$500 bills

[RogueBeeKeeper]

Does anyone own one of these babies? I saw one at my local coin store not long ago. These can still be legally spend as $500 can they not? Same with $1,000, and $10,000 bills right? I guess it wouldn't be worth it if the numismatic value is much higher.

 

[Ipv6Ready]

Australian? I never heard of them but I'm not into numi.

If American not sure if the local Korean grocery store would accept them unless the owner was collector.

However if genuine and it wasn't subject of a recall than surely there is some premium.

Actually even if recalled it might hold its value and a premium but wouldn't want to be a distressed seller of them.

 

[Jislizard]

With Europe axing their 500 note and mutterings from several other countries including Australia all looking to crack down on criminal activities I can see them being taken out of circulation.

In which case, having one in pristine condition would be good, having a suitcase of used bills would be disastrous.

 

[Ipv6Ready]

Just looked up Wiki....

Now the issue would be, do you trust the local coin store.... especially if true and they are rare as hens teeth

https://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency

Although they are still technically legal tender in the United States, high-denomination bills were last printed on December 27, 1945, and officially discontinued on July 14, 1969, by the Federal Reserve System, supposedly due to 'lack of use'. The $5,000 and $10,000 effectively disappeared well before then.

The Federal Reserve began taking high-denomination currency out of circulation (destroying large bills received by banks) in 1969. As of May 30, 2009, only 336 $10,000 bills were known to exist; 342 remaining $5,000 bills; and 165,372 remaining $1,000 bills.[10] Due to their rarity, collectors often pay considerably more than the face value of the bills to acquire them. Some are in museums in other parts of the world.

 

[RogueBeeKeeper]

Just looked up Wiki....

Now the issue would be, do you trust the local coin store.... especially if true and they are rare as hens teeth

https://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency

Although they are still technically legal tender in the United States, high-denomination bills were last printed on December 27, 1945, and officially discontinued on July 14, 1969, by the Federal Reserve System, supposedly due to 'lack of use'. The $5,000 and $10,000 effectively disappeared well before then.

The Federal Reserve began taking high-denomination currency out of circulation (destroying large bills received by banks) in 1969. As of May 30, 2009, only 336 $10,000 bills were known to exist; 342 remaining $5,000 bills; and 165,372 remaining $1,000 bills.[10] Due to their rarity, collectors often pay considerably more than the face value of the bills to acquire them. Some are in museums in other parts of the world.

No mention of the $500 bill here. I'm sure that there are plenty of them around. The $1,000 bill sounds achievable for paupers like me with over 100,000 remaining. I remember thinking that the $2 bill was novel as a child haha.

 

[Jislizard]

Hard to know isn't it?!

I was buying the Zimbabwe 100 trillion notes way back when you could get them on eBay for about US$5. Now they are around US$70 but...

According to one source, the government had 7 million of them printed but only 2 million were released. The other 5 million of them are sitting, pristine, in a bank vault in Zimbabwe. http://www.news.com.au/world/trillion-note-selling-cheap/news-story/98d61ecbea76f03ee33f6be5181d3597

I don't think that the Zimbabwean Government are going to be using them again so they could very well hit the market and when they do, back down to US$5 ?

 

[Jislizard]

... I remember thinking that the $2 bill was novel as a child haha.

I remember reading this article and thinking it was a great idea http://hackaday.com/2012/08/03/woz-prints-and-spend-his-own-2-bills/

I also remember articles about them being rejected by shop keepers who had never heard of $2 bills and thought they were counterfeit.

 

[projack]

With Europe axing their 500 note and mutterings from several other countries including Australia all looking to crack down on criminal activities I can see them being taken out of circulation.

In which case, having one in pristine condition would be good, having a suitcase of used bills would be disastrous.

.
In Europe the 500 euro note still legal tender and will stay so in the future, so no problem to have a suitcase of such a used bills.

 

[Jislizard]

With Europe axing their 500 note and mutterings from several other countries including Australia all looking to crack down on criminal activities I can see them being taken out of circulation.

In which case, having one in pristine condition would be good, having a suitcase of used bills would be disastrous.

.
In Europe the 500 euro note still legal tender and will stay so in the future, so no problem to have a suitcase of such a used bills.

Thanks Projack, they haven't withdrawn or demonetised them, they have just stopped printing and distributing them.

If they have any "unexplained wealth" laws it might get tricky especially as the reason they have stopped printing them is because of criminals using them. Trying to deposit a suitcase full of them might take some explaining and trying to spend them one at a time might also be a pain. Good for buying a car though.

I wouldn't mind a nice uncirculated 500 euro but even if you could get it for face value it is still a lot of money to have tied up in a fairly modern and not that rare banknote (couldn't find the number printed, after a quick google)

 

[Ipv6Ready]

Just looked up Wiki....

Now the issue would be, do you trust the local coin store.... especially if true and they are rare as hens teeth

https://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency

Although they are still technically legal tender in the United States, high-denomination bills were last printed on December 27, 1945, and officially discontinued on July 14, 1969, by the Federal Reserve System, supposedly due to 'lack of use'. The $5,000 and $10,000 effectively disappeared well before then.

The Federal Reserve began taking high-denomination currency out of circulation (destroying large bills received by banks) in 1969. As of May 30, 2009, only 336 $10,000 bills were known to exist; 342 remaining $5,000 bills; and 165,372 remaining $1,000 bills.[10] Due to their rarity, collectors often pay considerably more than the face value of the bills to acquire them. Some are in museums in other parts of the world.

No mention of the $500 bill here. I'm sure that there are plenty of them around. The $1,000 bill sounds achievable for paupers like me with over 100,000 remaining. I remember thinking that the $2 bill was novel as a child haha.

Yeah your post has piqued my interest as novelty, wouldn't mind having one or two $500 bills, maybe even a $1000 bill, but since I live outside of US, it would be a novelty buy for me.

 

[Ipv6Ready]

With Europe axing their 500 note and mutterings from several other countries including Australia all looking to crack down on criminal activities I can see them being taken out of circulation.

In which case, having one in pristine condition would be good, having a suitcase of used bills would be disastrous.

.
In Europe the 500 euro note still legal tender and will stay so in the future, so no problem to have a suitcase of such a used bills.

Thanks Projack, they haven't withdrawn or demonetised them, they have just stopped printing and distributing them.

If they have any "unexplained wealth" laws it might get tricky especially as the reason they have stopped printing them is because of criminals using them. Trying to deposit a suitcase full of them might take some explaining and trying to spend them one at a time might also be a pain. Good for buying a car though.

I wouldn't mind a nice uncirculated 500 euro but even if you could get it for face value it is still a lot of money to have tied up in a fairly modern and not that rare banknote (couldn't find the number printed, after a quick google)

Id imagine if anyone has a (not a brief case sized but a luggage sized) suitcase or more of 500 euro bills, they are probably either takeaway shop owners skimming the till or involved in more illegal activity than worrying about the tax man