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A bit ot - counterfeit bills
"Bob-tx" wrote in message ... From a Clark Howard newsletter May 27, 2010 -- Don't accept or carry anything larger than a $20 bill RIP-OFF ALERT: Clark has a rule: He never carries anything larger than a $20 bill. Why? Because bills larger than that have a much higher chance of being counterfeit. The Los Angeles Times reported a story about a fellow who cashed a large money order at the Post Office. He was given eight $100 bills, all of which turned out to be counterfeit. He discovered this when he tried to spend one of them at a gas station that used a counterfeit-bill detector. The police were called on him. While the cops were on the way, he consulted a lawyer, who advised him to report the remaining bills to the police. The police confiscated the bills, and the fellow was out $800. Even though the bills came from a government entity (the USPS), once someone accepts a counterfeit bill, the liability becomes theirs, and it immediately becomes a felony to pass them on to anyone else. Clark wants you to look anything larger than $50 as poison: just don't accept them for payment. Sure, there may be counterfeit $20's floating around, but on the off chance you get one of those and lose that cash, it won't hurt nearly as bad as losing $100 or more. I assume there was some reason why the fellow wanted all $100 bills instead of smaller stuff. Those $100's scare me. |
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#2
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A bit ot - counterfeit bills
Bob-tx wrote:
From a Clark Howard newsletter May 27, 2010 -- Don't accept or carry anything larger than a $20 bill RIP-OFF ALERT: Clark has a rule: He never carries anything larger than a $20 bill. Why? Because bills larger than that have a much higher chance of being counterfeit. The Los Angeles Times reported a story about a fellow who cashed a large money order at the Post Office. He was given eight $100 bills, all of which turned out to be counterfeit. He discovered this when he tried to spend one of them at a gas station that used a counterfeit-bill detector. The police were called on him. While the cops were on the way, he consulted a lawyer, who advised him to report the remaining bills to the police. The police confiscated the bills, and the fellow was out $800. Even though the bills came from a government entity (the USPS), once someone accepts a counterfeit bill, the liability becomes theirs, and it immediately becomes a felony to pass them on to anyone else. So, let's see, someone delivered the fakes to the post office (a felony) and the post office accepted them without testing them. Then the post office clerk just happened to have eight fake $100 bills all together in the cash drawer, only to give them out (a felony) to the fellow in question. The odds are that there were more than eight fake $100s, and that one or more were given out (one additional felony, perhaps two) before and/or after our hapless victim in the story. Something about this report just doesn't smell right. James |
#3
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A bit ot - counterfeit bills
On Jun 7, 3:44*pm, "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote:
Bob-tx wrote: From a Clark Howard newsletter May 27, 2010 -- Don't accept or carry anything larger than a $20 bill RIP-OFF ALERT: Clark has a rule: He never carries anything larger than a $20 bill. Why? Because bills larger than that have a much higher chance of being counterfeit. The Los Angeles Times reported a story about a fellow who cashed a large money order at the Post Office. He was given eight $100 bills, all of which turned out to be counterfeit. He discovered this when he tried to spend one of them at a gas station that used a counterfeit-bill detector. The police were called on him. While the cops were on the way, he consulted a lawyer, who advised him to report the remaining bills to the police. The police confiscated the bills, and the fellow was out $800. Even though the bills came from a government entity (the USPS), once someone accepts a counterfeit bill, the liability becomes theirs, and it immediately becomes a felony to pass them on to anyone else. So, let's see, someone delivered the fakes to the post office (a felony) and the post office accepted them without testing them. *Then the post office clerk just happened to have eight fake $100 bills all together in the cash drawer, only to give them out (a felony) to the fellow in question. *The odds are that there were more than eight fake $100s, and that one or more were given out (one additional felony, perhaps two) before and/or after our hapless victim in the story. Something about this report just doesn't smell right. James- Hide quoted text - - Show quoted text - What has an even stronger fragrance is the assertion that nobody at the post office knows where they came from. They don't seem to dispute that they had them. In my experience, heightened interest in large bills has never been unusual. In 1970 I pulled out a 20 Pound note in a small town in Scotland to buy supper and suddenly everyone in the bar ran over to see it. This amazed me since it took quite bit of cash to get there and stay there for a week and credit cards were not nearly so popular. In Japan, I wanted to buy an Nikon at the PX and at a certain point I was beginning to worry that I might be locked up for attempting to pay for it with $50s. I had dinner one evening with a fellow whose project was design of money for the Dutch mint and he discussed, with a bit of confidence the safety of the Euros. I also noticed that in most places if you show up with anything more than a 50 Euro note, folks become suspicious or even difficult to deal with. |
#4
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A bit ot - counterfeit bills
From a Clark Howard newsletter
May 27, 2010 -- Don't accept or carry anything larger than a $20 bill RIP-OFF ALERT: Clark has a rule: He never carries anything larger than a $20 bill. Why? Because bills larger than that have a much higher chance of being counterfeit. The Los Angeles Times reported a story about a fellow who cashed a large money order at the Post Office. He was given eight $100 bills, all of which turned out to be counterfeit. He discovered this when he tried to spend one of them at a gas station that used a counterfeit-bill detector. The police were called on him. While the cops were on the way, he consulted a lawyer, who advised him to report the remaining bills to the police. The police confiscated the bills, and the fellow was out $800. Even though the bills came from a government entity (the USPS), once someone accepts a counterfeit bill, the liability becomes theirs, and it immediately becomes a felony to pass them on to anyone else. Clark wants you to look anything larger than $50 as poison: just don't accept them for payment. Sure, there may be counterfeit $20's floating around, but on the off chance you get one of those and lose that cash, it won't hurt nearly as bad as losing $100 or more. |
#5
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A bit ot - counterfeit bills
On Jun 7, 1:17*pm, Peter wrote:
On Jun 7, 3:44*pm, "Mr. Jaggers" lugburzman[at]yahoo[dot]com wrote: Bob-tx wrote: From a Clark Howard newsletter May 27, 2010 -- Don't accept or carry anything larger than a $20 bill RIP-OFF ALERT: Clark has a rule: He never carries anything larger than a $20 bill. Why? Because bills larger than that have a much higher chance of being counterfeit. The Los Angeles Times reported a story about a fellow who cashed a large money order at the Post Office. He was given eight $100 bills, all of which turned out to be counterfeit. He discovered this when he tried to spend one of them at a gas station that used a counterfeit-bill detector. The police were called on him. While the cops were on the way, he consulted a lawyer, who advised him to report the remaining bills to the police. The police confiscated the bills, and the fellow was out $800. Even though the bills came from a government entity (the USPS), once someone accepts a counterfeit bill, the liability becomes theirs, and it immediately becomes a felony to pass them on to anyone else. So, let's see, someone delivered the fakes to the post office (a felony) and the post office accepted them without testing them. *Then the post office clerk just happened to have eight fake $100 bills all together in the cash drawer, only to give them out (a felony) to the fellow in question. *The odds are that there were more than eight fake $100s, and that one or more were given out (one additional felony, perhaps two) before and/or after our hapless victim in the story. Something about this report just doesn't smell right. James- Hide quoted text - - Show quoted text - What has an even stronger fragrance is the assertion that nobody at the post office knows where they came from. *They don't seem to dispute that they had them. In my experience, heightened interest in large bills has never been unusual. In 1970 I pulled out a 20 Pound note in a small town in Scotland to buy supper and suddenly everyone in the bar ran over to see it. *This amazed me since it took quite bit of cash to get there and stay there for a week and credit cards were not nearly so popular. In Japan, I wanted to buy an Nikon at the PX and at a certain point I was beginning to worry that I might be locked up for attempting to pay for it with $50s. I had dinner one evening with a fellow whose project was design of money for the Dutch mint and he discussed, with a bit of confidence the safety of the Euros. *I also noticed that in most places if you show up with anything more than a 50 Euro note, folks become suspicious or even difficult to deal with. You should try switzerland. Pay for a 20 franc meal with a 500, and they wont even blink. Theyll even have 200 bills to give you as change right on them (waiters come to your table with a money purse, theyre a cash society). I even spied a 1,000 in a supermarket drawer. On the other hand, south america (and mexico) hate large bills. The 100 real bill (about 50 USD) in brazil was printed once and never again, meaning the largest in use bill is the 50 (25usd) but the most common is the 20 (10usd). In mexico, you will rarely be given a bill larger than 10usd - even though a coin of the same amount exists (but extremely rare, and still made of silver) As for me, I dont like 100, but I have no problem with 50s, especially the colored ones. I think most people will get comfortable with the 100 again once the new one comes out next year. |
#6
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A bit ot - counterfeit bills
When I was in Ireland a few years ago, they would only accept the
'new' $100 bills with the large portrait, but refused the 'old' bills. Luckily most of the C-notes I had were of the new variety. I had no advance knowledge that there would be a problem at the bank. When I first started going to Jamaica in 1974 a USD $1 got you JMD $0.88. At that time the JMD$10 bill was their largest, and there was a JMD 50¢ bill as well. When they floated their currency, they came out with a $20 bill, and the exchange rate was USD$1 to JMD$1.25, but the black market was offering 2:1 on US $100 bills. Jamaica then came out with the $100 bill followed by the $50 bill. As inflation took hold and the exchange rate approaches 1:100, Jamaica has $500 and $1000 bills in general circulation, I did see a $5000 bill and heard of but didn't see the $10,000 bill. For Jamaican coins, the $20 is most common, followed by the $10 coin. Rarely do you find a $5 or $1 coin, as their value is approximately 5¢ and 1¢ respectively. They haven't issued fractional coins in years, and have demonitized all paper money under $50. I used the JMD $50 bill as a bookmark. Where else can you get such a neat bookmark for 50¢? It is a bit scary paying $300 for a beer, and dinner can cost $2,000 per person...but it sure is playing poker with their money! Jud - a Jamerican - |
#7
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A bit ot - counterfeit bills
On Jun 8, 11:45*am, Jud wrote:
When I was in Ireland a few years ago, they would only accept the 'new' $100 bills with the large portrait, but refused the 'old' bills. Luckily most of the C-notes I had were of the new variety. I had no advance knowledge that there would be a problem at the bank. When I first started going to Jamaica in 1974 a USD $1 got you JMD $0.88. At that time the JMD$10 bill was their largest, and there was a JMD 50¢ bill as well. When they floated their currency, they came out with a $20 bill, and the exchange rate was USD$1 to JMD$1.25, but the black market was offering 2:1 on US $100 bills. *Jamaica then came out with the $100 bill followed by the $50 bill. As inflation took hold and the exchange rate approaches 1:100, Jamaica has $500 and $1000 bills in general circulation, I did see a $5000 bill and heard of but didn't see the $10,000 bill. For Jamaican coins, the $20 is most common, followed by the $10 coin. Rarely do you find a $5 or $1 coin, as their value is approximately 5¢ and 1¢ respectively. They haven't issued fractional coins in years, and have demonitized all paper money under $50. I used the JMD $50 bill as a bookmark. Where else can you get such a neat bookmark for 50¢? It is a bit scary paying $300 for a beer, and dinner can cost $2,000 per person...but it sure is playing poker with their money! Jud - a Jamerican - What about the cigars? Jamaican tobacco used to be my favorite. |
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