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Old 03-25-2019, 01:02 PM
 
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Quote:
Originally Posted by cmptrwlt View Post
Norway isn't going cashless anytime soon.
Officially none of the countries have cashlessness as an official goal. In fact, Sweden emphasizes that the reduction in cash is a decision made by the marketplace and is not being coordinated by the central bank or the government.

Terminating the production of 1000kr banknotes may be possible in the near future. Sweden used to have a 10,000kr banknote that they terminated in 1991.

Sweden circulates a very small number of 1000kr banknotes, even compared to Norway or Denmark.

Value of all banknotes in circulation per inhabitant at the present-day exchange rate
€479 Sweden (latest series issued starting on 1 October 2015) with 6.6% in 1000kr banknotes worth €96
€753 Norway (latest series issued starting on 30 May 2017) with 35.6% in 1000kr banknotes worth €103
€1488 Denmark(latest series issued starting on 11 August 2009) with 48.6% in 1000kr banknotes worth €134
€3,555 Euro Area

The number of valid circulating banknotes n Scandinavia is very small; 200.3 million in Sweden, 117.8 million in Norway and 176.5 million in Denmark. In comparison, the Federal Reserve has ordered 153.6 million new $2 banknotes to be printed in 2019.
No country can reasonably afford to print banknotes in such small quantities with modern anti-counterfeiting devices. Sweden has theirs printed in Britain, and Norway, and Denmark print their banknotes in France. Finland makes the coins for all three countries.

Normally a new series of banknotes is designed and printed at least every 20 years (sometimes less). This allows the country to incorporate the latest anti-counterfeiting devices in the banknotes. It is possible that if cash continues to diminish in importance in these countries that counterfeiting operations of scale are very unlikely. They may keep these designs for a long time or never update them.

In the USA the designs for the $1 and $2 banknote are roughly half a century old. But the expense of designing modern banknotes and of reprogramming vending machines relative to any actual damage done by counterfeiters of the $1 banknote is considered so negligible, that the bills are never updated.

The Swedish 1000kr banknote with a portrait of Gustav Vasa was first issued in 1989 and and became invalid on 30 June 2016. Unlike the US $1 bill, the Swedish 1000kr banknote is valuable (usually worth over $100), but circulation dropped to such low numbers the bank was not concerned as much about counterfeits.

Quote:
Originally Posted by johnsmith5a View Post
And how are tourists supposed to get by?? They aren't thinking these things through. Stupid policies, screwed up countries.
A friend went to Norway as a tourist for 10 days. He said, not only did he not use any Norwegian cash, he never saw anyone use cash one time during the entire trip.

Quote:
Originally Posted by johnsmith5a View Post
Why do they keep importing ------ animals into their countries?
Glossing over the racism of that comment, illegal immigrants would have a great deal of difficulty functioning in a society where cash is so unusual.

Last edited by PacoMartin; 03-25-2019 at 01:30 PM..
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Old 03-27-2019, 06:25 AM
 
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Quote:
Originally Posted by johnsmith5a View Post
And how are tourists supposed to get by??
Umm....credit and debit cards and smartphone apps, just as they do at home?

I listened to a podcast on this; in Sweden there's even a smartphone app for donations to panhandlers. They display a code and you then use that code to text donations from your phone.

I'm also concerned about the "every transaction recorded" aspect but since I already put nearly everything on my credit cards (and pay in full every month) that horse has left the barn.
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Old 03-27-2019, 08:49 AM
 
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A lot of Americans do not handle $100 bills, or they get them only for special times like if they are shopping for a used car (or gambling). But as of the end of 2017, the $100 bill was 79.7% of the cumulative value of all the Federal Reserve banknotes in circulation.

Hypothetically if the USA were to print new polymer banknotes (like Canada, Australia and Britain) and we were only concerned about day to day transactions (i.e. $20 or less), we could probably get by on $800 (like Norway) per inhabitant without there being shortages of cash.

But the demand for USA cash is very high for "store of value" in home safes, plus the massive desire for foreign citizens to hold the $100 bill.

Quote:
Originally Posted by athena53 View Post
Umm....credit and debit cards and smartphone apps, just as they do at home?
Actually, there is no problem getting Swedish cash at any of the entry points into the country. But once you get it, you often find yogurt stands that won't accept it. You can't really board public transportation with cash.

The massive reduction in cash in Sweden since 2007 is primarily because people don't store cash in home safes like they do in other countries. The 1000kr banknotes worth €96 is now only 6.6% of the circulating cash.

Value of all banknotes in circulation per inhabitant at the present-day exchange rate
€479 Sweden (latest series issued starting on 1 October 2015) with 6.6% in 1000kr banknotes worth €96
€753 Norway (latest series issued starting on 30 May 2017) with 35.6% in 1000kr banknotes worth €103
€1488 Denmark(latest series issued starting on 11 August 2009) with 48.6% in 1000kr banknotes worth €134
€3,555 Euro Area

Although Norway and Denmark are greatly reducing the use of cash, they haven't been as aggressive as Sweden in pulling the cash out of circulation
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Old 05-07-2019, 09:04 PM
 
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From the cashless society of the Norsemen, save us oh Lord.
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Old 05-07-2019, 10:06 PM
 
Location: In the middle of nowhere
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Watched it on 60 minutes, but the downside was that the older people, or anyone that lives on little income say that you have to have the latest technology, which is continually costing more and more money. In fact, San Francisco is banning cashless stores because it discriminates against low income people.
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Old Today, 02:21 PM
 
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Quote:
Originally Posted by sunbelt57 View Post
From the cashless society of the Norsemen, save us oh Lord.
In the USA if the ATM started spitting out $50 bills most people would think that they don't want these big bills, but in nearly cashless Sweden that is precisely what you would expect.

Even in Scandinavia they seem very reluctant to do away with cash entirely. They just have less than anyone else in the developed world

Sweden introduced banknotes in 1874 of value 5, 10, 50, 100 and 1,000 kronor (roughly 50 cents $1, $5, $10, and $100).

They did not introduce the 500 kr banknote ~$50 until 1985 and the 200kr banknote ~$20 until October 2015. I thought with new less cash society the 200kr banknote would become the mainstay of ATMs like in USA and Canada. But the most popular bill in ATMs in Sweden is still the 500kr denomination like the 50 EURO is the most popular bill for ATMs in the Euro Area.

Hardcire currency reformers in the USA want us to have only banknotes worth $20 or less, on the theory that more banknotes of higher denominations are used for illegal purposes.
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