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A chance for new $500 and possibly $200 Federal Reserve Notes?



 
 
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  #11  
Old July 26th 09, 05:16 PM posted to rec.collecting.coins
PC[_7_]
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Posts: 855
Default A chance for new $500 and possibly $200 Federal Reserve Notes?


"Jerry Dennis" wrote in message
...


Hey. Here's a thought. Let's encourage large bills in order to use
the paper we'll save by NOT printing $1 bills. That'll encourage
using $1 coins and save money... Wait, never mind, that wouldn't
contribute to the Obama "drive America into bankruptcy" plan.


I think our last POTUS had a better plan for doing that - clearly he was
much more effective.

Ads
  #12  
Old July 26th 09, 05:17 PM posted to rec.collecting.coins
PC[_7_]
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Posts: 855
Default A chance for new $500 and possibly $200 Federal Reserve Notes?


"Thomas A." wrote in message
m...


Would you actually walk down the street with a $1000 or $500 bill in your
pocket? And feel safe about it?


Considering I have never been mugged even though it has been attempted
twice - yeah.


  #13  
Old July 26th 09, 05:19 PM posted to rec.collecting.coins
PC[_7_]
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Posts: 855
Default A chance for new $500 and possibly $200 Federal Reserve Notes?


"Thomas A." wrote in message
...

a) $23.14 and a plastic comb
b) A wallet with a plastic credit card that you can neuter with your cell
phone as soon as the robbery is over.
c) a $1000, two $500 and one $200 bills.


Doesn't matter when the idiot is crawling away with a knife in the side of
his head.

  #14  
Old July 26th 09, 05:49 PM posted to rec.collecting.coins
Jon Purkey
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Posts: 907
Default A chance for new $500 and possibly $200 Federal Reserve Notes?

On Sat, 25 Jul 2009 17:14:19 -0700, "Thomas A."
wrote:

You're walking down the street and get mugged. Would you rather have on you

a) $23.14 and a plastic comb
b) A wallet with a plastic credit card that you can neuter with your cell
phone as soon as the robbery is over.
c) a $1000, two $500 and one $200 bills.


Not to mention having to explain to the cops why you had that much
cash on you. They would probably become more interested in why you had
that much cash rather than the fact you were just robbed.

  #15  
Old July 26th 09, 07:22 PM posted to rec.collecting.coins
note.boy
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Posts: 2,418
Default A chance for new $500 and possibly $200 Federal Reserve Notes?


"Thomas A." wrote in message
m...
Drago the Wolf wrote:
Here we go again. How I love annoying some of you guys with this
issue, however, those who are serious with me, I'd like to talk $200
and $500 bills with you.

Okay, the Obama Administration and Treasury are printing more and more
$100 bills, as time goes by, the demand gets higher, so, does anyone
here think that, maybe after they print a large amount of the
colorized NexGen $100 bills, that, maybe they will consider printing
at least $500 bills again, if not $200 bills?

I wrote my Congressmen on issuing new $200, $500, and $1,000 bills
again, just because of the fact of the demand for $100 bills steadily
rising.

So, I know we've been though this talk before, but, with the
increasing demand for $100 bills overseas, where there are 200 and 500
Euro notes, does anyone here think that maybe, in around 2011 or so,
we may get a $500 bill back into circulation? As I said, if they are
cranking out larger and larger ammounts of $100 bills, a $500 bill
would seem more practical, cost effective, and easier to keep up with
the demand for U.S. currency.

I also did write a letter to President Obama about issuing new $200,
$500, and $1,000 bills, not only to keep up with the demands for U.S.
currency overseas, but also to help with inflation for those (like me)
who prefer to use paper over plastic. I will post the reply here when
I get it, as I always do.

Oh, and I don't care if they put my name in the "This guy is a nutcase
file" and my letters in the "circular file" as some of you may call
it.

Tom


Would you actually walk down the street with a $1000 or $500 bill in your
pocket? And feel safe about it?

This is why banks invented personal checks, oh so many years ago. People
do not like walking around with large amounts of cash on them.


In Scotland we have had £50 and £100 notes for many years but they are
seldom seen in circulation as many shops will not accept them for fear of
forged notes which is odd as the £20 note is by far the most commonly
forged. Billy


  #16  
Old July 30th 09, 07:26 AM posted to rec.collecting.coins
rwalker
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Posts: 24
Default A chance for new $500 and possibly $200 Federal Reserve Notes?

On Sat, 25 Jul 2009 00:59:53 -0700 (PDT), Drago the Wolf
wrote:

Here we go again. How I love annoying some of you guys with this
issue, however, those who are serious with me, I'd like to talk $200
and $500 bills with you.

snip

Well, as I said on rec.collecting.paper-money when you asked this over
the

snip

from my perspective, it seems that for transactions over $100,
most people these days use debit cards or electronic transfers, so I'm
not sure the demand is really there for 200 and 500 dollar bills.
Personally I can't even remember the last time I used a hundred or a
fifty. I know it's been years though.
  #17  
Old July 31st 09, 01:06 PM posted to rec.collecting.coins
Mike Marotta
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Posts: 442
Default A chance for new $500 and possibly $200 Federal Reserve Notes?

On Jul 25, 7:33*pm, "Bruce Remick" wrote:
I seldom get to shows but I would think that any dealer who offers high
priced merchandise would be equipped to accommodate credit cards and perhaps
personal checks ...
If a dealer wouldn't take my
plastic or my check and ID for a $500+ purchase, that would be his loss.


Bruce, you surprise me. I would have thought that an old guy like you
would be a regular at shows.

To take the last point first, "his loss" is what the dealer hopes to
avoid. Personal recommendations count. If you know someone --
another dealer; a club officer -- known to the dealer, who can vouch
for you, that will make your check (draft) good with the dealer. If
you are a regular at shows, you get known. As a local club officer,
etc., you get known, also. Capitalism depends on trust and
commercial discourse. The dealer does not need to sell to you and he
certainly does not need to take a loss.

As for credit cards, they are rare. We do have wireless machines now
and other machines will store the transactions for download later.
But can you imagine wiring a hall for 300 phone lines for three
days?

Plus, credit cards come with fees for the merchant, typically 3%,
sometimes more. Plus, credit card fraud is rampant and has been for
ages.

About 10 years ago, I worked a couple of space shuttle launches for
NASA Exchange, the retail arm of the space agency. We took vans of
collectibles and memorabilia out to launch viewing sites. Away from
the base, credit cards were not an option: cash and checks only.

That said, I have worked security for smaller conventions, not
numismatic, held in a newly-built suburban convention mall. For
motorcycles shows, pet shows, home and garden, it was not a problem
for their contractors to run a dozen phone lines as the place was
wired when it was built about five years ago.

Mike M.
Michael E. Marotta
"Creditworthy and credible"
  #18  
Old July 31st 09, 02:17 PM posted to rec.collecting.coins
Bruce Remick
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Posts: 3,391
Default A chance for new $500 and possibly $200 Federal Reserve Notes?


"Mike Marotta" wrote in message
...
On Jul 25, 7:33 pm, "Bruce Remick" wrote:
I seldom get to shows but I would think that any dealer who offers high
priced merchandise would be equipped to accommodate credit cards and
perhaps
personal checks ...
If a dealer wouldn't take my
plastic or my check and ID for a $500+ purchase, that would be his loss.


Bruce, you surprise me. I would have thought that an old guy like you
would be a regular at shows.


You must not be "old" yet. I have grown to dislike crowds and the last coin
shows I attended were occasional events in Vienna, VA. These were and still
are quite popular and as such they had several rows deep in the narrow
aisles at most of the tables. It became a challenge just to get close
enough to scan the wares from five feet away, let alone expect any personal
attention from the dealer behind the table. Good for the dealers, but a
hassle for guys like me. I look back fondly on the days when I sat at a
cracked glass counter in a dusty old coin shop looking through binders for
old coppers or interesting foreign coins.

To take the last point first, "his loss" is what the dealer hopes to

avoid. Personal recommendations count. If you know someone --
another dealer; a club officer -- known to the dealer, who can vouch
for you, that will make your check (draft) good with the dealer. If
you are a regular at shows, you get known. As a local club officer,
etc., you get known, also. Capitalism depends on trust and
commercial discourse. The dealer does not need to sell to you and he
certainly does not need to take a loss.


As an infrequent customer, I guess my check wouldn't have been welcome,
unless my local residence made a difference. I presumed that the dealer
WOULD be encouraged to sell to strangers like me in order to feed his
family. By not accepting my check, he might feel secure but still would be
out a potential $500 in sales. Neither party loses, but both missed
opportunities.

As for credit cards, they are rare. We do have wireless machines now

and other machines will store the transactions for download later.
But can you imagine wiring a hall for 300 phone lines for three
days?


Plus, credit cards come with fees for the merchant, typically 3%,

sometimes more. Plus, credit card fraud is rampant and has been for
ages.


Credit card companies have charged these fees for decades. Merchants must
find that accepting cards increases business, or else the credit companies
would have fizzled years ago. One question might be, would the dealer feel
more comfortable accepting a stranger's $500 bill (proposed by the OP) or
his credit card?



  #19  
Old August 2nd 09, 01:45 PM posted to rec.collecting.coins
Mike Marotta
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Posts: 442
Default A chance for new $500 and possibly $200 Federal Reserve Notes?

On Jul 25, 3:59 am, Drago the Wolf wrote:
Here we go again. How I love annoying some of you guys with this
issue, however, those who are serious with me, I'd like to talk $200
and $500 bills with you.


I read this over the past week and I considered it and I have to
conclude that this is not going to happen, even if it were a good
idea, which it is not.

First, only about 8% of the economy is in cash.

The government disfavors large denomination bills to discourage so-
called "money laundering."

$100 bills are convenient enough as it is. Yesterday, after breakfast
at a restaurant, my wife paid with her credit card -- point noted --
and I tipped the waitress with five $1 bills. That indicates that
five $100s would have been just as convenient. The monetary base is
not (yet) so inflated as to make that a daily necessity.

4) It may happen that we will see $100 coins and $500 coins... in
about a generation, perhaps, within a century, perhaps ... unless
something totally different and unexpected happens ...

Your complaint against credit card fraud is certainly valid. Not
having the cards at all would make that impossible, of course, just as
mail fraud depends on mails and auto theft on automobiles. I imagined
Androcles the Archaic Achaean complaining about a gold-plated lead
slug, saying that in his father's time, you could not be cheated with
a fake cow and that only cows should be money, as in the olden times.
My wife suffered the same problem as your parents a few years back,
when, after renting a car, someone took her receipt off the counter
and spent her money in Canada. So, I understand and appreciate your
parents' misfortune, but you will not make plastic money go away. If
anything, we are going to continue to see more and different kinds of
virtual moneys.

Mike M.
Michael E. Marotta
"Two tuna fish for a wagon of grapes."
 




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