experience. I don't know whether I'm curious enough about this subject to go to one.

Lumpy
01-06-2011, 05:41 PM
Presumably if we stopped production on $1 bills, it would defeat the purpose to step up production on $2 bills to compensate.Not counting bills to stuff into strippers' g-strings, you would presumably need about half as many $2 bills in circulation to replace the same amount of cash in $1 bills.

Bearflag70
01-06-2011, 05:57 PM
Not counting bills to stuff into strippers' g-strings, you would presumably need about half as many $2 bills in circulation to replace the same amount of cash in $1 bills.

... and each $2 bill would probably last longer in circulation than the current $1 bill.

SCSimmons
01-06-2011, 11:24 PM
NO one ever used a $100,000 bill. They were only for interbank transfers. Bank to bank. No public need apply.
It can be fun to imagine what a member of the public might do with something like that, though ... (http://www.eastoftheweb.com/short-stories/UBooks/MilPou.shtml) :)

Cluricaun
01-07-2011, 07:09 AM
If you can find some of the old brothel tokens, or even images of the tokens, yes, they're pretty funny. Some of them are good only for specific acts, while others are good for a period of time.

I need to find some of these. All I have are some wooden nickels good for a free drink at the Chicken Ranch, a brothel outside of Vegas.

A. Gwilliam
02-12-2011, 06:02 AM
Some of the UK banks issue £100 pound notes (about $150) but they are rare as hen's teeth. Even the £50 ones are uncommon.

I have to verify $20 bills. :mad:

Surely a higher denomination note would be subject to closer scrutiny; in other words, it would take longer to "process"...?

I'm a bit surprised that nobody's mentioned an important aspect in handling high denomination notes: the higher potential loss to a business in accepting a duff one. A small retailer is going to be especially wary of this, which is why a lot of small shops in the UK won't even accept a £50 note in the first place. And of course neither a twenty nor a fifty is ever going to be given out in change. I have no idea if it's a matter of caution or procedure, but even in some larger stores I've seen a manager being called over to verbally authorise the person at the cash register accepting a fifty. Once accepted, the shop is stuck with it, and sure as eggs is eggs, the bank are going to check it when it's paid in.

At the local theatre where I work, I've occasionally accepted a fifty, but I've had to spend quite some time inspecting the note in the customer's presence to make sure that I was happy that it was genuine. On other occasions I've not accepted them simply because it would wipe out the spare change.

Fortunately with fifties the things get used so seldomly that you're basically going to be inspecting a new note, which in my view are much easier to test than a crumpled-up thing that's done the rounds: at least with Bank of England notes, you have the "look" and "feel" and even "smell" to think about. On a new note the ink has a slightly embossed feel, for example, which loses its prominence with handling. On tens and twenties the hologram loses its clarity with handling, too.

It's also common practice for shops, etc. to tear fifties quite a way into the thread, to satisfy themselves that it's actually woven into the note. I think sometimes they also get torn away from the thread, just to make sure that the note doesn't tear like ordinary paper. Thus, even after just their first use these notes can already look somewhat manky (thus decreasing their chance of getting back into circulation).


In the UK, the one pound note is still, to my knowledge, legal tender but only found very rarely and in Scotland.

A little while back I was proffered a Manx pound note! I accepted it on the "what the heck" principle.

Trying to get a shop in England to accept Scottish notes is about as hard, or even harder, than trying to get them to accept a fifty, though.

Incidentally, I don't believe that a Scottish one-pound note is legal tender anywhere.

Martini Enfield
02-12-2011, 06:26 AM
It's quite interesting that in Australia, $50 and $100 notes are quite commonly encountered ($50 notes very much so, $100 notes less so but still not uncommon) and most businesses (certainly every one I've ever worked at or interacted with) takes that into account and keeps change on hand accordingly.

Obviously they'd appreciate it if you didn't buy a stick of chewing gum or a can of soft drink with a $100 note at 9:15am, but otherwise the high denomination notes aren't seen as a problem IME.

Peremensoe
02-12-2011, 06:35 AM
Two points on the strip club angle:

1. A US$2 note is worth less now than $1 was worth when that became the strip tip standard.

2. Strip clubs are already the most avid circulators of $2 notes. (http://www.utne.com/2007-09-01/Politics/The-Two-Dollar-Dance.aspx)

JessMagic
02-12-2011, 07:05 AM
Incidentally, I don't believe that a Scottish one-pound note is legal tender anywhere.

What I meant was, any business in Scotland will accept a Scottish one-pound note as payment for goods or services. Elsewhere in the UK, you may struggle to get them to accept it, but they should.

A. Gwilliam
02-12-2011, 07:07 AM
It's quite interesting that in Australia, $50 and $100 notes are quite commonly encountered ($50 notes very much so, $100 notes less so but still not uncommon) and most businesses (certainly every one I've ever worked at or interacted with) takes that into account and keeps change on hand accordingly.

Obviously they'd appreciate it if you didn't buy a stick of chewing gum or a can of soft drink with a $100 note at 9:15am, but otherwise the high denomination notes aren't seen as a problem IME.

I'd forgotten about the prevalence of the Australian $50. But perhaps this is due to using polymer notes?

A. Gwilliam
02-12-2011, 07:09 AM
What I meant was, any business in Scotland will accept a Scottish one-pound note as payment for goods or services.

Ah, I must've misunderstood. :)

Elsewhere in the UK, you may struggle to get them to accept it, but they should.

Depends on what you mean by "should". There's certainly no legal requirement.

Martini Enfield
02-12-2011, 07:30 AM
I'd forgotten about the prevalence of the Australian $50. But perhaps this is due to using polymer notes?

Possibly, but I don't recall $50 or $100 notes being nearly as common in New Zealand (which also uses polymer notes) when I lived there. I recall that you'd occasionally encounter $50s- often enough for people to not be especially surprised by them, but rarely enough that they could pose problems with change on small purchases. I could count on one hand the number of times I'd actually seen a $100 note "in the wild", and one of them was when I went to the bank and specifically asked them to change some $20s into a $100 note so I could impress some girls I was going out with one Saturday night. :p

Crusoe
02-12-2011, 07:47 AM
The Bank of England has a number of £1m and £100m banknotes (called 'giants' and 'titans' respectively), but they're only used as backing assets for notes issued by Scottish and Northern Irish banks (http://www.bankofengland.co.uk/banknotes/about/scottish_northernireland.htm). And as for Scottish notes, technically they aren't legal tender anywhere. From the Bank of England:
Are Scottish & Northern Irish notes legal tender?

In short ‘No’ these notes are not legal tender; only Bank of England notes are legal tender but only in England and Wales.

The term legal tender does not in itself govern the acceptability of banknotes in transactions. Whether or not notes have legal tender status, their acceptability as a means of payment is essentially a matter for agreement between the parties involved. Legal tender has a very narrow technical meaning in relation to the settlement of debt. If a debtor pays in legal tender the exact amount he owes under the terms of a contract, he has good defence in law if he is subsequently sued for non-payment of the debt. In ordinary everyday transactions, the term ‘legal tender’ has very little practical application.

Lastly, on the Scottish £1 note, from the Committee of Scottish Clearing Bankers (CSCB):
The Scottish banks issue notes in denominations of £5, £10, £20, £50 and £100. Only the Royal Bank of Scotland continues to issue a small volume of £1 notes.

asterion
02-12-2011, 07:54 AM
I was amazed to get 50c pieces in Las Vegas from the Casinos- they had JFK on them, IIRC. I didn't know they existed but evidently they do and they're legal tender.

Back when I lived near several casinos, I often wound up getting a lot of change like that from playing blackjack and paigow poker. Only one of the casinos had a special $2.50 chip, the other two used half-dollars and quarters. So a blackjack on a $5 bet would pay $7.50, with the change being a half-dollar. Paigow, with the 5% commission on wins, generated even more change. A $5 bet wins $4.75, a $10 bet wins $9.50, and so on. Two or three wins in a row and suddenly you've got a pocket full of change. Normally I always either pocketed the half-dollars, as they were useless at the table, or used them as tips for drinks. I don't believe any of the slots could take them and never bothered to try to cash them out.

JessMagic
02-12-2011, 08:16 AM
Right. I used the term "legal tender" incorrectly. Apologies for that.

Peremensoe
02-12-2011, 08:18 AM
It's too bad about the Kennedy half-dollars. I think they're one of the finest-looking U.S. coins.

So get a few rolls and spend them! It doesn't cost anything but a moment at the bank, and it's guaranteed to brighten a few people's days and start a few conversations. I've been doing it with dollar coins too.

Crusoe
02-12-2011, 08:21 AM
Right. I used the term "legal tender" incorrectly. Apologies for that.

Eh, no bother. I had the term beaten into me so get irritatingly pedantic about it.

TravisFromOR
02-12-2011, 01:02 PM
I'd really like to see a bill featuring William Henry Harrison--perhaps a $30 bill?

Northern Piper
02-12-2011, 01:21 PM
Given his length of time in office, he should be on a half-penny!

Baron Greenback
02-12-2011, 01:51 PM
Eh, no bother. I had the term beaten into me so get irritatingly pedantic about it.

So in the strictest sense of legal tender, no notes at all can be used to settle a debt in Scotland (in theory)? Heh. I seem to remember that there are limits on the amount of coins that can be used as legal tender too.

Baron Greenback
02-12-2011, 02:06 PM
Trying to get a shop in England to accept Scottish notes is about as hard, or even harder, than trying to get them to accept a fifty, though.



Depends where you are in England. Places that get lots of Scots visitors are happy to take them eg Blackpool in general, pubs in Newcastle, I've used them to pay a cab in London etc. It's a similar thing with Northern Irish notes in Scotland, whenever there's an Old Firm game there seems to be a spike in the amount of those in circulation, they seem to recycle out via the banks pretty quickly though.

TravisFromOR
02-12-2011, 02:28 PM
Trying to get a shop in England to accept Scottish notes is about as hard, or even harder, than trying to get them to accept a fifty, though.


Heh. My store accepts Canadian notes at face value.

Crusoe
02-12-2011, 04:41 PM
So in the strictest sense of legal tender, no notes at all can be used to settle a debt in Scotland (in theory)?

Ha, no, but as the link says, legal tender is mostly a meaningless concept in daily life anyway.

Sunspace
02-12-2011, 05:26 PM
Heh. My store accepts Canadian notes at face value.Since 1 CAD is worth slightly more than 1 USD these days, you're getting a good deal. Ten years ago, when 1 CAD was 0.61 USD, it was different...

Are you a tourist place that gives CAD out in change to other Canadian purchasers, or do you just give change in USD and take the Canadian money to the bank?

TravisFromOR
02-12-2011, 05:50 PM
Since 1 CAD is worth slightly more than 1 USD these days, you're getting a good deal. Ten years ago, when 1 CAD was 0.61 USD, it was different...

Are you a tourist place that gives CAD out in change to other Canadian purchasers, or do you just give change in USD and take the Canadian money to the bank?

Not a tourist place in the least. The CAD isn't a common occurrence, just when a tour bus stops to get snacks or something. We give US currency in change.

Shot From Guns
02-16-2011, 09:59 AM
Since 1 CAD is worth slightly more than 1 USD these days, you're getting a good deal. Ten years ago, when 1 CAD was 0.61 USD, it was different...

Actually, that's backwards. Using Canadian currency to pay for something priced in USD means that you're paying more, because CAD is worth more per unit. If you pay $1 CAD for something that costs $1 USD, you're overpaying by about a cent.

Malthus
02-16-2011, 10:15 AM
Actually, that's backwards. Using Canadian currency to pay for something priced in USD means that you're paying more, because CAD is worth more per unit. If you pay $1 CAD for something that costs $1 USD, you're overpaying by about a cent.

The poster getting the "good deal" works at the store accepting the Canadian $ at face value.

Colophon
02-16-2011, 12:13 PM
We can only scratch our heads in wonder at some 19th-Century given names. There was a Preserved Fish (http://en.wikipedia.org/wiki/Preserved_Fish) in New York at the turn of the 19th Century; his family later produced United States Congressman Hamilton Fish, much reviled by FDR as a thorn in his side.
Totally off topic, but that article might just contain the best sentence on Wikipedia:
Preserved Fish was born in Portsmouth, Rhode Island, the son of a blacksmith who was also named Preserved Fish.

Shot From Guns
02-16-2011, 12:49 PM
The poster getting the "good deal" works at the store accepting the Canadian $ at face value.

:smack: Somehow I read "my store" as "the store I patronize" and not "the store I'm employed by." Herp the derp, sorry Sunspace.

Snake Plissken
02-16-2011, 07:11 PM
I had been saving for, and researching HD TVs. One morning I hit a substantial jackpot at the local casino, so I stopped at Best Buy on the way home to see if they had the model that I had decided upon. I paid $1700 in cash and was kind of amused that they had 3 different employees and a manager count it before sending me on my way.

Siam Sam
02-16-2011, 10:14 PM
I recently learned that in some places in Europe, the 500-euro note is called a "bin Laden," because everyone has heard of it, but no one one has seen it. Really.

Sunspace
02-16-2011, 10:58 PM
:smack: Somehow I read "my store" as "the store I patronize" and not "the store I'm employed by." Herp the derp, sorry Sunspace.No prob. Any extra he gets is probably eaten up by exchange rates during the conversion at the bank anyways. The Canadian dollar would have to be around 1.08 American before he'd start getting more than 1 USD in change for each CAD after paying fees (at least if the rates charged by those robbers at the Toronto airport are any indication).

Shot From Guns
02-17-2011, 10:49 AM
I paid $1700 in cash and was kind of amused that they had 3 different employees and a manager count it before sending me on my way.

When I worked on a register, most of the time when I was counting cash more than once, it was to make sure the customer hadn't overpaid, e.g., due to bills being stuck together. I think the vast majority of errors I caught were in the customer's favor (i.e., I handed money back to them instead of requiring more).

Any extra he gets is probably eaten up by exchange rates during the conversion at the bank anyways.

I had that thought, too, which is why I privately concluded that the owner probably either has a Canadian vendor who accepts cash or has a personal reason to spend cash in Canada that he could swap out Canadian money in the store for personal USD.

kirkwayland
01-03-2014, 03:07 PM
The reason there are no federal reserve notes larger than a $100 bill is due to weight. One million dollars in $100 bills weighs 22 pounds. Although not impossible, moving around 10 million dollars (220 pounds) would be a rather large hassle. Imagine a billion dollars in cash: well over a ton of paper. Clearly, drug smugglers and money launderers would prefer $1000 bill (or larger).

However, in today's day and age it is doubtful how meaningful this still is. Electronic transfers, malware, and even BitCoin are all more attractive than moving paper currency around.

Maybe they will change their mind and create a new $500 bill. (Get rid of the penny at the same time too.)

Sicks Ate
01-03-2014, 03:10 PM
Aww, I saw this and thought "Dude, that can't be a new Diamonds02 thread!"

No, no it can't.

Musicat
01-03-2014, 03:37 PM
The reason there are no federal reserve notes larger than a $100 bill is due to weight. One million dollars in $100 bills weighs 22 pounds. Although not impossible, moving around 10 million dollars (220 pounds) would be a rather large hassle. Imagine a billion dollars in cash: well over a ton of paper. Clearly, drug smugglers and money launderers would prefer $1000 bill (or larger).So a $1000 bill weighs more than a hundred? When was the last time you weighed the bills in your wallet? How many times do you have to transport a million dollars across town? It's not more than a few times a month for me, and I can get my valet to do it in between polishing the limo, cleaning the pools and washing my personal jet.

Kimballkid
01-03-2014, 03:47 PM
While your maid polishes the knob. ;)

randompattern
01-03-2014, 03:49 PM
So a $1000 bill weighs more than a hundred? When was the last time you weighed the bills in your wallet? How many times do you have to transport a million dollars across town? It's not more than a few times a month for me, and I can get my valet to do it in between polishing the limo, cleaning the pools and washing my personal jet.

I think the point was, it makes it harder to move around large dollar amounts of illegal cash because of it's bulk. A million in $1000 bills would be much smaller than a million in $100 bills. The actual bills are the same weight ,there's just less of them.

Colibri
01-03-2014, 03:54 PM
So a $1000 bill weighs more than a hundred?

I fail to see where this was said or implied. But $10 million in $1000 bills would weigh 1/10 as much and take up 1/10 the space as $100s.

When was the last time you weighed the bills in your wallet? How many times do you have to transport a million dollars across town? It's not more than a few times a month for me, and I can get my valet to do it in between polishing the limo, cleaning the pools and washing my personal jet.

You seem to have missed the point of the post. kirwayland is suggesting that Federal government doesn't print bills larger than $100 in order to make it harder to move/conceal large amounts of cash by people engaged in illicit pursuits. I don't know if this is a consideration, but it would certainly be easier to move a given amount of cash in larger bills.

johnpost
01-03-2014, 03:58 PM
zombie or no.

merchants made a fit nationwide. having to keep more change on hand was a burden. it was considered sport to buy a pack of gum using large denominations, $100 was bad enough.

Musicat
01-03-2014, 04:15 PM
You seem to have missed the point of the post.You seem to have missed the point of the parody.

md2000
01-03-2014, 04:18 PM
The biggest bills are $100.
Any transaction $10,000 or over in cash must be reported by certain types of businesses.
Even breaking up transactions into smaller pieces to avoid reporting limits is a crime.
Banking requires strict identification rules now.

The government has made it harder and harder to live life outside their eagle eyes.

Colibri
01-03-2014, 04:19 PM
You seem to have missed the point of the parody.

If your post was intended as a parody, it wasn't a particularly good one.

What exactly were you parodying?

runningdude
01-03-2014, 05:20 PM
There have been, in the past (http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency):

-$500, William McKinley
-$1,000, Grover Cleveland
-$5,000, James Madison
-$10,000, Salmon P. Chase
-$50,000, Woodrow Wilson


(And even then, they were pretty rare and used mainly be the government)

Don't forget this guy:

-$1,000,000,000,000, Harry S. Truman (http://simpsonswiki.com/wiki/File:Harry_Truman.png)

Mdcastle
01-03-2014, 09:41 PM
There's still a few places you need large amounts of cash, say several hundred to several thousand dollars. Gun shows and Antique shows and help and services you hire off Craigslist. I think this will start to change since it's getting easier for average people to take credit cards with Square and whatnot. Other than that I never use cash, even when I need a 99 cent part from Menards.

Loopus
01-04-2014, 01:14 PM
I do bookkeeping for small businesses. A lot of our clients make substantial purchases in cash. One particular client regularly spends over $1000 in cash in individual transactions, making bulk food purchases for their restaurant.

They do this largely because they receive a lot of cash in the normal course of business and it's easier to just spend it than to try to keep track of how much they have in the bank at any given time. The aforementioned client used to write a lot more checks, but they kept bouncing, and now many of their vendors won't accept their checks anymore.

Omar Little
01-06-2014, 12:14 PM
One particular client regularly spends over $1000 in cash in individual transactions, making bulk food purchases for their restaurant.

They do this largely because they receive a lot of cash in the normal course of business and it's easier to just spend it than to try to keep track of how much they have in the bank at any given time. The aforementioned client used to write a lot more checks, but they kept bouncing, and now many of their vendors won't accept their checks anymore.

Sounds like they need a new bookkeeper.

Hari Seldon
01-07-2014, 07:46 AM
Canada has a million dollar coin. It is 100 kg of .99999 pure gold. See: http://en.wikipedia.org/wiki/Canadian_Gold_Maple_Leaf. There are also smaller gold coins. I have never seen one except when I toured the mint.

I once held a US $10,000 bill. An uncle had it in his billfold. I have no idea why.

In 1967, I spent 6 months visiting the ETH in Zurich. I was paid Fr 1500 a month (about $350, but more like $2500 today). Every month, I got a voucher, went to the cashier and received Fr 1000 and Fr 500 notes, which I took to my bank and deposited them, then withdrew enough for rent and then gradually over the month. But they were used to dealing with large bills.

Cheesesteak
01-07-2014, 08:09 AM
There's still a few places you need large amounts of cash
...
services you hire off Craigslist. I can't think of a worse situation where one can bring large amounts of cash.

When I bought a car, I took $9,000 in cash out of the bank and they made me sign a waiver acknowledging that I could be mugged in the parking lot. I thought better of the situation and got a $9,000 cashier's check instead. $10k in cash is trivially easy to carry, it fits in a pocket, anything more than that and you really should be going non-cash if it's at all possible.

watchwolf49
01-07-2014, 08:19 AM
Pity the slumlord when the ATM runs out of $20s.

Loopus
01-08-2014, 11:10 AM
Sounds like they need a new bookkeeper.

Believe me, we advise all our clients to do things the "right" way, but we don't control them. We tend to cater to a customer base that, buy their nature, no other bookkeepers are willing to work for... for obvious reasons.

skdo23
01-08-2014, 03:59 PM
In the book Wiseguy (the basis for the movie Goodfellas), Henry Hill mentioned a bookmaker that would cleverly deal with short term cash flow problems by keeping a bunch of $1,000 (IIRC) bills to offer for payouts to big winners, who would want nothing to do with them due to the difficulty of passing them on discretely, instead opting to come back at a later date when the bookie would have smaller bills, allowing him to buy some time and come up with the money.

By the way, Henry Hill died last year, so if you see him be extra careful since this would mean that he's a Zombie!:D

Chickenwrangler
01-09-2014, 04:02 AM
There used (http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency) to be denominations from $500-$100,000 (though I think the former was only used in bank transfers).

The reasons are pretty much as listed. Add to that the fact that electronic money makes a lot of those bills moot (banks don't need to transfer large pallets of money anymore...they can just transfer large amounts electronically), and the fact that the public doesn't really clamor for large bills (on a smaller scale, electronic money renders it moot as well).

-XT

I would guess for every digital dollar there is an equivalent real dollar note. Where is all the real money?

Colophon
01-09-2014, 05:28 AM
I would guess for every digital dollar there is an equivalent real dollar note.

I'm pretty certain there isn't.