does anyone think that the $500 dollar bill will return?

mozeppa

it would be easier to buy coins at coin shows if it were re-issued.


(I had to say something coin related ...lest i raise the ire of the "off topic" police.)

Sphinx357

nope

BECOKA

Or you could earn a dealers trust and just write a check. Now you only need one piece of paper.

AU58WALKERS

I think it should retrurn.

It would make it a lot easier to carry large somes of cash around.

ziggy29

No chance, IMO. Between the drug trade and counterfeiting...chances are slim and none. Plus I doubt the government wants to encourage a cash economy. There's no paper trail, thus making it harder to collect taxes that should have been due.

Steve27

Not a chance, plastic has replaced it.

Bochiman

Ziggy is right.....drug trade made it so that it won't return. Cash trails are too hard and plastic is easier to trace.

MrEureka

Between the drug trade and counterfeiting...chances are slim and none.

Ridiculous. First, with respect to counterfeiting, higher denomination bills allow for more expensive counterfeit protection technologies. Compare a Swiss 100 and 1000 Franc note and that will be abundantly clear. The hi-tech 1000 Franc note is a counterfeiter's nightmare.

Second, the lack of high denomination US notes may be an inconvenience to drug dealers, but I doubt that the increased bulk of cash payments and hoards has led to a single additional arrest. If the Feds think that forcing a drug dealer to carry $2 million in a duffelbag instead of a small Samsonite briefcase is a key strategy in the War on Drugs, it's time for them to wave the white flag.

DeputyPud

With legislation to eliminate the $100 bill, I can't see any of the larger bills ever being issued again. This would totally go against the push for a world economy with a cashless society.

I wish I could remember the title of the book written by the president of Visa International back in the 70's.
He laid out his vision for us becoming cashless, and how it would have to be done a little at a time for Americans to accept it.
He said that after enough of us were hooked on credit cards, he would start charging a yearly fee to use them (remember when they were free?). And then a debit system would be used instead of credit on the cards.
He said he was working on a universal bar code system, and was trying it out at the lunch counter in a Texas college. (that system is now in place).
He said that direct deposit would replace actual paychecks, and that electronic transfers would become the norm instead of going to the bank. (done)
He said that paper money would slowly be eliminated, one denomination at a time.
AND,
He said that eventually, we will have a card with a magnetic strip on it that tells certain businesses everything they need to know about our financial history and standing, and when cash is not used any longer, the government will have all the power they need over us. They will be able to weed out the rebels by wiping out their finances, and they will have to beg for a loaf of bread.

Nope, I doubt that we'll ever see a $500 bill again.

bhartman35

I agree with the Deputy. Not gonna happen. As far as I can tell, the only thing keeping cash alive now is the fact that the merchant accounts needed for credit card acceptance are prohbitively expensive for personal use. And that cost is coming down. I would venture to guess most of us have PayPal accounts, and soon most of the public will have similar accounts. The next logical step would be an app for your cell phone or PDA that would be able to send or receive electronic transactions. Once this technology gets cheap enough, you won't even need cash for vending machines: Point your cell phone at the machine, beam it the proper transaction, and hit the buttons.

construct

<< <i>Between the drug trade and counterfeiting...chances are slim and none.

Ridiculous. First, with respect to counterfeiting, higher denomination bills allow for more expensive counterfeit protection technologies. Compare a Swiss 100 and 1000 Franc note and that will be abundantly clear. The hi-tech 1000 Franc note is a counterfeiter's nightmare.

Second, the lack of high denomination US notes may be an inconvenience to drug dealers, but I doubt that the increased bulk of cash payments and hoards has led to a single additional arrest. If the Feds think that forcing a drug dealer to carry $2 million in a duffelbag instead of a small Samsonite briefcase is a key strategy in the War on Drugs, it's time for them to wave the white flag. >>



Well then, MrEureka, it's time for them to wave the white flag. Money laundering, drug war, and such is the reason I have heard most frequently for not reviving the $500 bill.

I, however, strongly support the idea. I would like to see it revived with Ronald Reagan's portrait on it.

dorancoins

Well, I think the $500 note should return, and also, there is a need for either a $200 bill or a $250 bill. As far as who should go on such notes - the old $500, McKinley was on it, and should a new bill be made, he should stay on it as well. Now, a $200 or a $250 bill - maybe Theodore Roosevelt or even a mid to later 20th century president (FDR, Eisenhower, Kennedy, Reagan). But then the Feds will oppose making higher denomination bills as they could be used for "criminal,drug, or terrorist activities."

dorancoins

<< <i>Between the drug trade and counterfeiting...chances are slim and none.

Ridiculous. First, with respect to counterfeiting, higher denomination bills allow for more expensive counterfeit protection technologies. Compare a Swiss 100 and 1000 Franc note and that will be abundantly clear. The hi-tech 1000 Franc note is a counterfeiter's nightmare.

Second, the lack of high denomination US notes may be an inconvenience to drug dealers, but I doubt that the increased bulk of cash payments and hoards has led to a single additional arrest. If the Feds think that forcing a drug dealer to carry $2 million in a duffelbag instead of a small Samsonite briefcase is a key strategy in the War on Drugs, it's time for them to wave the white flag. >>



You might be right - now here is a surefire solution to the counterfeiting problem - polymer. Yes, polymer like what Australia is using - the counterfeiters would be just as nightmarish with notes printed on that stuff as with the Swiss notes.

goose3

You'll need it before long to get a tank of gas.

coynclecter

The banks and Credit card companies will oppose it because they can't get a transaction fee out of it
The IRS will appose it bcause they can't follow large transactions as easy
Law enforcement will oppose it beacuse of drug trafficing etc

The only one who will benefit is the average American and who care what they need.

dorancoins

<< <i>You'll need it before long to get a tank of gas. >>



Well, at the rate thngs are going, you might stand correct.

FullStrike

I can't see a $500 bill because of reasons already stated.

However, a 5 oz $500 Gold Coin would be sort of cool.

dorancoins

<< <i>The banks and Credit card companies will oppose it because they can't get a transaction fee out of it
The IRS will appose it bcause they can't follow large transactions as easy
Law enforcement will oppose it beacuse of drug trafficing etc

The only one who will benefit is the average American and who care what they need. >>



The banks and Credit card companies will oppose it because they can't get a transaction fee out of it!

Well, maybe this will give them some incentive to lower fees.

The IRS will appose it bcause they can't follow large transactions as easy!

Somehow, they can't even follow them now, and I was told when the new $100's were released in 1996 that the security threads also act as some form of tracking tool - but I seriously doubt it.

Law enforcement will oppose it because of drug trafficing, etc!

True, I could see the law enforcement community's point of view, but what about terrorist activities, political bribes, you know, just plain dishonesty that only a small part of the population actually do as we speak?

JoshL

I doubt it. If anything I believe we will move away from all paper money.

bhartman35

<< <i>The only one who will benefit is the average American and who care what they need. >>



How many average Americans are in the habit of carrying around $500+ in their wallet at a time? That's pretty much like wearing a "Mug me!" sign. Sorry, but I don't think a $500 bill would help average Americans at all. It would just be another bill that the Beaureau of Engraving would have to print, and end up costing the average American taxpayer money.

Michigan

You might be right - now here is a surefire solution to the counterfeiting problem - polymer. Yes, polymer like what Australia is using - the counterfeiters would be just as nightmarish with notes printed on that stuff as with the Swiss notes.


Polymer is a fancy word for "plastic". It seems to work fairly well
for the countries that use it but all of them avoid using the
word "plastic". I think the word carries connotations of cheapness
or second rate about it.

fcloud

One of the main reasons they don't make the larger bills is because of the drug runners. They want them to be forced to using small bills, as it is harder to conceal.

flaminio

<< <i>However, a 5 oz $500 Gold Coin would be sort of cool. >>

Nah, it won't fit in a slab...

RBinTex

Our paranoid government is more worried about reducing drug dealers "volume" of cash by 80% ($500 bills) or 90% ($1,000 bills) relative to the volume of a given amount in $100's than with making things more convenient for the greater number of law abiding citizens!

As if they weren't getting around this already!

Many countries have bills much larger than ours - e.g. the 500 & 1,000 Euro & Singapore up to $10,000 bill.

Personally I'd LOVE to see them return.

IwantNonCCs

"They" say I should carry cash in case I get mugged.
Of course, how are the muggers going to know who's got the cash.

So the score after 41 years.
Muggings = zero (hey I'm 6'4")
Lost cash = Zero
Monthly banking fees, ATM fees, Credit Card fee's, etc : Thousands.
Extra debt my wife and I entered in because using plastic is less thought provoking then cash: Thousands

I think maybe I should start worrying more about the bankers getting my money
and less about criminals.



Worried about drug dealers having an easy time transporting money:
I got an idea.
Get rid of paper money, it doesn't weigh enough

How about money made out of precious metal?
Let the corner drug dealer jingle with a pocketful of silver dollars
make him easy to find.

dorancoins

<< <i>You might be right - now here is a surefire solution to the counterfeiting problem - polymer. Yes, polymer like what Australia is using - the counterfeiters would be just as nightmarish with notes printed on that stuff as with the Swiss notes.


Polymer is a fancy word for "plastic". It seems to work fairly well
for the countries that use it but all of them avoid using the
word "plastic". I think the word carries connotations of cheapness
or second rate about it. >>



Yes - polymer is another word for plastic. Australia (and other countries) use it not only for more durable currency but also for excellent counterfeit protection (the Australian $100 bills are a good example.) Plus there are things that can be added to polymer that wouldn't work with paper.

There have been reports in Australia of counterfeit polymer bills - but,they are not well made and are usually hard to bend. The clear window on all the notes are almost impossible to duplicate.

itsnotjustme

I think it will and should return. Just based on inflation factors. Also look at Europe.

Europe is much closer to being a cashless society. Their banking system is a decade ahead of our. I have not issued a paper check for payment of ANYTHING in Europe in the 20 months I have lived here. We use bank transfers that can be done vie the Internet from home, a bank, or an ATM for free.

Yet Europe has a 500 Euro note... that is about $600. The also have 200 and 100 Euro notes. They are widely used and not an oddity to see. (Counter to RBIN above there is no 1,000 Euro note).

FullStrike

<< <i>Yet Europe has a 500 Euro note... that is about $600. The also have 200 and 100 Euro notes. >>




And Prostitution is also legal in much of Europe. They ain't cheap either.

nickel

Sometime in the next few weeks , my car will be in the shop for a tune-up and other maintenance . A credit card will eat up about 2
1/2 % of the total . Yes , I can write a check to the garage, but then after cashing my payroll check , I would have to move X amount of dollars into my checking . Checking accounts are OK for mailing payments to utilities or dentists . However, I like to cash my check and use it for purchasing daily/weekly merchandise . I dont like to produce ID for a forty dollar check purchase at the grocery , or use a credit card for a pair of jeans at K-Mart , where i save 10 % , but get cranked 15 % interest on my monthly statement . Its irritating to insert a gas card at the pump in 18 degree weather , only to have the screen ping me cause it cant read the strip and tell me to see the attendant . With cash , I dont get a ' Declined ' message for debit purchases or a rip-off $29 fee for being over limit on my credit card . I can give my garage 42 crumpled ten dollar bills , but its just easier with one Five Hundred . Then i got four twentys left .Thats 30 for gas , 5 for lottery tickets, 20 for my po box rent , 5 to salvation army at Christmas , and best of all , a twenty to stash in my jacket for 'next' time . Thanks for letting me vent .

RBinTex

I stand corrected.

But seriously, here's a really interesting article: LINK

Here's another cool site that tells you about many different countries currency denominations: LINK

Still looks like Singapore takes 1st place in most valuable denomination currently issued & in circulation ($10,000). Of course, they put drug dealers to death there. Gee, why didn't we think of that - duh!

itsnotjustme

What is neat with the Euro notes is the are sized different as well.... smallest 5 to largest 500. And they are monopoly money colored. It's the purples people like.

Working at NATO, we have the benefit of a US embassy cashier that comes over for a few hours each week and runs a cash cage. The big draw is not just the check cashing priviledge (try cashing a US drawn check in Europe!), but the ability to convert dollars to Euros at the official exchange rate. Through banks and other exchange methods such as the cashier at our exchanges or military finance cages, there is about a 2 1/2 % fee for the conversion. Where we pay hefty rents, untility bills/phone bills, food, and other day to day expenses in euros, most of us need to convert at least $3,000 per month. The fee would be nearly $60 monthly!

oreville

We are going to accept credit cards next month. 1.59% for swiped cards and 2.05% for non-swiped cards.

The rates are indeed coming down.

fc

i think it will come back because senators like hookers.
with inflation, a good hooker will cost 500 bucks if not already depending
on the location.

what is a horny senator to do when he wants several hookers??
carry around a stack of 35 one hundred dollar bills?

no way man. he pulls out seven 500 dollar bills. one each.
so i think 500 dollar bills will be back shortly. i bet most senators
have a supply on them aquired on ebay just for this purpose above.
when that runs out, expect the mint to print some more.

UncleWiggly

<< <i>With legislation to eliminate the $100 bill, I can't see any of the larger bills ever being issued again. This would totally go against the push for a world economy with a cashless society.

I wish I could remember the title of the book written by the president of Visa International back in the 70's.
He laid out his vision for us becoming cashless, and how it would have to be done a little at a time for Americans to accept it.
He said that after enough of us were hooked on credit cards, he would start charging a yearly fee to use them (remember when they were free?). And then a debit system would be used instead of credit on the cards.
He said he was working on a universal bar code system, and was trying it out at the lunch counter in a Texas college. (that system is now in place).
He said that direct deposit would replace actual paychecks, and that electronic transfers would become the norm instead of going to the bank. (done)
He said that paper money would slowly be eliminated, one denomination at a time.
AND,
He said that eventually, we will have a card with a magnetic strip on it that tells certain businesses everything they need to know about our financial history and standing, and when cash is not used any longer, the government will have all the power they need over us. They will be able to weed out the rebels by wiping out their finances, and they will have to beg for a loaf of bread.

Nope, I doubt that we'll ever see a $500 bill again. >>




You mean The TriLateral Commission?

Club of Rome?

And the one that some people mistake as some sort of "official" group, The Council of World Affairs?



Jerry

FullStrike

<< <i>what is a horny senator to do when he wants several hookers?? >>




You're kidding right?

They get several "interns". Wasn't Clinton's pincusion an intern? Wasn't Condit's prey an intern? Wasn't Marie Anne Fahey an intern at some point? Maybe not but she was some sort of junior staffer for one of our Delaware Congressmen and she got wasted by bouncing around the ranks of the rich and powerful one time too many.

I seriously doubt any politico would pay when they can get in for free.

stockwiz

no. I hardly even see hundred dollar bills used. You could always get one ounce gold eagles and use them as currency.

Conder101

<< <i>However, a 5 oz $500 Gold Coin would be sort of cool >>


How about a quarter oz with a $500 face value. That would be a face value high enough above bullion to allow it to circulate.

FullStrike

<< <i>How about a quarter oz with a $500 face value. That would be a face value high enough above bullion to allow it to circulate. >>




I think Metal Detector Fans are with you on that one.

Don't think the US Gov will go along with that one though. Maybe a Silver-Clad Coin worth about $5 intrinsic.

au58

It will never happen.
And it is all about the money.
Think about it - No one who deals in large amounts of cash does so because it is convenient. Nearly all of those who deal in large amounts of cash do so for other reasons, and most of the reasons are not good.

Michigan

A $500 bill would certainly be handy at coin shows since most dealers like to deal in cash, a collector wouldn't have to pack their
wallet with a lot of $100 bills.

LanLord

<< <i>I can't see a $500 bill because of reasons already stated. However, a 5 oz $500 Gold Coin would be sort of cool. >>

That sounds more like it would be a $5000 coin not a 500. If I could get a 5oz gold coin for $500, I clean out my bank!

Conder101

<< <i> If I could get a 5oz gold coin for $500, I clean out my bank! >>


He never said you would GET it for $500. A 5 oz with a $500 face value would just be a bullion coin with a bullion value well above the face value. Just like todays 1 oz with a $50 face. My quarter oz with a $500 face value would be able to actually circulate as a coin until gold reached $2,000 an oz. and the government would earn a seniorage of about $380 for each coin issued at todays gold spot.

coinkat

yup

messydesk

<< <i>It would just be another bill that the Beaureau of Engraving would have to print, and end up costing the average American taxpayer money. >>

And since when does that have any bearing on whether or not a gummint agency should or shouldn't do smoething?

LanLord

<< <i>

<< <i> If I could get a 5oz gold coin for $500, I clean out my bank! >>

He never said you would GET it for $500. A 5 oz with a $500 face value would just be a bullion coin with a bullion value well above the face value. Just like todays 1 oz with a $50 face. My quarter oz with a $500 face value would be able to actually circulate as a coin until gold reached $2,000 an oz. and the government would earn a seniorage of about $380 for each coin issued at todays gold spot. >>

Silly me, I thought the thread was about circulating bills/coins not a bullion coin.

topstuf

<< <i>It would make it a lot easier to carry large somes of cash around. >>



The very reason it will never even be considered. Our repressive government does not wish to EASE transportation of wealth without records. If someone wanted to leave the country and take something with them, THEY want to make it as hard as possible.

We are now a government OF the people....not BY the people.

RBinTex

Of course, you can freely get as many $500 & $1,000 travelers checks as you want and (I think) THOSE are exempt from most reporting requirements when traveling.

michael

no

and they might even eliminate the 100 dollaR BILL