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
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.
ReplyDeleteBret Maverick would be very upset. He always has a thousand dollar bill pinned to his jacket in case of emergencies.
ReplyDeleteI 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.
ReplyDeleteIt 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.
ReplyDeleteThe 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.
ReplyDeleteBut 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.
ReplyDeleteThey are discontinuing the $1000 bill.
ReplyDeleteI 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!
ReplyDeleteBrian Arbenz Try 2 days. I had to wait for the operator come and put enough change in the machine. :)
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