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I have never seen a $100 Canadian and never use $100 bills myself here in the US and I rarely even have a $50 on me throughout the year. I think I've read that the majority of American $100 bills aren't even in the borders of the US. A country eliminating $100 bills would not have any affect on me as I use a cred or debit card for any expensive transaction I have. I do however make sure to always have some cash on me and would be again eliminating any currency at the moment besides the penny.
Strange. I carry 10 $100.00 US bills in my money clip all the time. Been doing that since 1983. I travel to and through Canada enroute to Alaska annually. Currently in my safe are 6 $100.00 Canadian bills. After I cross the border in Abbotsford I go to the bank and exchange US dollars for Canadian dollars and pay all my expenses for that leg of the trip in cash.
Having cash allows you a lot of opportunities to make money that you can't do with a credit/debit card. I've bought gold from miners in Dawson at a very good rate simply cause I had cash on hand and they had gold they wanted to sell right then. Bought cars, trucks, atv's, tools, guns, artwork, you name it and turned them for good profits simply because I had cash in my pocket.
Never support a cashless society. It's just another way governments want to control you.
Never support a cashless society. It's just another way governments want to control you.
The Deputy Governor of the central bank in Sweden claims that the growing cashlessness in Sweden is dictated by market forces. Young people like to pay with apps on their phones. Businesses hate the expense of collecting and counting cash, and the risk of being robbed. Banks make it harder and harder to deposit cash. In Sweden in the countryside it is common to drive well over 10 miles just to find a place to deposit cash. Total cash transactions per capita in Sweden are about $2,900CAD per year. Canada circulates 89% more cash per capita than Sweden.
As the difficulties mount and more and more people acquire the tools to pay electronically, businesses are more and more likely to not accept cash. The spiral is never ending. In 1950 cash in Sweden was roughly 10% of GDP, a figure that is not matched by the USA today.
% GDP - cash
19.44% Japan
15.51% Hong Kong SAR
12.25% India
11.76% Switzerland
10.63% Euro area
10.56% Russia
9.55% Singapore
8.20% Saudi Arabia
7.90% United States
6.84% Mexico
5.56% Korea
5.37% Turkey
4.65% Australia
4.08% Canada
3.82% Brazil
3.72% United Kingdom
2.39% South Africa
1.73% Sweden
I see the countries which are less dependent on cash as being more vulnerable to being forced to convert,
The purchasing power in both the U.S. and Canada is so great that we all got to admit that the largest bills in circulation ($50 and $100) aren't really that needed unlike other parts of the world where $100 in their currency can only buy the equivalency $20 Canadian. Small purchases can be made in cash of smaller denominations and larger purchases should best be left to the use of credit/debit cards or online purchasing. I still don't think large bills ought to be eliminated for the reason they give consumers more choice of which tender to use, I just think fewer of them ought to be printed/produced every year.
BTW I like the polymer material Canadian dollars are made of. I find them more durable than paper dollars. I also like how Canada color codes their individual denominations unlike the U.S. which continues to stick to the notion that dollar bills all ought to be green either because the American dollar is nicknamed the "Greenback" and/or they've been doing this for over a century and have no point in changing it.
BTW I like the polymer material Canadian dollars are made of. I find them more durable than paper dollars. I also like how Canada color codes their individual denominations unlike the U.S. which continues to stick to the notion that dollar bills all ought to be green either because the American dollar is nicknamed the "Greenback" and/or they've been doing this for over a century and have no point in changing it.
But American currency isn't even green anymore. It's some weird white/beige colour.
I still don't think large bills ought to be eliminated for the reason they give consumers more choice of which tender to use, I just think fewer of them ought to be printed/produced every year.
Let's start with baby steps. What if we simply stopped increasing the supply? I think it is undermining world confidence. Much of the world feels like they are being exploited.
Banknotes and coins per capita 2011-2015
2011.. 2012.. 2013.. 2014.. 2015
$3,453 $3,725 $3,926 $4,218 $4,433 USA (USD)
$1,937 $1,995 $2,058 $2,134 $2,271 Canada (CAD)
€2,721 €2,787 €2,913 €3,089 €3,280 Euro area (EUR)
5.1% per year USA
3.2% per year Canada
Last edited by PacoMartin; 03-21-2017 at 11:40 PM..
In response to the last comment, perhaps I should have asked the less severe question first. Instead of eliminating the CAD$100 would anyone be in favor of limiting it's circulation? Perhaps the limit could be $1000 per capita in c-notes and $1000 in smaller denominations?
Such a decision could be a variation of the decision in 2000 to eliminate the $1000 banknote. A limited number (765,274) are still in circulation and are still legal tender, but if any are turned into the central bank they are destroyed. The RCMP felt that so much cash in large denomination made illegal activities easier.
Circulation levels of Canadian banknotes (per capita) end of 2016
$35 : $5
$39 : $10
$509 : $20
$356 : $50
$1,253 : $100
------
$4 : $1
$6 : $2
$0 : $25
$0 : $500
$22 : $1,000
$2,225 : Total
The Euro zone made a similar decision to eliminate the 500 Euro note from the next series, but they may produce more smaller denomination notes to replace the larger note. They have made no decision on limiting the amount of cash.
The number of CAD $1000 banknotes in circulation is going down very very slowly. It looks like it will be decades until there are less of them than the USA $1000 banknotes in circulation.
900,000 2012 CAD $1000 in circulation (last produced in 2000)
860,000 2013 CAD $1000 in circulation
820,000 2014 CAD $1000 in circulation
790,000 2015 CAD $1000 in circulation
770,000 2016 CAD $1000 in circulation
740,000 2017 CAD $1000 in circulation
165,000 2017 USA $1000 banknotes (last produced in 1945)
The Deputy Governor of the central bank in Sweden claims that the growing cashlessness in Sweden is dictated by market forces. Young people like to pay with apps on their phones. Businesses hate the expense of collecting and counting cash, and the risk of being robbed. Banks make it harder and harder to deposit cash. In Sweden in the countryside it is common to drive well over 10 miles just to find a place to deposit cash. Total cash transactions per capita in Sweden are about $2,900CAD per year. Canada circulates 89% more cash per capita than Sweden.
As the difficulties mount and more and more people acquire the tools to pay electronically, businesses are more and more likely to not accept cash. The spiral is never ending. In 1950 cash in Sweden was roughly 10% of GDP, a figure that is not matched by the USA today.
% GDP - cash
19.44% Japan
15.51% Hong Kong SAR
12.25% India
11.76% Switzerland
10.63% Euro area
10.56% Russia
9.55% Singapore
8.20% Saudi Arabia
7.90% United States
6.84% Mexico
5.56% Korea
5.37% Turkey
4.65% Australia
4.08% Canada
3.82% Brazil
3.72% United Kingdom
2.39% South Africa
1.73% Sweden
I see the countries which are less dependent on cash as being more vulnerable to being forced to convert,
2 years later still living in the CASH economy. Last week a tow truck driver gave me a 10% discount on a tow cause I paid in cash.
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