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View Poll Results: Should we have a $200 or $500 bill?
Yes, both a $200 bill and a $500 bill 16 19.05%
Yes, but only a $500 bill 15 17.86%
Yes, but only a $200 bill 3 3.57%
No, things are fine as they are. 50 59.52%
Voters: 84. You may not vote on this poll

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Old 01-26-2016, 08:59 AM
 
8,711 posts, read 8,906,804 times
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Quote:
Originally Posted by Hoonose View Post
The only time I've ever seen a $1000 bill was in about 1957 when my uncle used one to buy a box of cigars at the Harris supermarket in Charlotte.

That $1000 bill today could probably fetch $1500+ depending on condition. Nice ones will be in the $2-3K range and higher
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Old 01-26-2016, 09:07 AM
 
Location: Maine
1,104 posts, read 1,430,841 times
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Quote:
Originally Posted by jtab4994 View Post
So a few people on this board say a $200 and $500 bill would make things more convenient for them. But not enough to make the government actually produce them.


I voted "no" on both new bills.


But I do use the $1 coins now and then, and I've used the "toonies" in Canada so I guess we'd get used to them here. Would save us a lot of money printing $1 bills. But then you have the Bureau of Engraving and Printing not wanting to lose out to the Bureau of the Mint!
Keep in mind, there doesn't need to be a majority of the population who would use them in this case. Just a significant enough portion to make it worth printing. A majority of people don't use half dollars or two dollar bills, but they still make them as the need for them arises.

I myself wouldn't have much use for a $200 or a $500 as an everyday thing; I'm a single guy with very low expenses. Heck, I very rarely use $100s, because I'm a cheapskate. But that doesn't mean there aren't occasions where they are convenient. The snow tires for my car cost almost $700 this year. Those higher denominations would have been convenient for that transaction.

FYI, back in 1969, which is when the $500 bill and higher denominations were discontinued (for lack of use, not because of concerns about money laundering and drugs), the $100 bill was worth a lot more; about 660 in today's dollars. In other words, if we were to reintroduce the $500 bill, it would be worth less than the $100 bill was when the $500 was discontinued.
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Old 01-26-2016, 09:38 AM
 
3,070 posts, read 1,624,127 times
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Quote:
Originally Posted by jambo101 View Post
Agreed on the useless nature of $100 bills, even banks wont take em unless you have an account.
I'd rather see an end to pennies and a $1 and $2 coin
Banks won't take them for what? If you don't have an account there, what are expecting them to do for you? It's not like you walk into a strange bank to buy a gift for someone, or a loaf of bread.
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Old 01-26-2016, 09:50 AM
 
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Quote:
Originally Posted by adams_aj View Post
most large-denomination bills are used for drug transactions or money-laundering. Creating bills larger than $100 would facilitate more of this. Not a good idea.
Do you really think that drug dealers or money launderers will somehow find more customers because there are higher denominations of currency? Nobody stopped buying drugs because they have nothing larger than a $100.
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Old 01-26-2016, 09:57 AM
 
3,070 posts, read 1,624,127 times
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Quote:
Originally Posted by jtab4994 View Post
So a few people on this board say a $200 and $500 bill would make things more convenient for them. But not enough to make the government actually produce them.


I voted "no" on both new bills.


But I do use the $1 coins now and then, and I've used the "toonies" in Canada so I guess we'd get used to them here. Would save us a lot of money printing $1 bills. But then you have the Bureau of Engraving and Printing not wanting to lose out to the Bureau of the Mint!
The largest benefit to using coins instead of federal reserve notes is that coins are sold to the Fed at face value by the treasury, whose money goes directly to the US government, while the paper bills are provided to the fed at the cost of printing.
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Old 01-26-2016, 10:07 AM
 
Location: Omaha, Nebraska
6,297 posts, read 3,474,966 times
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Quote:
Originally Posted by rugrats2001 View Post
Banks won't take them for what? If you don't have an account there, what are expecting them to do for you?
Exchange them for bills of smaller value (for instance, five $20s in exchange for one $100). A lot of banks won't do that for a non-customer.
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Old 01-26-2016, 10:26 AM
 
Location: Live in NY State, work in CT
8,830 posts, read 14,231,780 times
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Quote:
Originally Posted by BostonMike7 View Post
I try and spend $2 bills, 50 cent pieces and the $1 coins when I can.

$2 bills are usually a hit, especially with the younger kids at coffee shops. They all think they are super rare and have never seen it.



...There was one guy who thought it was a fake bill though.
But $2 bills are relatively rare. They made them in 1976 to celebrate the Bicentennial and again in 1995 because the Federal Reserve wanted some (though a bit before my time (I'm 48), I know they made a lot more of them before the 70s). For that matter, $50 and $100 bills are relatively rare what you mostly see out there are $1s, $5s, $10s, and $20s.

But I did vote in this poll for the $500 bill, for the following reason:

Quote:
Originally Posted by CoastalMaineiac View Post
FYI, back in 1969, which is when the $500 bill and higher denominations were discontinued (for lack of use, not because of concerns about money laundering and drugs), the $100 bill was worth a lot more; about 660 in today's dollars. In other words, if we were to reintroduce the $500 bill, it would be worth less than the $100 bill was when the $500 was discontinued.
(I didn't vote for the $200 bill because I think it would be treated like the $2 one and become rare....people have weird superstitions about the $2 bill).
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Old 01-26-2016, 10:26 AM
 
Location: Maine
1,104 posts, read 1,430,841 times
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Quote:
Originally Posted by rugrats2001 View Post
Banks won't take them for what? If you don't have an account there, what are expecting them to do for you? It's not like you walk into a strange bank to buy a gift for someone, or a loaf of bread.
A lot of banks will do those things just a gesture of goodwill. I go into a local Bank once in a while and ask for $2 bills and half dollars. I don't have an account there, but they still accommodate if they have any on hand.

After all, it costs them nothing, and I'm more likely to use them the next time I need a bank's services.
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Old 01-26-2016, 10:34 AM
 
Location: Maine
1,104 posts, read 1,430,841 times
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Quote:
Originally Posted by 7 Wishes View Post
But $2 bills are relatively rare. They made them in 1976 to celebrate the Bicentennial and again in 1995 because the Federal Reserve wanted some. For that matter, $50 and $100 bills are relatively rare what you mostly see out there are $1s, $5s, $10s, and $20s.
They last made twos in 2013, I believe, and can usually be obtained from any bank by asking for them.
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Old 01-26-2016, 10:41 AM
 
7,042 posts, read 3,698,941 times
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Quote:
Originally Posted by Aredhel View Post
I've run into quite a few of them, and the reason is the risk to the merchant of accepting counterfeit currency. If a person is paying using multiple small bills, it's unlikely they will all be counterfeit, so the risk of loss to the merchant is less.
That's dumb, the $20 bill is the most commonly counterfeited denomination in the U.S. If you were a counterfeiter, why would you ever counterfeit a $100 bill? Everyone looks close at a $100, nobody looks twice at a $20. The cost of ink and paper is insignificant.
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