Wednesday 28 February 2018

It makes sense to expire paper notes after a certain time. All you have to do is deposit/exchange them at a bank.

It makes sense to expire paper notes after a certain time. All you have to do is deposit/exchange them at a bank.

What's the largest note you've had? I sold a car for $4500 back in the 80s. The purchaser brought large value bills, I think a couple of $1000s because it was cheaper than a certified cheque. I promptly took it to the bank because who wants to hold onto bills with so much value? Of course now it would be an EFT.
http://www.cbc.ca/amp/1.4554758
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9 comments:

  1. Brian Arbenz28 February 2018 at 08:11

    Hope this idea doesn’t spread across the border. I’d hate to give up all the $10,000 bills bulging my wallet on any given day.

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  2. Gene Chiu28 February 2018 at 10:21

    Bret Maverick would be very upset. He always has a thousand dollar bill pinned to his jacket in case of emergencies.

    ReplyDelete
  3. Gene Chiu28 February 2018 at 10:24

    I don't recall if I have ever seen a thousand dollar bill up close. I regularly see the hundreds. My uncle paid a restaurant bill with €500 bills before. The waiter was shocked and had to check with the manager.

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  4. Phil Stevens28 February 2018 at 11:21

    It gets framed as prevention of money laundering or drug dealing, but it goes a lot farther. I don't like it, as it represents a breach of privacy.

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  5. Cass Morrison28 February 2018 at 16:13

    The bills haven't been printed for almost 20 years so they are easier to counterfeit. Trade it at a bank and go crypto if you're concerned about traceability.

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  6. Phil Stevens28 February 2018 at 17:42

    But say I don't want a technological requirement. Paper currencies have functioned well for centuries and it's easier to just leverage that, especially if there's a power cut. NZ went all-in on electronic transactions over two decades ago (EFTPOS, which is awesome most of the time) but any time there is a disruption to networks, you should see the hassle it puts on the public and shop owners when they don't have cash handy for an everyday purchase.

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  7. Cass Morrison28 February 2018 at 21:12

    They are discontinuing the $1000 bill.

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  8. Brian Arbenz28 February 2018 at 21:19

    I hate when ya put a $1,000 bill in a soft drink machine and the change takes two hours to get all the way out!

    ReplyDelete
  9. Gene Chiu28 February 2018 at 21:40

    Brian Arbenz Try 2 days. I had to wait for the operator come and put enough change in the machine. :)

    ReplyDelete

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