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The European Central Bank will really kill off the 500 Euro note

Obviously the ECB will really do it: Stop to issue the 500 Euro bill and withdraw this denomination from circulation.
It seems that it's not the question IF they will do it, only HOW and WHEN?

Comments

  • AndresAndres Posts: 977 ✭✭✭
    If the ECB wants to do it overnight, that will hurt the confidence in the Euro big time.

    Probably 500 euro notes will be exchanged for Swiss 1000 Franc notes (value 900 euro) and the Swiss are thinking about a new 5000 franc note

    Singapore dollar notes are perhaps a good canditate too, although the 10.000 dollar notes (value 6500 euro ! ) are no longer issued, they are and will be indefnitly
    legal tender. A Singapore 1000 dollar note is worth 650 euro.
    collector of Greek banknotes - most beautifull world banknotes - Greek & Roman ancient coins.
  • AndresAndres Posts: 977 ✭✭✭
    Here are some pics:

    image
    collector of Greek banknotes - most beautifull world banknotes - Greek & Roman ancient coins.
  • sellitstoresellitstore Posts: 2,420 ✭✭✭✭✭
    Will demand for Swiss and Singapore high denomination notes increase the demand and thus the value of their currencies (not individual collectors notes but the exchange rate value)?
    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
  • AndresAndres Posts: 977 ✭✭✭
    It will certainly strenghten these currencies, total value of issued 500 euro notes is 300 billion euro , and since these notes are mainly horded in safe deposit boxes, its good business for the issueing country (zero interest image )
    image
    collector of Greek banknotes - most beautifull world banknotes - Greek & Roman ancient coins.
  • I hope they will not do it like in Russia at the 90-s:
    One day the government declared that the 100 and 50 rubles notes are not a legal tender anymore, and every person can exchange a very limited amount of those notes in 3 days.
    Looking for:

    1. Any The Zanzibar Government note in any condition.
  • SaorAlbaSaorAlba Posts: 7,466 ✭✭✭✭✭
    Originally posted by: Alex1176

    I hope they will not do it like in Russia at the 90-s:

    One day the government declared that the 100 and 50 rubles notes are not a legal tender anymore, and every person can exchange a very limited amount of those notes in 3 days.





    Russia had a history of doing that very thing in 1990, 1961, 1947, 1938. Basically the State Bank determined there was too much currency in circulation vs. what was known to be deposited, figured people were hoarding money(they were) and did confiscations and redenominations of the ruble.



    In 1991 the State Bank printed up new 1991 dated 50 and 100 ruble notes and I was one of the first people in the Far East to get them when they arrived from Moscow. Nobody there had seen them yet and they were quite a curiousity when you could find something to buy with them.

    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016 and Shadow 3.4.2015 - 16.4.21
  • Originally posted by: SaorAlba
    Originally posted by: Alex1176
    I hope they will not do it like in Russia at the 90-s:
    One day the government declared that the 100 and 50 rubles notes are not a legal tender anymore, and every person can exchange a very limited amount of those notes in 3 days.


    Russia had a history of doing that very thing in 1990, 1961, 1947, 1938. Basically the State Bank determined there was too much currency in circulation vs. what was known to be deposited, figured people were hoarding money(they were) and did confiscations and redenominations of the ruble.

    In 1991 the State Bank printed up new 1991 dated 50 and 100 ruble notes and I was one of the first people in the Far East to get them when they arrived from Moscow. Nobody there had seen them yet and they were quite a curiousity when you could find something to buy with them.

    When my relatives (two brothers) saw it in the news at 9 pm, they took all of their 50 and 100 notes and went to the post office where they sent it to each other. And after a day, they got it with new notes. In Russia you need to be smart.
    Looking for:

    1. Any The Zanzibar Government note in any condition.
  • SaorAlbaSaorAlba Posts: 7,466 ✭✭✭✭✭
    Originally posted by: Alex1176



    When my relatives (two brothers) saw it in the news at 9 pm, they took all of their 50 and 100 notes and went to the post office where they sent it to each other. And after a day, they got it with new notes. In Russia you need to be smart.





    I've always admired the survival skills of people in the former USSR. My family there and friends have been wiped out financially several times in the past quarter century but managed to get by - even having wages paid years later.

    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016 and Shadow 3.4.2015 - 16.4.21
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