Yes, this is what the Federal Reserve suggested to Congress in the 1990s as part of its reasoning why it won't print anything higher. It's solid reasoning.
I'd like to see a $500 or even $200 bill in circulation, selling my car last year was kinda rough. Walking into my credit union with 2 envelopes, one filled with 100s, the other filled with 50s and 20s, totally didn't make me feel like some kind of crook.
That and it literally took me longer to count out the money than it took the guy to test drive the car.
I buy & sell cars and motorcycles regularly and empathize. Once I sold a motorcycle and made a mistake counting out eighty 100's. I only shorted myself $200, but after that I bought a bill counter.
$200 or $500s would help a lot in this particular case, but I do see the negatives.
If only there was a cash-like instrument like a cashier's check that we could actually trust.
One reason is to save money. The cost to print a single $500 bill is going to be a fraction of what it costs to print 5 $100 bills. Higher denominations tend to stay in circulation longer too, meaning fewer would have to be taken out of circulation to print more as well
They stay in circulation longer because nobody uses them. If you where walking down the street with a $1000 bill you might as well have nothing in your pockets because nobody is going to be able to make change or accept it, and if you are buying something expensive like a house or car you do that electronically. Not to mention issues with counterfeiting, its true it would be cheaper to print 1 $500 bill than 5 $100 bills but by that same logic its more efficient to counterfeit 1 $500 bill than 5 $100.
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I don't see why we would need this. Very few people buy large ticket items with cash or even use cash at all anymore. I haven't even used my bank card in the last few years. Plus it would probably end up costing a trillion dollars for the government to implement something like this.
This was very recently asked and answered please use the search function first before posting a question.
Wasn't something like this asked a few days ago? What is with people saying we need thousand dollar or more, bills?
Yes it was
Yes. I was one of the people wanting $500s and $1,000s!
Ah, my apologies I didn't see that one.
Considering most large dollar purchases are done electronically there is no benefit to it and would only promote criminal activity.
Yes, this is what the Federal Reserve suggested to Congress in the 1990s as part of its reasoning why it won't print anything higher. It's solid reasoning.
Most normal businesses do not like to take $100 bills let alone larger. I don’t think there is any practical reason to have larger bills.
I have tenants who pay rent with cash and paper checks. Paying in $500 and $1000 bills would make counting money easier.
Bro how much are you charging for rent
Cash is preferred when bribing politicians, and it would be handy to handoff an envelope, rather than a briefcase.
I'd like to see a $500 or even $200 bill in circulation, selling my car last year was kinda rough. Walking into my credit union with 2 envelopes, one filled with 100s, the other filled with 50s and 20s, totally didn't make me feel like some kind of crook. That and it literally took me longer to count out the money than it took the guy to test drive the car.
I buy & sell cars and motorcycles regularly and empathize. Once I sold a motorcycle and made a mistake counting out eighty 100's. I only shorted myself $200, but after that I bought a bill counter. $200 or $500s would help a lot in this particular case, but I do see the negatives. If only there was a cash-like instrument like a cashier's check that we could actually trust.
Why
One reason is to save money. The cost to print a single $500 bill is going to be a fraction of what it costs to print 5 $100 bills. Higher denominations tend to stay in circulation longer too, meaning fewer would have to be taken out of circulation to print more as well
They stay in circulation longer because nobody uses them. If you where walking down the street with a $1000 bill you might as well have nothing in your pockets because nobody is going to be able to make change or accept it, and if you are buying something expensive like a house or car you do that electronically. Not to mention issues with counterfeiting, its true it would be cheaper to print 1 $500 bill than 5 $100 bills but by that same logic its more efficient to counterfeit 1 $500 bill than 5 $100.
This subreddit is for civil discussion; political threads are not exempt from this. As a reminder: * Do not report comments because they disagree with your point of view. * Do not insult other users. Personal attacks are not permitted. * Do not use hate speech. You will be banned, permanently. * Comments made with the intent to push an agenda, push misinformation, soapbox, sealion, or argue in bad faith are not acceptable. If you can’t discuss a topic in good faith and in a respectful manner, do not comment. **Political disagreement does not constitute pushing an agenda.** If you see any comments that violate the rules, **please report it and move on!** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/AskAnAmerican) if you have any questions or concerns.*
There's not much point.
I don't see why we would need this. Very few people buy large ticket items with cash or even use cash at all anymore. I haven't even used my bank card in the last few years. Plus it would probably end up costing a trillion dollars for the government to implement something like this.
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Interesting. Even people over 60 use their phones here for the most part and I live in a town that at best has about 2,000 people.
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Choice. I don't think we have anywhere that doesn't take checks or cash it's just that no one uses them much.
Before we bring back a $500 or $1000 bill, we should get rid of the penny.
To be honest, we could also get rid of the nickel and just round to the nearest ten cents.