Australia to lose the $100 note

Discussion in 'Currencies' started by Yendor, Mar 26, 2014.

  1. Yendor

    Yendor Member

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    I'm sure many of you are already aware that Australian Banknotes will be getting a facelift in the next year or so, as part of the RBA's "Next Generation Banknote (NGB)" program.

    But yesterday in the RBAs NGB submission to the government, they propose to remove the $100 note, and potentially even the $50 note. Their basis was that the only purpose of large notes in the days of electronic transactions is money laundering and other illegal activities, based on the fact that there are more $100 notes than $20 notes 'in circulation', but most of those $100 notes aren't actually circulating. They did also acknowledge that the time of the largest demand for $100's was the start of the GFC, when they had to print huge numbers as people lost faith in the banks.

    Very little infomation on the subject online, but it was on the Radio (ABC) this morning: Everyday Economics: The hundred dollar note, do we need it?

    What does everyone think?
     
  2. bull_bear

    bull_bear New Member Silver Stacker

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    Think they should get rid of the 5c piece first.
    Sure, nothing against slowing down the production of the $100 notes, if there is too many out there (as suggested in article) but eliminating would be foolish.
    Over time.. its the smaller denominations that tend to be eliminated due to inflation..

    (I suspect this is one of those "Slow news day" stories.. wont happen)
     
  3. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Bastards! I try to keep a couple of thousand with me at all times. At the mo it is only 20, $100 notes. Can you image trying to stuff 100, $20 notes into your wallet and stuffing that in your back pocket?

    Further, every summer I go to Bondi Beach and put a $100 note under my sunnies, covering my nose from the sun. I tend to gather the dirt girls. What will $20 get me?
     
  4. atlas

    atlas Member

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    What better way to ensure we all use our credit cards more..
     
  5. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Much easier to track (and tax) all of our financial transactions.
     
  6. 10ozhound

    10ozhound Member

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    I'm the same, hate to put any note other than a Hundi up to my nose.


    Bought a car the other day. The surcharge to pay by card was 2.5% so I opted to pay cash. Dealer spent a good half hour counting the fifties.
    Even muttered under his breath I should have gotten hundis. Next time Ill be happy to pay in fives.
     
  7. XB

    XB Active Member Silver Stacker

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  8. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    My favourite note :(

    I hate centrally controlled economies with their State controlled agenda.
     
  9. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Harder for the old folks to keep their fortune under the mattress and claim poverty, now they will have to take all the hundreds to the bank and explain where they got them from.
     
  10. Goldrush

    Goldrush Member

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    You would think with the cost of every thing going up they would get rid of the small stuff, ah but no lets get rid of the $100 note as anyone requesting these is obviously a crook!!! They have a 500 Euro note in Europe, I remember when I had 8k worth of them at one stage, it was a awesome way to move some money around.
     
  11. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    They want cash gone. Without cash the bankers get a cut of every transaction which is treasonous, it is selling us into complete banker slavery.
     
  12. goldpelican

    goldpelican Administrator Staff Member

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    Going to suck as a bullion dealer - we handle a disproportionate number of $100 notes compared to other retailers - does show they are being circulated though.

    Saw "No 500" signs at stores in Europe - took a photo of one at an Athletes Foot store near the register. Probably cash flow or counterfeit issues through.
     
  13. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Could result in an influx of silver and gold stackers.
     
  14. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    Heard this on the radio this morning. Couldn't believe the sycophantic reporter so happy to give up to TPTB.

    One point the RBA has recognised is if they have a moritorium period (for folks to hand in their $100's) the amount of currency that will come flooding back into the economy will put a big strain on inflation targets.
     
  15. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    The market will always find some other way to transact.
     
  16. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    And the government will add more laws and make more things illegal.
     
  17. atlas

    atlas Member

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    'The only power any government has is the power to crack down on criminals. Well, when there aren't enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws.' Rand
     
  18. Naphthalene Man

    Naphthalene Man Active Member Silver Stacker

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    I never see or get them. Despite that, I think its a bad idea.
     
  19. trew

    trew Active Member Silver Stacker

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    F***wits

    Try carrying even just $500 of twenties in you wallet


    In any case why would anybody need to hand any back ?
    Existing notes would still remain legal tender.
     
  20. projack

    projack Well-Known Member Silver Stacker

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    I always take cash with me to Eastern Europe because the exchange rate loss is almost nothing there at local exchange booths compared with 4% loss going through banks here.
    In the future when you buy real estate there you have to take a suitcase of $20 notes to save thousands on exchange rates. This is realy stupid.
     

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