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The European Union currently has a €500 bill (about $542 US) as its highest denomination in circulation. The United States only goes up to $100 nowadays, although back a few decades ago, we had a $500, a $1000, and higher, when the dollar was worth a lot more.
I can think of a few transactions where higher denominations would be useful. A family of four going to the grocery store, for one. A $200 bill would probably roughly equate to a weeks' worth of groceries. Many common consumer electronics purchases would be well served by a $200 as well. I think a new Playstation 4 or XBox 1 costs around $300 or so. Televisions run anywhere from $100 to $5,000. And of course, it's hard to get out of an auto repair shop these days for less than $200.
The idea of money is that it is supposed to facilitate the exchange of goods and services, and with things costing what they do these days, I think some denominations higher than $100 are in order.
I was fascinated by those high denominational bills when I was a kid. The $500, $1000 and there was a $10,000 but only for banks I believe. I'd like to just have one, not for spending.
.....The idea of money is that it is supposed to facilitate the exchange of goods and services, and with things costing what they do these days, I think some denominations higher than $100 are in order.
What do you all think?
I don't carry ANY cash. I only carry credit cards as they offer the best form of protection for your money in terms of if you get your wallet stolen or if you order something from a business and don't receive it.
With that being said, I see any reason for why people should be carrying around so much cash, so I don't support a $200 or $500 bill. The $100 bill is "bad enough".
Matter of fact, come to think of it, I can't tell the LAST TIME I even touched any cash
It's next to impossible to spend a $100 bill these days; many stores won't take them. What would be the point of an even bigger bill that can't be readily spent?
It's next to impossible to spend a $100 bill these days; many stores won't take them. What would be the point of an even bigger bill that can't be readily spent?
I don't think I've ever run into a store that would refuse a $100 bill for a purchase in that ballpark. The corner gas station isn't going to break a hundred for a 50¢ stick of gum, but they'd be silly to refuse it in the case of, say, a trucker filling up with diesel fuel.
I don't think I've ever run into a store that would refuse a $100 bill for a purchase in that ballpark.
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.
I don't see any point in it. Most don't carry that much cash around anyway. I carry about $100 tops. Anything else I have a CC
Agreed. I generally don't even carry that much except maybe when I'm traveling and I'm not sure how easy it would be to find an ATM if I need to get cash. Even when I don't want to put a purchase on credit, like at a grocery store, debit cards work fine.
... $200 would be a bit redundant and unnecessary though imo.
Not any more so than the quarter, the two dollar bill, or the twenty dollar bill, in my opinion. 1, 2, 5, 10, and so on is a pretty common pattern for money denominations, because having two in the pattern reduces the "cost" of making change to no more than two of any single denomination of money.
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