With a new $100 bill coming, I get a sinking feeling.. (convert, prices)
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$100 bills are a bad denomination to squirrel away anyway, since you'd have to break them for many purchases and larger denominations are often rejected when the seller can't make change or they have a risk mitigation policy to only deal in small bills.
Yes, a $100 bill takes up less storage space and the stacks are easier to count and carry; but decimal coins and $1 - $20 bills are MUCH more useful in the long run. You certainly don't want to pull out a Benny for a $12 transaction... it lets the seller (and any unsavory witnesses) know you have "free money" to burn in hand. (The old garage sale rule)..
I spend $1,200 every month as cash, I usually get $200 in 20's and the rest 100's so as to fit my wallet easily, and have not had any issues spending 100's.
I spend $1,200 every month as cash, I usually get $200 in 20's and the rest 100's so as to fit my wallet easily, and have not had any issues spending 100's.
I've had problems with $50 and $100s at gas stations despite our tank easily sucking down $100+ per fill (in OR, WA & AK). Paying your bills at the service counter in cash, or giving your landlord cash for rents, or paying for a whole load of groceries at the supermarket in cash is usually ok with larger bills; but something with more than $20 in change back makes a lot of proprietors of lower-priced items very cranky (convenience stores and fast food are big ones). If you want to break a $100 for something that is $6.99 be prepared, either to be refused service or bawled out unless you know the people. We've even had some prefer a personal check over a $100... so maybe we've just got a bad counterfeiting problem here, even worse than check fraud.
But if we were to have some sort of disruptive event that meant transactions were taking place without displayed fixed pricing, I'd sure rather have as near to exact haggling price as possible and not flash around my cash. Maybe I'm just leary after living so many places where getting ripped off by vendors, and muggers/pickpockets in and around the marketplaces were all too common.
Yes, around here in some places there are signs stating they will not accept anything bigger than 20 dollar bills. It's not that the larger denom bills are "no good," it's just that they don't want to run out of change over the course of the business day. They don't have time to be running back and forth to the bank all day and they don't want to risk holding large sums of money in the till.
Since probably not many of you live on the east coast, there has been a BIG problem with high-quality fake $100's coming into NYC in particular.
They are being made in countries like NK and Iran etc.
I'm just noting this to explain why the new $100 is needed and that there are geographic parts of the US where they are much more leery or may refuse to accept $100's due to forgery risk.
I read all of these references to "accepted as legal tender" etcetera....Legal tender isn't about acceptance, it's about it being illegal to refuse to accept it by businesses for goods or services.
And as far as it being un-lawful to own gold, it still is technically, the law was never rescinded.
And as far as laws go, laws are written for those who will follow them, and you don't have to be a violent felon to refuse to follow laws, you only need refuse to participate in activities which require you to follow them, activities where you are enjoying some sort of benefit provided by the authorities you succumb to the rule of, and you do....
I don't even wanna go into this authority stuff, knowing what types of scum grant what types of scum authority, without having any righteous authority themselves, nevermind religion....
If you feel you need to store large sums of cash, $20's should be your largest bills. The bulk of them should be 10's, 5's (shortage of these, for some reason) and especially, 1's. We also keep several rolls of quarters, dimes, and nickels, not bothering with pennies ("you can keep the change...").
This is "storage" cash and comes to only about $2,000. It's for emergencies, and we never carry it around in our wallets, so its bulk is not a problem. For regular daily transactions, I carry $50's and 100's as well as smaller, like most people.
Remember that the ONLY paper FRN that has not been "changed" is the $1 bill. These come in so handy that I cannot justify not having at least $500 worth of them. I keep 'em everywhere...in the truck, hidden in the house, out in the garage, down in the basement. I'm not telling you our "hiding" secrets, but you get the idea.
Hey Nor'Eastah, don't discount the penny jar... pennies make excellent projectiles for slingshots! Since we don't have a lot of pebbles or small stones around the place, we use the pennies and slingshots to take down grouse and ptarmigan... still cheaper than ball bearings and 22LR
Hey Nor'Eastah, don't discount the penny jar... pennies make excellent projectiles for slingshots! Since we don't have a lot of pebbles or small stones around the place, we use the pennies and slingshots to take down grouse and ptarmigan... still cheaper than ball bearings and 22LR
Speaking of coins. We haven't spent any change in the last 25 years, so we have a lot. Plus a big stash of one's and fives.
On topic. If they were to change the value(like lowering the value of the dollar) they only need to just print more, no need to go through the hassle of exchanging.
I believe that, like mentioned above it is because of counterfeiting.
Yeah, changing the way the money looks or what it's made of isn't the same as changing the monetary system.
The $1 bill could be laser-etched purple mylar with a mag strip and it would still be a $1 bill, and an old greenback would still be a $1 bill... and they would still be worth the same (except to collectors who want to keep the discontinued greenbacks). A dollar is a dollar is a dollar... until it becomes, say, a NAMU (totally made up currency, "North American Monetary Unit" -- similar to a Euro -- that combines and replaces the US dollar, the Canadian dollar and the Mexican peso)
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