When did the Treasury seriously consider getting rid of $50 and $100 bills?

CaptHenway

About 10-15 years ago the Treasury was seriously considering getting rid of the $50 and the $100 to make drug smuggling harder. Does anybody know what year that was in? I remember there was a lot of talk about how this might affect the precious metals markets.

Thanks.

Martin

Now they have bit coin

Martin

PerryHall

A few months ago I was reading that the EU was thinking about getting rid of the 500 Euro note.

jmski52

There has been a lot of chatter about eliminating the $50s and $100s, since about the time that they wanted to require 1099s to be issued on any purchases over $600. This has been going on for about 5 years or so, maybe even longer as you suggest. Since that time, there have been analyses of the amount of cash in circulation, by denomination. The trend towards less and less circulating cash (of which $50s and $100s constitute a large portion) is still in place as far as I know.

I just had a devil of a time getting a cash refund on a $100 gift card at Home Depot (for which I paid cash and then changed my mind) on the same day of the purchase. If the computer networks go down for a significant number of our systems in this country, there will be complete havoc.

WildIdea

As much as things cost today, I'd think they'd be talking about bringing back 1000!

ricko

I recall the discussion... I also recall there were a lot of negatives, not the least of which was the tremendous volume of lesser notes that would need to be printed. Cheers, RickO

sellitstore

The trend towards less and less circulating cash (of which $50s and $100s constitute a large portion) is still in place as far as I know.

Actually US cash in circulation has increased from $1.2 trillion in July 2013 to $1,59 trillion on Nov 15, 2017, according to the US treasury.

BAJJERFAN

I don't think a $50 spot would buy a carton of smokes around here anymore.

Maybe start paying for stuff with ones and fives.

Coulport

@BAJJERFAN said:
I don't think a $50 spot would buy a carton of smokes around here anymore.

Maybe start paying for stuff with ones and fives.

There ya go. Create sealed bundles of 50 notes.

cohodk

@Coulport said:

@BAJJERFAN said:
I don't think a $50 spot would buy a carton of smokes around here anymore.

Maybe start paying for stuff with ones and fives.

There ya go. Create sealed bundles of 50 notes.

Whoohoo... "First Bundled" MS70

PerryHall

@Coulport said:

@BAJJERFAN said:
I don't think a $50 spot would buy a carton of smokes around here anymore.

Maybe start paying for stuff with ones and fives.

There ya go. Create sealed bundles of 50 notes.

I'd be concerned that sealed bundles of notes would be a great opportunity to commit fraud.

BAJJERFAN

@Coulport said:

@BAJJERFAN said:
I don't think a $50 spot would buy a carton of smokes around here anymore.

Maybe start paying for stuff with ones and fives.

There ya go. Create sealed bundles of 50 notes.

That would defeat the purpose. The idea is to make using $1 bills a PITA for large purchases so that you have merchants clamoring to keep the larger notes. Go to a coin show and buy a $2700 coin and pay with $5 bills.

BAJJERFAN

Or better yet, pay with $2 bills.