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NWOrientDC10
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Money Topic:

Sat Mar 15, 2008 1:16 am

I've often wondered why larger denomination US FRN (Federal Reserve Notes) were discontinued. The US Treasury Dept. discontinued $500, $1000, $5000, and $10,000 denominations in 1969 according to it's web site.

http://www.moneyfactory.gov/section.cfm/5/42

Here are photos of $500 and $1000 notes:





The ironic thing here is this; higher denomination notes were discontinued yet the value of the dollar is steadily decreasing over time. This means that larger denomination notes may be useful today.

US paper money, for the last seventy - five years or so, is 14mm x 6mm in size. Previous to that, US currency was physically larger.

I'd like the non-US contingent to contribute to this topic if possible. What are the anomolies of your money? What is the size of it? The US currency system has a bit of an anomoly; the two dollar bill. As for the size of paper money, here's an on - line ruler which can be used to measure paper money:

http://iruler.net/

Simply measure your currency with the ruler and post the size.

This is all for now, more later.

Good Day  Smile

Russell
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NeilYYZ
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RE: Money Topic:

Sat Mar 15, 2008 1:27 am

I like US Money. Although I was in Buffalo the other week and found out that y'all suddenly got $1 coins, who do you think you are? Canada? I always loved the fact that there were $1 bills in the US, I hate all the change we have to lug around up here in Canada. I've heard rumblings that Canada might get a $5 dollar coin too, in which case I'll leave the country  Wink

I think that Canada's money kind of looks like Monopoly money, all different colours and such. My feelings on the coins are evident from the paragraph above. I'd also like to take the Queen off our coins but that's another discussion all together. As for the size of our bills, they're slightly larger than US bills, but they still fit nicely in a wallet.

And I know I sure wouldn't want a bill over $100 just because losing it would be brutal.
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vikkyvik
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RE: Money Topic:

Sat Mar 15, 2008 2:18 am



Quoting NeilYYZ (Reply 1):
Although I was in Buffalo the other week and found out that y'all suddenly got $1 coins, who do you think you are? Canada?

Although they did introduce dollar coins, I haven't seen anyone actually using them.

I know you get them as change when you buy subway passes in Boston....sort of a pain in the ass to be carrying around dollar coins. Makes for a heavy wallet.
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Cadet57
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RE: Money Topic:

Sat Mar 15, 2008 2:21 am

Quoting Vikkyvik (Reply 2):
I know you get them as change when you buy subway passes in Boston....sort of a pain in the ass to be carrying around dollar coins. Makes for a heavy wallet.

I bought a day T-pass last winter, paid with a 20.. got 9 dollar coins back.. fun times......

[Edited 2008-03-14 19:22:16]
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AsstChiefMark
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RE: Money Topic:

Sat Mar 15, 2008 2:28 am



Quoting NWOrientDC10 (Thread starter):
I've often wondered why larger denomination US FRN (Federal Reserve Notes) were discontinued.

Large transactions no longer needed legal tender (cash) to pay for purchases. With the advent of credit cards and moneygrams, the large denomination notes were considered more of a hindrance than they were worth. Not only that, they were frequently counterfeited.



BTW, have you every seen a $100,000 note? They were used to transfer funds between Federal Reserve Banks. Remember, electronic transfers hadn't been invented yet  Silly

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copaair737
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RE: Money Topic:

Sat Mar 15, 2008 2:30 am

I have a $1000 and a few $500 dollar bills.
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NeilYYZ
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RE: Money Topic:

Sat Mar 15, 2008 2:37 am



Quoting Vikkyvik (Reply 2):

Although they did introduce dollar coins, I haven't seen anyone actually using them.

I threw a 20 into that light rail system in Buffalo and I don't know what I was expecting to happen (I was pretty sauced), but I wound up with 18 of those dollar coins. I then used them for a few beers at the HSBC Center.
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AsstChiefMark
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RE: Money Topic:

Sat Mar 15, 2008 2:41 am



Quoting NeilYYZ (Reply 6):
I wound up with 18 of those dollar coins. I then used them for a few beers at the HSBC Center.

Good. That's what you're supposed to do with them. You know how many people just bitch about them and carry them around, finally throwing them in a drawer at home. People seem to forget that they're for spending.
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NWOrientDC10
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RE: Money Topic:

Sat Mar 15, 2008 6:49 pm



Quoting AsstChiefMark (Reply 4):
BTW, have you every seen a $100,000 note? They were used to transfer funds between Federal Reserve Banks. Remember, electronic transfers hadn't been invented yet

This is true. According to this website:

http://www.highdenomination.com/Gold_Details.asp?id=904

only 42,000 of the $100,000 gold certificates were produced during 1934-1935. Also, only a few still exist as most were destroyed. The note pictured in the website is at the Federal Reserve Bank of San Fransisco. The Bureau of Printing and engraving also displays $100,000 gold certificates during "open house" -like displays. All of the $100,000 notes are accounted for and none are privately owned. It is also not legal to own one. Also, as you said, these gold certificates were used to transfer funds between Federal Reserve Banks. They were not issued to the general public.

Quoting Copaair737 (Reply 5):
I have a $1000 and a few $500 dollar bills.

US Reserve Notes? Actual bills or replicas?

Quoting NeilYYZ (Reply 1):
As for the size of our bills, they're slightly larger than US bills

The size of Canadian currency is 152.4 mm x 69.85 mm; 6.0 in x 2.75 in. according to the Bank of Canada.

http://www.bank-banque-canada.ca/en/banknotes/facts.html

You can measure the currency yourself by using this online ruler:

http://iruler.net/

US Currency is 5.5 in by 2.25 in.; 13.8 cm by 5.9 cm.

As for counterfeiting, apparently, it's illegal to reproduce Canadian notes;

http://www.bank-banque-canada.ca/en/banknotes/legislation/repro.html

I've purchased some replica $500, $1,000, $5,000, 10,000, and $100,000 notes on ebay. These notes have the word "copy" written on them in red letters which make the notes in compliance with US laws.

One can also purchase actual large denomination US notes here:

http://www.thecurrencyhouse.com/

and here:

http://www.highdenomination.com/index.asp

Quoting NWOrientDC10 (Thread starter):
US paper money, for the last seventy - five years or so, is 14mm x 6mm in size.

I should have written "approximately 14 cm x 6 cm in size" not mm  embarrassed 

More later, Good Day  Smile

Russell
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copaair737
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RE: Money Topic:

Sat Mar 15, 2008 6:50 pm



Quoting NWOrientDC10 (Reply 8):
US Reserve Notes? Actual bills or replicas

Actual bills from 1929.
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copaair737
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RE: Money Topic:

Sat Mar 15, 2008 6:51 pm

And yes, they are US Reserve notes.
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NWOrientDC10
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RE: Money Topic:

Sat Mar 15, 2008 9:03 pm



Quoting Copaair737 (Reply 9):
Actual bills from 1929.



Quoting Copaair737 (Reply 10):
And yes, they are US Reserve notes.

That's neat! I have some replica notes but they're not the real thing. The notes you have are still legal tender and can be used for transactions but it would be better to sell them to a buyer if you are ever in a desperate situation and need to use your notes. I'm sure you already know this.

Just out of curiosity, how did you obtain them? Were the notes an inheritance or did you purchase them from a seller?

Good Day  Smile

Russell
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NeilYYZ
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RE: Money Topic:

Sat Mar 15, 2008 9:10 pm



Quoting AsstChiefMark (Reply 7):

Good. That's what you're supposed to do with them. You know how many people just bitch about them and carry them around, finally throwing them in a drawer at home. People seem to forget that they're for spending.

Oh Canadians know how to offload coins. Loonies and Toonies and potentially a 5 dollar coin, which I hate to think of what they'll name it, I can get rid of coin in a second.
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Pyrex
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RE: Money Topic:

Sat Mar 15, 2008 10:56 pm



Quoting NeilYYZ (Reply 1):
I like US Money. Although I was in Buffalo the other week and found out that y'all suddenly got $1 coins, who do you think you are?

It is true but no-one around here seems to have ever seen one. You should see the looks I get from retail employees when I try to use one to buy something. I mean, if being a cashier is your job then I suppose the least you could do is know what money looks like...

I am glad they have those now but unfortunately they are still very rare, not nearly in enough circulation. It still confuses me how the largest coin in widespread circulation is worth less than 20 euro cents (which means us euros have four coins alone worth more than that) but my biggest gripes about US currency are:

1) $1-dollar bill. Why the hell does this still exist? It seems they make them out of the cheapest of papers imaginable because of the low face value and so half of the bills that end up in my wallet are so destroyed there is no way they will ever be accepted by a vending machine, I end up having to pay everything in quarters.
2) 5-cent coins. Why do they have to make them so similar to the quarter? It only delays the whole process when trying to pay for something in cash. And who was the freaking genius who decided to make the 5-cent larger than the 10-cent?
3) Pennies - there are just too many of those. Granted the fault of this whole mess is that most stores try to ocult the true cost of products by not including sales tax, leading to a lot of stupid roundings when it is time to pay.

Quoting Vikkyvik (Reply 2):
I know you get them as change when you buy subway passes in Boston....

Ah, so that is why I have seen people pay me the money they owe me in big chunks of those coins...
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Mortyman
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RE: Money Topic:

Sat Mar 15, 2008 11:09 pm

I have some really big 1 $ coins from 1972 - 1976.

Where they ever used and if so, are they still acceptable payment ?
 
AsstChiefMark
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RE: Money Topic:

Sat Mar 15, 2008 11:20 pm



Quoting Mortyman (Reply 14):
Where they ever used and if so, are they still acceptable payment ?

They ended up being used in Las Vegas, where ten of thousands slot machines and gaming tables gladly accepted them. The casinos no longer needed to manufacture their own $1 tokens.

Like all obsolete US money, they are still worth their face value. However, so many people are used to the new dollar coins, I'll bet your typical 20 year old store clerk would have no idea what they are.
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Mortyman
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RE: Money Topic:

Sat Mar 15, 2008 11:21 pm

The US Dollar bills seem very simple and easy to counterfeat ... Do they include any security measures at all ?


Just wondering, here in Norway, our bills have been uppgraded several times over the years. In the last few years, they have gotten magnetic strips, holograms and other security measures that has not been revealed apparently...
 
NeilYYZ
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RE: Money Topic:

Sat Mar 15, 2008 11:21 pm



Quoting Pyrex (Reply 13):

1) $1-dollar bill. Why the hell does this still exist? It seems they make them out of the cheapest of papers imaginable because of the low face value and so half of the bills that end up in my wallet are so destroyed there is no way they will ever be accepted by a vending machine, I end up having to pay everything in quarters.

I guess it's a grass is always greener on the other side situation. I'd kill for a 1 dollar bill because I despise coin, although you do have a point with the vending machines, they do seem to have a problem with bills.

Quoting Pyrex (Reply 13):
2) 5-cent coins. Why do they have to make them so similar to the quarter? It only delays the whole process when trying to pay for something in cash. And who was the freaking genius who decided to make the 5-cent larger than the 10-cent?

It's like that up here too. No idea why though.
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AsstChiefMark
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RE: Money Topic:

Sat Mar 15, 2008 11:44 pm



Quoting Pyrex (Reply 13):
And who was the freaking genius who decided to make the 5-cent larger than the 10-cent?

I've been a coin collector since 1969.

Since 1866, 5-cent coins have been 75% copper and 25% nickel. Pre-1965 dimes, quarters, half dollars and silver dollars used to be 90% silver and 10% copper.

Before 1965, the metal value of two 5-cent coins equaled the metal value of one dime. The metal value of five dimes equaled that of a half dollar. The metal value of four quarters equaled that of a silver dollar. And so on. See the pattern?

Now that dimes, quarters, and half dollars are mostly copper, their sizes remain the same due to tradition more than anything else.

In 1979, the dollar coin was downsized to what it is today because people refused to carry around the heavy, old 39 mm dollars.
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copaair737
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RE: Money Topic:

Sun Mar 16, 2008 1:23 am



Quoting NWOrientDC10 (Reply 11):
Just out of curiosity, how did you obtain them? Were the notes an inheritance or did you purchase them from a seller?

I got them in an inheritance.
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Derico
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RE: Money Topic:

Sun Mar 16, 2008 1:26 am



Quoting NWOrientDC10 (Thread starter):



The way the US currency is going, they might soon have to bring it back  Wink
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Pyrex
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RE: Money Topic:

Sun Mar 16, 2008 2:18 am



Quoting AsstChiefMark (Reply 18):

Thanks a lot for the explanation. Still is a pain in the ass, though.
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AsstChiefMark
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RE: Money Topic:

Sun Mar 16, 2008 10:48 pm

You should see the new pennies coming out next year. It's to commemorative the 200th anniversary of Lincoln's birth. The mint is going to have four different designs circulating around in 2009. Once 2009 is done, a new permanent design will be instituted for 2010. The Lincoln penny that has been around for the past 100 years will finally be changed.

http://www.pennies.org/index.php?opt..._content&task=view&id=65&Itemid=57
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