http://www.news.com.au/finance/economy/australian-economy/there-are-300-million-in-circulation-but-why-do-you-never-see-australias-100-notes/news-story/5e8d287d9133d03f3dd51b394709b666

“Where are all Australia’s $100 notes?”

somewhere, like other notes.

“According to the Reserve Bank of Australia (RBA), 300 million $100 notes are in circulation, almost three times the number of $5 notes”

fascinating. In-good part because a $100 note can have babies, whereas you can’t change a $5 note for something bigger.

““It’s worth asking yourself, when did you last have a $100 note in your wallet or an ATM?”
“only a small number of their cash machines dispensed $100 bills”

whatever

“Together, the $50 and $100 notes account for 92 per cent of the value of all banknotes in circulation”

what a surprise. Does that include the ones that aren’t properly circulating?

“As such, it’s thought only around a quarter are in general circulation”

I’ve met General Circulation.

“They are very often hidden away as store of wealth”

Imagine being able to do that with money.

“Rather than taking around a “wheelbarrow of cash,” a wad of hundreds provides a lot of value in a small space, he said.”

steep learning curve here.

I don’t see the advantage of getting rid of the 100s.

Indeed, since its introduction in 1984, the 100 has decreased in value by 66%. That is to say, a 2016 hunj is worth about 34 FY1984 dollars.

If anything, they need to be thinking about 200 dollar notes, surely.

dv said:

I don’t see the advantage of getting rid of the 100s.

Indeed, since its introduction in 1984, the 100 has decreased in value by 66%. That is to say, a 2016 hunj is worth about 34 FY1984 dollars.

If anything, they need to be thinking about 200 dollar notes, surely.

Doesn’t America have a huge scope of denominations in their currency notes?

monkey skipper said:

dv said:

I don’t see the advantage of getting rid of the 100s.

Indeed, since its introduction in 1984, the 100 has decreased in value by 66%. That is to say, a 2016 hunj is worth about 34 FY1984 dollars.

If anything, they need to be thinking about 200 dollar notes, surely.

Doesn’t America have a huge scope of denominations in their currency notes?

The US no longer produces notes higher than 100 dollars.

Larger notes have been produced historically, and they are still legal tender, but they are so rare that their market value is higher than their face value.

dv said:

monkey skipper said:

dv said:

I don’t see the advantage of getting rid of the 100s.

Indeed, since its introduction in 1984, the 100 has decreased in value by 66%. That is to say, a 2016 hunj is worth about 34 FY1984 dollars.

If anything, they need to be thinking about 200 dollar notes, surely.

Doesn’t America have a huge scope of denominations in their currency notes?

The US no longer produces notes higher than 100 dollars.

Larger notes have been produced historically, and they are still legal tender, but they are so rare that their market value is higher than their face value.

That trend would keep the notes out of circulation if anything.

monkey skipper said:

dv said:

monkey skipper said:

Doesn’t America have a huge scope of denominations in their currency notes?

The US no longer produces notes higher than 100 dollars.

Larger notes have been produced historically, and they are still legal tender, but they are so rare that their market value is higher than their face value.

That trend would keep the notes out of circulation if anything.

Yes … people don’t take their civil war 1000 dollar notes down to Walmart.

From my personal experience over the last fortnight. There have been quite a few 100’s being used. The main reason why people don’t want a 100 dollar note from an atm is that some smaller retailers and smaller vendors or public transport bus drivers can’t often cash the notes because of what their cash float runs at , meaning their change would be be used up or exhausted by accepting the notes.

Larger retailers can manage with these notes usually

High value notes apparently encourage crime, by permitting large sums of money to be more easily stored, transported and exchanged for high value goods like drugs, plus enable corruption and the underground cash economy. Some countries have suddenly withdrawn their larger currency notes to reduce these crimes.

dv said:

Yes … people don’t take their civil war 1000 dollar notes down to Walmart.

But they might take them to the World Famous Gold & Silver Pawn Shop.

PermeateFree said:

High value notes apparently encourage crime, by permitting large sums of money to be more easily stored, transported and exchanged for high value goods like drugs, plus enable corruption and the underground cash economy. Some countries have suddenly withdrawn their larger currency notes to reduce these crimes.

Yes, a million dollars in $5 notes would be rather hard to cart around.

I guess the question would be, then, whether someone would ever have a legitimate reason to make a large transaction by cash these days.

The US also has one of the lowest value notes in the western world, the 1 USD note.

dv said:

The US also has one of the lowest value notes in the western world, the 1 USD note.

Who has the highest value coin? (in general circulation, not special coins)

dv said:

I guess the question would be, then, whether someone would ever have a legitimate reason to make a large transaction by cash these days.

yes they do.

dv said:

The US also has one of the lowest value notes in the western world, the 1 USD note.

Does Hong Kong still have the 1 cent note?

btm said:

dv said:

The US also has one of the lowest value notes in the western world, the 1 USD note.

Does Hong Kong still have the 1 cent note?

A quick check reveals that these notes were demonetised in 1995.

btm said:

dv said:

The US also has one of the lowest value notes in the western world, the 1 USD note.

Does Hong Kong still have the 1 cent note?

I still have some Hong Kong 1 cent notes.

roughbarked said:

btm said:

dv said:

The US also has one of the lowest value notes in the western world, the 1 USD note.

Does Hong Kong still have the 1 cent note?

I still have some Hong Kong 1 cent notes.

Up until the time when I was desperately short of cash not so long in the past, I still had paper hundreds and fifties. Because I was short of cash I had to spend them. That’s when things really started to get desperate.

Even during the Hunt Brothers silver accumulation of the late seventies, I had not succumbed to melting down my silver 50 cent coins for the dollars I could have got at that peak.

roughbarked said:

roughbarked said:

btm said:

Does Hong Kong still have the 1 cent note?

I still have some Hong Kong 1 cent notes.

Up until the time when I was desperately short of cash not so long in the past, I still had paper hundreds and fifties. Because I was short of cash I had to spend them. That’s when things really started to get desperate.

Even during the Hunt Brothers silver accumulation of the late seventies, I had not succumbed to melting down my silver 50 cent coins for the dollars I could have got at that peak.

Good morning.
I have some Hong Kong 1 cent notes. About the size of a large bus ticket & only printed on one side.

If you’ve got a large amount of $100 notes chances are strong that you are a criminal.

>I guess the question would be, then, whether someone would ever have a legitimate reason to make a large transaction by cash these days.

what a way of putting it

what’s large, and since when did electronic transactions automatically have more legitimacy.

Peak Warming Man said:

If you’ve got a large amount of $100 notes chances are strong that you are a criminal.

believe it or not but 50s are more common in criminal transactions.

One reason they might be going out of circulation is because of people like me. I don’t visit banks anymore, each fortnight I go shopping and pay for everything with plastic and withdraw a hundred dollars. Petrol is paid by plastic, bills are paid on line.

That hundred dollars joins some mates and is used for discretionary purchases like buying me that water tank or getting the greenhouse fixed. It is a sort of combined emergency stash and sinking fund. Beauty part is that when I spend it I am not taking money out of accounts so it sort of feels free.

AwesomeO said:

One reason they might be going out of circulation is because of people like me. I don’t visit banks anymore, each fortnight I go shopping and pay for everything with plastic and withdraw a hundred dollars. Petrol is paid by plastic, bills are paid on line.

That hundred dollars joins some mates and is used for discretionary purchases like buying me that water tank or getting the greenhouse fixed. It is a sort of combined emergency stash and sinking fund. Beauty part is that when I spend it I am not taking money out of accounts so it sort of feels free.

Tradies like cash. Instant money & no bank fees.

Ooops belay my last, I should wake up before posting and not come in half way through.

Peak Warming Man said:

If you’ve got a large amount of $100 notes chances are strong that you are a criminal.

it’s news, a profundity deeper than people (criminals too) are attracted to money

a strange world it is, that the practical aspects of cash that everyone enjoys (its essential attributes) might be viewed as that criminal it lends to.

ChrispenEvan said:

Peak Warming Man said:

If you’ve got a large amount of $100 notes chances are strong that you are a criminal.

believe it or not but 50s are more common in criminal transactions.

Not when they buy a set of cattle yards and ramp GST free they don’t.
They use all $100 notes.

I’ve said too much.

Peak Warming Man said:

ChrispenEvan said:

Peak Warming Man said:

If you’ve got a large amount of $100 notes chances are strong that you are a criminal.

believe it or not but 50s are more common in criminal transactions.

Not when they buy a set of cattle yards and ramp GST free they don’t.
They use all $100 notes.

I’ve said too much.

ok, professional criminals.

;-)

ChrispenEvan said:

Peak Warming Man said:

If you’ve got a large amount of $100 notes chances are strong that you are a criminal.

believe it or not but 50s are more common in criminal transactions.

Also the reason $50s are more commonly counterfeited.

if a note is recalled or whatever taken out of circulation, it requires a date for the note to cease being legal tender, during the period of these being forced to be exchanged or whatever this presents opportunities for intelligence gathering/surveillance.

If this thread is some hint that we should do what they did in India I don’t think it is necessary here. Sure we have a black economy, tax evasion and organised crime to some extent, but not so bad it requires dramatic and drastic action like cancelling legal tender and making everyone hand in their old notes to exchange for new ones along with an explanation of how they acquired it.

>If this thread is some hint that we should do what they did in India I don’t think it is necessary here

no, it’s a poke at the crap people are fed

and the Fed people are crap

Peak Warming Man said:

If you’ve got a large amount of $100 notes chances are strong that you are a criminal.

Doesn’t have to be. A man bought a tein tub washing machine second hand and a little while later it stopped. So he started pulling it apart to fix it and found $5 grand in $100 bills inside.

transition said:

>I guess the question would be, then, whether someone would ever have a legitimate reason to make a large transaction by cash these days.

what a way of putting it

what’s large, and since when did electronic transactions automatically have more legitimacy.

it is all a bit grim isn’t it?

Peak Warming Man said:

ChrispenEvan said:

Peak Warming Man said:

If you’ve got a large amount of $100 notes chances are strong that you are a criminal.

believe it or not but 50s are more common in criminal transactions.

Not when they buy a set of cattle yards and ramp GST free they don’t.
They use all $100 notes.

I’ve said too much.

Yep. The third person ref stopped working.

Divine Angel said:

ChrispenEvan said:

Peak Warming Man said:

If you’ve got a large amount of $100 notes chances are strong that you are a criminal.

believe it or not but 50s are more common in criminal transactions.

Also the reason $50s are more commonly counterfeited.

Nothing strange about it. People look less at $50 notes

roughbarked said:

Divine Angel said:

ChrispenEvan said:

believe it or not but 50s are more common in criminal transactions.

Also the reason $50s are more commonly counterfeited.

Nothing strange about it. People look less at $50 notes

hmmm but if they got rid of the hunj, then the pineapple would be the top note so maybe the crims would start using lobsters

dv said:

roughbarked said:

Divine Angel said:

Also the reason $50s are more commonly counterfeited.

Nothing strange about it. People look less at $50 notes

hmmm but if they got rid of the hunj, then the pineapple would be the top note so maybe the crims would start using lobsters

Yep.

Brett was a signatory on my account. (He still is. I have tried to change it but it isn’t easy apparently. I don’t seem to be able to change it on the phone or at the branch that holds my account)

Before the Scotland holiday I would take $50 or $100 out of my account whenever I could and stash it in my cupboard. I did this so my trip would happen. It was safer bundled away than it was in account. Yeah. I rarely see a $100 note.

sarahs mum said:

Yeah. I rarely see a $100 note.

I do but they must launder them through jewellers shops as that’s wha I get paid in.

Drinks gentlemen.

Peak Warming Man said:

Drinks gentlemen.

I went in and did three hours this morning so yeah, I’ve opened a furphy refreshing ale.

dv said:

The US also has one of the lowest value notes in the western world, the 1 USD note.

I know you mentioned western world but as a fun fact the Cambodian Riel has a 100 Riel note. 4000 Riel = $1 US.

Cash is often much better to take with you if you are heading overseas. You can often get 10-15% more with cash exchanged in the overseas country than using the Australian banks for exchange or by adding cash into a credit card and withdrawing local currency from an ATM.

Some people don’t like carrying money to far away lands though.

stan101 said:

Cash is often much better to take with you if you are heading overseas. You can often get 10-15% more with cash exchanged in the overseas country than using the Australian banks for exchange or by adding cash into a credit card and withdrawing local currency from an ATM.

Yes, I take a bit of cash for that reason.

stan101 said:

Cash is often much better to take with you if you are heading overseas. You can often get 10-15% more with cash exchanged in the overseas country than using the Australian banks for exchange or by adding cash into a credit card and withdrawing local currency from an ATM.

Some people don’t like carrying money to far away lands though.

There is a limit on how much cash you can take out of Australia, it’s fairly high though I think.

Peak Warming Man said:

stan101 said:

Cash is often much better to take with you if you are heading overseas. You can often get 10-15% more with cash exchanged in the overseas country than using the Australian banks for exchange or by adding cash into a credit card and withdrawing local currency from an ATM.

Some people don’t like carrying money to far away lands though.

There is a limit on how much cash you can take out of Australia, it’s fairly high though I think.

No, you have to report the amount you’re taking out, and why, if it’s more than a certain amount (it was $10,000 a few years ago, but I strongly suspect that’s changed.)

Yes it is 10k that can be taken out in and out of Australia without declaring it. You can take whatever you like but a cent over 10k and it needs to be reported otherwise the total can and will be confiscated by customs if caught.

btm said:

Peak Warming Man said:

stan101 said:

Cash is often much better to take with you if you are heading overseas. You can often get 10-15% more with cash exchanged in the overseas country than using the Australian banks for exchange or by adding cash into a credit card and withdrawing local currency from an ATM.

Some people don’t like carrying money to far away lands though.

There is a limit on how much cash you can take out of Australia, it’s fairly high though I think.

Yes its 9999 undeclared . More is allowable declared but a big hassle.
Also yes cash is best to take OS but most people do it wrong and get shafted by the Banks .
The best way is through a Money Exchanger like TorFX .
Establish an account with them (identification documentation stringent for anti laundering)
Set up a Foreign currency account with your bank (usually no fees but no interest)
Get a quote from Exchanger .
Transfer from one of your accounts to Forgein Currency account.
Exchangers work on 20 to 40 points off current exchange (depending on market volitivity ) Banks work on 450 to 350 and a 30 dollar fee .
The Banks will shaft you for 50 to 100 points upon withdrawal , you can avoid that by transferring directly from Exchanger to an account where you are going , but that is not always possible .
It is also cheaper than OS CCs or Travelers Cheques.
To give you an idea how much cheaper this is we save about $800 to 900 dollars per 19,000 dollar container we bring in .
So yes it is worth while even for a few G spending money .

Brett