$100 and $50 notes are actually quite useful when traveling away from ATM systems, I know I used $100 notes frequently in Central Asia and Iran. I would have taken them to Yemen too, but I used UAE dirhams there (500 AED is about $130). US bank cards will not work in Iran, so cash is the only option unless you have non-US cards.
The largest Chinese banknote is 100 Yuan which converts to a piddling $14 USD.
I’ve traveled places where you actually get a better exchange rate for a $100 bill, then any other form of US currency. In this case, 5 - $20s does not equal 1 - $100.
Even in the US, I occasionally carry $50s or $100. Unless it’s a very small store, or just after opening (when the tills are fairly empty) I never have trouble using them.
Today, organized crime is probably shuffling their loot around with a zillion smurfedPayPal transactions, so abolishing large-value banknotes is probably ineffective at combating crime.
Some questions for samclem:
Does that mean they’ve been demonetized and are now just green paper?
If I managed to find one in an old safe or under the floor of my uncle’s barn, would I be holding a figurative gold mine worth far more than its face value as a rare collectible item than it would be as money?
If you want big bills today, dude, go to Zimbabwe. You can buy three eggs with this scrap of paper… assuming you can find any for sale: http://upload.wikimedia.org/wikipedia/en/2/28/Hundred_billion_dollars_and_eggs.jpg
When I went to the bank once to withdraw money for tuition in college, one of the tellers was counting out money for a guy who must have been buying a car or something in cash. “One, two, three, four, five, six, seven, eight, nine, one … one, two, three, four, five, six, seven, eight, nine, two … one, two, three, four, five, six, seven, eight, nine, three … one, two, three, four, five, six, seven, eight, nine, four…”
By the time she got up to “… seven, eight, nine, twenty” or so, she pretty much had everyone’s attention. I still wonder if that guy was like, “Lady, hush.”
It’s worth at least face value. Depending on condition and series date, it could be worth quite a bit more. Ebay usually has a few.
“Circulation of high-denomination bills was halted in 1969 by executive order of President Richard Nixon, in an effort to combat organized crime.”
I encountered $500 bills as late as the 1980s. My father would request them when he cashed his check at the bank.
IIRC, no officially-issued U.S. currency has ever been demonetarized. Taken out of circulation, yes, but not deprived of value by government action; that’s a point of pride for the Treasury Department.
Of course, any old or rare bill might be worth more than face value to a numismatist. Some quite a bit more.
AFAIK, Switzerland still has a 1000 frank note (worth, I think, about $900). In 1976, I had to buy some airline tickets for my whole family for 8000 Franks. I went to the bank, drew out the money in 8 such notes, took it across the street to the post office where nearly all bills were paid, handed it over to the postal clerk and walked out with my receipted bill. This was then worth about 3200 1976 dollars, maybe equivalent to about $16,000 today. By far the most cash I have ever held in my hands, but not really unusual in Switzerland. It never occurred to me to ask the bank if I could just give them the bill and they would take care of it.
All I will say is that if credit card companies start charging interest from the day of the charge, as they have threatened, then I may go back to carrying large amounts of cash.
Now, two eggs.
It is like this in Laos and Uganda… $100s and $50s get a better rate than lower denominations.
Of the three cars I’ve had two were payed for with cash (the first I inherited from Grandma).
Oops! Now it’s just one, and the Zimbabwean Central Bank has issued a new bill. :rolleyes:
Zimbabwe has set a record for largest numerical denomination on a modern banknote- I have the previous record-holder, but it looks like I’m going to have to update my collection.
YOur question(s) have already been answered, but to give you an idea of the value of circulated $500 and $1000 notes in the numismatic market today:
$500(not torn, marked in ink, or nasty stained) we pay $650-750/sell $750-850
$1000 note, same requirements, we pay $1200-1400/sell $1325-1600.
Uncirculated examples are quite a bit higher.
China’s is $15.
Even a reasonable amount of money gets hefty. I’m not sure if this discourages crime or promotes it. Is carrying large amounts of cache inconvenient… or bloody legendary?
However, one US coin was demonetarized: the Trade Dollar of the 1870’s. Surprisingly, US fractional currency is still good. Though I think a three-cent note would be worth more than three cents now.
I remember being blown away by seeing someone with a wad of Scottish 100-pound notes back in 1994. Those would have “only” been worth $160 apiece at the time. The largest note the Bank of England produces is the fifty (about $75 now).
Wait a minute! This is after they knocked nine zeroes off the currency? It’s inflated that much again? (If so, that note would be 100 trillion x 1 billion = 100 x 10[sup]21[/sup] original Zimbabwe dollars.
I use $100s all the time. I have a couple on me now. Larger bills are also great when you are traveling and want to cary some money without the bulk. Later this month I’m going to Kenya and I will have to pay the guide in cash, 100s or larger would be helpful. I realize this is a small segment of society.