What Is The Reason We Dont End The $100 Bill?

[Carjosse]

i was using the phone bill as an example for perspective. i routinely have retail purchases which approach or exceed $100; groceries, clothes, etc. i could see rejecting a fifty or hundred dollar note in 1990 or so, but not in the current economy. the fact that some places won't take anything larger than a twenty is ridiculous.

Like I said it is a convenience thing for the business, 50s and 100s are essentially dead bills that must be deposited but smaller bills can be given as change. Why do you even pay in cash? Most people I know will pay for anything more than 40$ with a card, it is just so much easier. I very rarely pay for things in cash.

 

[Carjosse]

Are those the plastic bills that don't fold for crap in your pocket?

They fold fine for me, especially if you use this newfangled thing called a wallet.

 

[Helix]

Like I said it is a convenience thing for the business, 50s and 100s are essentially dead bills that must be deposited but smaller bills can be given as change. Why do you even pay in cash? Most people I know will pay for anything more than 40$ with a card, it is just so much easier. I very rarely pay for things in cash.

some asshole tried to drain my debit card this past winter. he or she had one of those devices where they stand behind you in line and scan it or something. it was a mess getting it cleared up, and now i'm skittish. i also ****ing hate credit cards, but i'm using that one more and paying it off in full every month. after that experience, cash feels better.

 

[Carjosse]

some asshole tried to drain my debit card this past winter. he or she had one of those devices where they stand behind you in line and scan it or something. it was a mess getting it cleared up, and now i'm skittish. i also ****ing hate credit cards, but i'm using that one more, and paying it off in full every month. after that experience, cash feels better.

That is one of the reasons I never carry my wallet in my back pocket but it also does not matter depending on the wallet you have.

 

[Helix]

That is one of the reasons I never carry my wallet in my back pocket but it also does not matter depending on the wallet you have.

they should just chip all of the cards, debit and credit. however, that costs the poor, mistreated banks money, and that's horrible or something.

 

[Carjosse]

they should just chip all of the cards, debit and credit. however, that costs the poor, mistreated banks money, and that's horrible or something.

The rest of the world has the chip, even Africa. That doe snot really change the issue, though because now our cards here all pretty much come with tap, where you can just tap your card on the machine to pay, but that is optional and more and more wallets nowadays are becoming RFID blocking.

 

[joG]

Who wants to live in a society like that?

If I go to buy a car private party, I don't want limits on how much I can pay for it.

You can pay as much as you want there. But you are not allowed to use cash.

 

[Hawkeye10]

Because people still use it.

Seriously, you could hardly come up with a worse explanation

I was not saying it is a bad reason.

 

[Helix]

The rest of the world has the chip, even Africa. That doe snot really change the issue, though because now our cards here all pretty much come with tap, where you can just tap your card on the machine to pay, but that is optional and more and more wallets nowadays are becoming RFID blocking.

i need to get one of those.

 

[Orly?]

I use loads of $100 bills..

 

[beerftw]

Counterfeiting would be the biggest reason to end it.

20 dollar bills are the most counterfeited, since everyone checks 50's and hundreds to see if they are fake. In afghanistan we had locals counterfeiting 1 dollar bills, because they were so small no one would ever check them, but we knew not to accept any money from them without checking it, we could go to the bazaar and buy a 5 dollar mp3 play with a 20, and get 15 fake ones as change.


In automotive, people sometimes pay with cash for large jobs. When someone pays for a 3000 dollar job in all 20's, we are more suspicious than with hundreds, either they are all fake, or a drug dealer, or not smart enough to ask for larger bills at the bank.

 

[Mason66]

I use loads of $100 bills..

But it makes poor people feel bad that they don't have any, so we must get rid of them.

 

[Crovax]

20 dollar bills are the most counterfeited, since everyone checks 50's and hundreds to see if they are fake. In afghanistan we had locals counterfeiting 1 dollar bills, because they were so small no one would ever check them, but we knew not to accept any money from them without checking it, we could go to the bazaar and buy a 5 dollar mp3 play with a 20, and get 15 fake ones as change.


In automotive, people sometimes pay with cash for large jobs. When someone pays for a 3000 dollar job in all 20's, we are more suspicious than with hundreds, either they are all fake, or a drug dealer, or not smart enough to ask for larger bills at the bank.

My store always checks 20s as well

 

[LowDown]

I think it is because the CIA needs it to spread around the globe in their covert operations.

Anyone have a better explanation?

On a more practical take to the matter, why do we still have one dollar bills? We should go to $1 and $5 coins and get rid of the penny and the nickel. Even then there's nothing much the smallest denomination of money would buy.

A penny in 1960 had the same worth as a dime does today, give or take.

 

[Hawkeye10]

On a more practical take to the matter, why do we still have one dollar bills? We should go to $1 and $5 coins and get rid of the penny and the nickel. Even then there's nothing much the smallest denomination of money would buy.

A penny in 1960 had the same worth as a dime does today, give or take.

Now, former Secretary of the Treasury Lawrence H. Summers has called for the $100 bill’s execution, just as the Financial Times reported that the European Central Bank is planning on killing another big bill overseas, the €500.

In an op-ed for the Washington Post, Summers cites a new study from Harvard’s Kennedy school by banker Peter Sands—he’s President Emeritus of Harvard—that made a strong case for the elimination of the £50, the €500, the Swiss CHF 1,000, as well as the $100 because large currency notes such as these are the “preferred payment mechanism of those pursuing illicit activities, given the anonymity and lack of transaction record they offer, and the relative ease with which they can be transported and moved.”

Why the $100 Bill and the 500 Euro Note May Be Phased Out

THe government thought about it, decided to keep the $100 bill, and I wonder why.

 

[Socrates1]

I think it is because the CIA needs it to spread around the globe in their covert operations.

Anyone have a better explanation?

Yep , how about once the $15 an hour wage takes effect and those with SKILLS get their $50 an hour wage , then a loaf of bread costs $30 and a gallon of milk hits $25 and that basket of groceries costs $2500 , who the hell wants to count all the dam money in ten's and twenties ??? :lamo

 

[fmw]

I think it is because the CIA needs it to spread around the globe in their covert operations.

Anyone have a better explanation?

Government power and control, just like everything else the government does.