I pay cash for everything I buy in person. I still would never carry $500 or larger bills.

As noted by sigfreund, TSE and others, governments have no interest in facilitating the availability of large amounts of untraceable cash. The cash economy is the principle means of exchange of illegal transactions, as well as the premier way of avoiding taxes, from sales taxes to income taxes, and excise taxes on ownership of items.

Many cash transactions are, by their nature, difficult or impossible to track, which makes governments nervous.

I don't expect you will ever see significantly larger bills issued by the United States.

I also think, that when the amounts get large enough, and transactions common enough, the US will clamp significant regulations and tracking on crypto currency. It's just a matter of time.

quote:

Originally posted by RogueJSK:
I don't even like carrying $100 bills. I definitely wouldn't carry $500 or $1000 bills.

And can you image the nightmare it would be for businesses to make change? Lots of places are reluctant to accept $100 bills unless the total is nearing $100, since making change would drain their register drawers. So how often are you buying something in cash that's nearly $500 or nearly $1000?

Precisely. A few years ago, in the midst of Hard Times, I was running a cash register at a gas station. There’s nothing more maddening than a line of customers in a hurry, and some asshole wants to pay for a pack of gum with a hundred dollar bill. Sure, let me totally drain my cash drawer because you didn’t select “Tens and Twenties” at the ATM. That means I gotta do a loan from the store safe. Telling a customer “no, sorry, I can’t change that” suddenly turns them into your enraged manager - “I know you can change this hundred, you’ve got a safe right under the counter!” Yes, and I’m not pissing off the eight people behind you so you can inconvenience me and take all my cash - go to a bank. Oh, they don’t want to deal with it either? That’s a clue. Three or four of these in an hour or so one night was fun.

No. Because the same asshole who pays for a pack of gum with a hundo will be the same colossal asshole who pays for a pack of gum with a thousand dollar bill. No. Not if you like doing business in a reasonable amount of time, like we all do.

I have seen any number of businesses with “Nothing larger than $20 bills, please” notices which seems perfectly reasonable to me unless the purchase amount justifies it.

quote:

Originally posted by ridewv:
Heck a cart of groceries that cost $40 in 1970 will now use most of a $500 bill.

I had a little time on my hand, so I figured I'd come back and address this further.

That $40 cart of groceries in 1970 dollars is $292 in 2022 dollars when adjusted for inflation.

However, many grocery items are actually cheaper these days compared to their inflation-adjusted 1970 prices, sometimes by over half. This is due to mass production, logistical streamlining, elimination of overhead, and various other cost-saving factors. I did some digging for 1970 grocery prices, and here are some comparisons:

Dozen Eggs
1970 price: $0.61
Inflation adjusted to 2022 dollars: $4.46
2022 price: $1.88

Chicken Breasts:
1970: $0.74/pound
Inflation adjusted: $5.41/pound
2022: $3.94/pound

Ground Beef:
1970: $0.66/pound
Inflation adjusted: $4.83/pound
2022: $4.76/pound
(Actually pretty much right on track with inflation)

Half-Gallon of Milk
1970: $0.57
Inflation adjusted: $3.88
2022: $2.00

Therefore, that $40 cart of groceries is unlikely to cost $500 today. It would more likely cost ~$200ish, when considering both inflation and comparative cost savings.

Try buying a used Whatchamacallit off a Tennessee farmer with a debit card. What I’m trying to say there is still a lot of wheeling and dealing in the rural part of America. I still need some cash around to function and the less my Uncle knows about it the better.

quote:

Originally posted by sigfreund:
There’s not much chance of the revival of higher denomination notes. Some countries have eliminated theirs and I’ve seen talk of even getting rid of the $100 note here. The supposed reason is to make it less convenient to conduct illicit cash transactions, in drug trafficking, for example. I like to use cash whenever possible, though, and am finding that a $50 bill is useful more and more.

In Hawaii, most places won't accept anything larger than a $50.00 bill.

quote:

Originally posted by sigfreund:
There’s not much chance of the revival of higher denomination notes. Some countries have eliminated theirs and I’ve seen talk of even getting rid of the $100 note here. The supposed reason is to make it less convenient to conduct illicit cash transactions, in drug trafficking, for example. I like to use cash whenever possible, though, and am finding that a $50 bill is useful more and more.

This is true. Big bills make a lot of crime easier.

I could easily do without pennies, and probably nickels, too. Just as we eliminated farthings, groats, and half-pennies.

Let's hear it for Salmon P. Chase!

quote:

Let's hear it for Salmon P. Chase!

Woodrow Wilson has him beat.

quote:

Originally posted by RogueJSK:

quote:

Originally posted by HRK:
Won't be long that hard currency will vanish

Exactly. Compared to cash, electronic funds are easier to use, easier to budget with, impossible to misplace/damage/destroy, and much less likely to be stolen.

For everyone's sake, we better pray that hard currency never goes away. It is absolutely shocking to me how shortsighted people are on this. If you are in favor of a digital only currency, you simply have not thought it through.

God help us if that day comes.

And I always carry cash. I typically have at least $500 on me and usually more than $1,000.

I saw one of those 10,000 bills once.

I'm with Balze H. We need to pray and push for currency to exist forever. Things will go from bad to awful in our country if the socialists succeed in forcing us all into a digital-only currency.

quote:

Originally posted by Balzé Halzé:

For everyone's sake, we better pray that hard currency never goes away. It is absolutely shocking to me how shortsighted people are on this. If you are in favor of a digital only currency, you simply have not thought it through.

God help us if that day comes.

And I always carry cash. I typically have at least $500 on me and usually more than $1,000.

Canada just proved your premise correct. Everyone thought it would just be the oligarchs like Putin having their assets frozen but when Canada did the same to the truckers it should have been a wake up call to all Americans.

This message has been edited. Last edited by: 1s1k,

quote:

Originally posted by RogueJSK:

quote:

Originally posted by ridewv:
Heck a cart of groceries that cost $40 in 1970 will now use most of a $500 bill.

I had a little time on my hand, so I figured I'd come back and address this further.

That $40 cart of groceries in 1970 dollars is $292 in 2022 dollars when adjusted for inflation.


...Therefore, that $40 cart of groceries is unlikely to cost $500 today. It would more likely cost ~$200ish, when considering both inflation and comparative cost savings.

You pretty much make my case Rogue, in 1970 you got (2) 20"s out of your wallet to pay for the groceries, now it would take (15) 20's, or more conveniently (2) 100's and a couple 50's. Or one $500 bill and receive some change. The businesses I frequent, and my own before I retired, "liked" getting large bills, much easier to deal with and count 50's and 100's than bags full of 5's, 10's and 20's.

It just seems to me that if we're going to have inflation to where it takes 5 times as much money to buy the same goods, the denomination of our bills should be increased accordingly.

A while back it was said there's a coin shortage. Like a lot of people
I pay for most things with cash, I come home every day with change.
I asked the bank if they still had coin counters. Nope too expensive.
I rolled up over five thousand quarters. I still have probably 200
hundred pounds of nickels,dimes and pennies. Don't know about them.

Likely, you'll have a smart phone, and he'll have a smart phone (both of you will likely need one for other purposes.) You'll pay for the doohicky with a payment app.

quote:

Originally posted by Udo:
Try buying a used Whatchamacallit off a Tennessee farmer with a debit card. What I’m trying to say there is still a lot of wheeling and dealing in the rural part of America. I still need some cash around to function and the less my Uncle knows about it the better.

This assumes the government want to make it easy for you to do business in cash. I really doubt the do.

quote:

Originally posted by ridewv:

quote:

Originally posted by RogueJSK:

quote:

Originally posted by ridewv:
Heck a cart of groceries that cost $40 in 1970 will now use most of a $500 bill.

I had a little time on my hand, so I figured I'd come back and address this further.

That $40 cart of groceries in 1970 dollars is $292 in 2022 dollars when adjusted for inflation.


...Therefore, that $40 cart of groceries is unlikely to cost $500 today. It would more likely cost ~$200ish, when considering both inflation and comparative cost savings.

You pretty much make my case Rogue, in 1970 you got (2) 20"s out of your wallet to pay for the groceries, now it would take (15) 20's, or more conveniently (2) 100's and a couple 50's. Or one $500 bill and receive some change. The businesses I frequent, and my own before I retired, "liked" getting large bills, much easier to deal with and count 50's and 100's than bags full of 5's, 10's and 20's.

It just seems to me that if we're going to have inflation to where it takes 5 times as much money to buy the same goods, the denomination of our bills should be increased accordingly.

When I visited Germany, about 1997, the grocery stores commonly rounded up or down at the register to reduce small coin usage.

I was warned not to make a fuss, they were not trying to rip you off, that's how they do things there.

The vending machine at my work now does the same thing. No more nickles dispensed.

I agree with other's comments, I don't like or trust the government having absolute complete control of currency via digital means.

quote:

Originally posted by BBMW:
This assumes the government want to make it easy for you to do business in cash. I really doubt the do.

Of course the IRS and big gov don't, they want cards because banks control cards, and they control the banks.

I guess my question was based on what would be more convenient for us, not the Gov.

quote:

Originally posted by Schmelby:
A while back it was said there's a coin shortage. Like a lot of people
I pay for most things with cash, I come home every day with change.
I asked the bank if they still had coin counters. Nope too expensive.
I rolled up over five thousand quarters. I still have probably 200
hundred pounds of nickels,dimes and pennies. Don't know about them.

Some of our local supermarkets have machines you can dump your coins in and get cash, but it costs something like 10% to use it.

I ended up with around 40 pounds of change, so I take $2.25 each week to the indoor range and buy targets with it. Eventually I'll spend it all.