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Old 07-05-2016, 11:00 AM
 
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I sometimes wonder why you can't get a roll of quarters from an ATM, especially in cities where you've got so many parking meters...
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Old 07-05-2016, 08:52 PM
 
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Quote:
Originally Posted by reneeh63 View Post
I always wondered why 50's are rarer than Benjamins.
50 AUD = $37 USD (Australian Dollar)
50 EUR = $55 USD (Euros)
50 GBP = $64 USD (British Pound)

It is just custom. There is no rational reason why the $2 banknote is never used. Australians and Euro-zone members prefer the fifty as they don't want to go back to the ATM as often.

The British find the 50 to be very awkward, and many people never use them. The 20 is far more widespread.

Americans widely despise the $50. Many gamblers think they are bad luck. Canadians don't like them, but are not quite as emotional about them.

Quote:
Originally Posted by reneeh63 View Post
But inflation aside, I rarely use cash - only if the place ONLY takes cash. So maybe a small home business, roadside produce stand - and even those often use "Square" or something for credit card transactions. I usually just get a $20 or two at the checkout when I buy groceries - rarely even use an ATM any more.
A study in 2012 concluded that the average withdrawal from at ATM was $118 which would make the $50 awkwardly large. Most people would choose one, two or three banknotes. The average withdrawal from a bank teller was 6X as high, so that the total withdrawn from tellers ($1.5 trillion) was 220% of that withdrawn from ATMs.

I saw this note on customer help for a bank.
Quote:
You can withdraw up to $800 at a time from an ATM. To get more cash, make two or more withdrawals. (This limit is in place because the machines can't actually dispense more than 40 notes at once).

For domestic ATM cash withdrawals there is a $3,000 limit per day
For international ATM cash withdrawals there is a $2,000 limit per day
I am thinking who would want $3000 in $20 bills. That is 150 banknotes.

Swedish banks have eliminated almost all "bank teller" cash transactions for a long list of reasons. They also have far fewer ATMs than we do in the USA. It is so extreme that one small village had a town party when they got an ATM.
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Old 07-06-2016, 07:41 PM
 
Location: Mid-Atlantic
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Quote:
Originally Posted by GeoffD View Post
In my personal finances, I'm largely cashless. Why would I pay cash for something if I can get 2% cash back on my Cit Double Cash credit card and get an average of 45 days of interest-free float on the money? There's one holdout pizza/Greek/fried seafood place in town I use occasionally that requires cash. My food/bar tab occasionally lands on somebody else's check where it's easier to settle up with cash. The weekly farmer's market in the summer requires cash. The $120 I pull out of the ATM usually lasts me a month. I'm fine with $20 bills since the ATM is "pocket money" for me.
I go to a couple of places which require cash. I usually leave the house with a few dollars and some quarters. I'm the only person in the group who has anything other than a credit card in their pocket.
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Old 07-06-2016, 10:33 PM
 
7,192 posts, read 5,261,073 times
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Quote:
Originally Posted by ncole1 View Post
I sometimes wonder why you can't get a roll of quarters from an ATM, especially in cities where you've got so many parking meters...
Heavy, inefficient use of space..

Modern meters take cards anyway.
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Old 07-07-2016, 02:42 AM
 
Location: Mid-Atlantic
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Quote:
Originally Posted by JasonF View Post
Heavy, inefficient use of space..

Modern meters take cards anyway.

There are still a few which don't.
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Old 07-10-2016, 02:44 PM
 
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I asked the clerk at my 7/11 if he could cash a $30 bill and the wiseguy said yeah, I can do that......here's a 15, two 6's, and a 3........then he charged me a $2 service fee...
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Old 07-10-2016, 03:54 PM
 
Location: Pennsylvania
275 posts, read 224,707 times
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Switching to paying cash makes you more aware of your spending. I put new tires on my car ~3years ago. They cost just over $900. I went to the bank and got out the cash to pay for them. It hurt. I still remember years later, and I sigh in despair as I watch the tread on the tires wear down.
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Old 07-11-2016, 12:09 AM
 
Location: Gulf Coast
1,036 posts, read 546,064 times
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I hate $50's. I use a credit card for most things except the drive thru sandwich place once in a blue moon. Some have signs that say no $50's. Or if I have breakfast with a girlfriend and I pay cash, I'm not giving a $50 for a tip! Only time I use cash is if it's for something really small and $50's won't work.
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Old 07-11-2016, 08:46 AM
 
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Why not start at the bottom and get rid of pennies? Seems like an easier battle than taking on the 20 which everyone uses.

However, I'm with most that I am mostly cashless. I probably spend less than 100 dollars in cash a month. All goes on the CC to get cash back!
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Old 07-11-2016, 09:48 AM
 
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Quote:
Originally Posted by BizrulesSD View Post
Why not start at the bottom and get rid of pennies? Seems like an easier battle than taking on the 20 which everyone uses.
Well, you are correct that the most ridiculous things in the USA monetary system are the penny, nickel, half-dollar, and the $1 and $2 bill (in roughly that order).

But as a secondary issue, replacing over 9 billion Jacksons with an equal number of Tubmans does seem stupid. It just seems to make more sense to try an increase the number of Grants to be somewhere near the level of circulation of Lincolns.

Average number of banknotes circulating per person end of 2015
35.4 $1 George Washington
33.6 $100 Benjamin Franklin
26.6 $20 Andrew Jackson
8.5 $5 Abraham Lincoln
5.9 $10 Alexander Hamilton
5.0 $50 Ulysses S. Grant
3.6 $2 Thomas Jefferson

-------------------
The major currencies of the world are still hopelessly attached to small value coins. Smaller wealthy nations (Canada, Scandinavia) can't be bothered with the expensive coins with almost no utility.

Small coins by weight (USA, Britain, Euro, Japanese Yen)
1 - 2.50 g Core:zinc 97.5% Plating:copper 2.5%
5 - 5.00 g copper 75% nickel 25%
One penny 3.56 g Copper-plated steel
Two pence 7.12 g Copper-plated steel
€0.01 - 2.30 g Copper-covered steel
€0.02 - 3.06 g Copper-covered steel
€0.05 - 3.92 g Copper-covered steel
1 - 1.00 g 100% aluminium
5 - 3.75 g 60–70% copper / 30–40% zinc

Sweden has only three coins, worth roughly $0.12,$0.60, and $1.20. They are declaring the two smaller coins invalid by the end of June next year. They will be replaced with three new ones worth $0.12,$0.24, and $0.60.

1 krona 3.6 g Copper-plated steel (old one is 7.0 grams)
2 kronor 4.8 g Copper-plated steel
5 kronor 6.1 g Nordic gold (old one is 9.5 grams)
10 kronor 6.6 g Nordic gold

Last edited by PacoMartin; 07-11-2016 at 10:13 AM..
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