Tracking 100 notes.

Discussion in 'Banknotes' started by JulieW, Jul 5, 2017.

  1. JulieW

    JulieW Well-Known Member Silver Stacker

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    "AUSTRALIA’S disappearing $100 notes, many hoarded under the beds of pensioners and stockpiled in China, would be tracked by a hi-tech nano-chip under a plan flagged by the man appointed to crack down on the black economy.

    Tax guru and barrister Michael Andrew has outlined the controversial option, plus a proposal for an expiry date on the currency, to help fight organised crime and the cash-for-work economy.

    In an exclusive interview with News Corp Australia, Mr Andrew, appointed by the Federal Government to the Black Economy Taskforce in December last year, revealed Chinese citizens were taking the Australian $100 note back to their homeland because they trusted Australian currency."

    http://www.couriermail.com.au/news/...y/news-story/553e15422d936b84ba3044255e9f7e89
     
  2. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    There's more to this story But it's a member-only story. Subscribe today to unlock it and more... :(
     
  3. mmm....shiney!

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

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    What's illegal about hoarding cash? The tax office is the crime syndicate
     
  4. Greg Williams

    Greg Williams Well-Known Member Silver Stacker

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    Yep! - A representative government, that represent the people? I think not!
    My mum used to say "A dog smells it's own sh!t first." - how are those Cayman Islands treating your hoarded cash Mal?
    Criminals!!! the lot of them - boil them in oil, then off with their heads i say. Burp!!
     
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  5. Acorn

    Acorn Active Member

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    A little known fact is that a huge quantity of $100 notes were printed in 1999 and distributed to every bank branch across Australia in tamper evident bags in preparation for a run due to the Y2K bug.

    In the first 3 months of 2000 all these bags were collected and returned to the RBA.

    No $100 notes were printed from 2000-2007 as supplies in Australia were sufficient.

    As a result of overseas liquidity problems in 2008 due to the GFC, huge quantities of $100 notes were sent to the US.

    Due to this Australia ran out of $100 notes. The Note Printing facility at Craigieburn recommenced printing $100 notes in the last months of 2008.

    My guess is that a huge quantity of AUD$100 notes are sitting in foreign bank vaults.
     
  6. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    How long did it take Australia to do the last redesign and how much of an overspend did they have? I have a feeling that this is not something we need to worry about any time soon.

    UK banknotes already expire and get replaced with new designs. I never had enough money that I put any aside so I can't say I ever really noticed.
     
  7. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    If you copy the first paragraph and paste it into Google you'll be able to dodge the paywall.
     
  8. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    Not just $100 notes, $50 notes too!

    Cash crackdown boss floats nano-chips in notes:

    More: http://www.news.com.au/finance/econ...s/news-story/05db2212948c7d02e822532de63c170d
     
  9. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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  10. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    I mean anyone can talk about a plan using future technology, but just how effective do they think a nano technology microchip is going to be?

    Are they going to be able to read the chip from a satellite orbiting China?

    Can they track it inside a safe, or a metal box? or even inside a wallet with RFID blocking capability?

    The only time I can see this being of any value is when you take it to a bank, they can probably scan it back into stock pretty quickly and link it with your account. Unless they are going to put scanning equipment in every shop there is not going to be any audit trail.

    Police sting operations are about the only time I can see this being used, you use marked notes to buy dodgy goods and then see who banks or spends the money. Or when you catch the crooks with a ton of money you can see where it originated.

    Catching tax dodgers and people hiding money and claiming benefits sound like very good uses for this sort of thing.
     
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  11. Jim4silver

    Jim4silver Well-Known Member

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    Saw they posted about this on silverdoctors site. Don't know if this story is true and accurate or like many of the other articles posted there that turn out to be "fear porn".

    I've thought for a while it will happen here in the US eventually that all cash will be banned and they will say "it is for your own good to catch tax cheats, etc"... Here in the US the general populace will not mind probably since everyone already seems to pay by debit cards.

    http://www.silverdoctors.com/gold/g...-chip-seniors-money-to-stop-them-from-saving/
     
    Last edited: Jul 22, 2017
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  12. Jim4silver

    Jim4silver Well-Known Member

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    I hadn't read the article I linked above thoroughly before I posted it. I appears the author is anti Oz. He is a Canadian by the way.

    I do not endorse his views.
     
    Last edited: Jul 23, 2017
  13. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    Currency with a expiration date is not currency. It's certainly not money.
     
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  14. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    UK banknotes all expire and get replaced with new notes with different images. Spend them or take them into a bank before they expire. If you leave it too long I think you have to take them up to London to deposit them. Not sure though, never had banknotes long enough for them to go out of date.
     
  15. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    Pretty sure the BoE lets you post them in as well.
     
  16. JOHNLGALT

    JOHNLGALT Well-Known Member

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    We, the silverdoctors members stated what we thought of the article in the COMMENTS below the article Cheers. _JLG.
     
  17. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    I have a friend in the UK who was collecting jars of 50 pence pieces, then they changed the size and he still has them sitting in a jar. He should probably turn them in but he is too lazy, maybe they will go up in value, you never know!
     
  18. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

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    (I am not looking to re-hash the "all fiat currency is counterfeit money" debate.)

    Have a look at the estimated number of counterfeit notes vs. number of real notes in circulation for each currency.

    For the Bank of England, the number of counterfeit £20 notes in circulation is embarrassingly high.

    This is the probably the reason the Bank of England is pulling a 'hard' recall with a deadline instead of letting natural replacement roll-out occur.

    The Bank of England has been negligent in ensuring that Pound has adequate modern security features, and the Dark Pressers are making them pay for it (literally).

    The migration to polymer notes should dissuade some of the less sophisticated counterfeiters.

    [​IMG]
     
  19. Greg Williams

    Greg Williams Well-Known Member Silver Stacker

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  20. Gullintanni

    Gullintanni Well-Known Member

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    I do not believe these numbers for the UK at all.
    I think you should perhaps get another source as the one you posted is for a money sorting company with a clear vested interest in frightening people.
    1in30 UK fakes>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>LOL
     

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