Should the $500 banknote be revived?

Went to the bank today, this is a huge bank, one of the largest banks in my state with branches in a bunch of other states, to withdraw $3,000 in cash for a transaction I'm making. The teller comes back with a big fat envelope that's full of 50s and 20s. No no no I said, give me all hundreds they don't take up any room. She said good luck with that they very seldom deal in hundreds anymore. There aren't any. To top it off the 50's she gave me were all old and so they took up even more room.

When I got home I found out that over ninety percent of America's $100 bills are in foreign countries now. They disappear from the US as fast as they're printed. People come here from Eastern Europe and Central and South America with small bills and buy up our hundreds and take them back to their countries where they're used as currency or by drug cartels. I read that only 25% of Americans use cash on any kind of a regular basis now and they mostly poor people. We're propping up the currencies of other countries with currency we can't even find in our own country now. I haven't been to a casino since 2019 because of covid but I don't remember there being any shortage of hundreds. For the first time in history there are now more $100 bills in circulation than $1 bills.

Quote: Evenbob

Went to the bank today, this is a huge bank, one of the largest banks in my state with branches in a bunch of other states, to withdraw $3,000 in cash for a transaction I'm making. The teller comes back with a big fat envelope that's full of 50s and 20s. No no no I said, give me all hundreds they don't take up any room. She said good luck with that they very seldom deal in hundreds anymore. There aren't any. To top it off the 50's she gave me were all old and so they took up even more room.

When I got home I found out that over ninety percent of America's $100 bills are in foreign countries now. They disappear from the US as fast as they're printed. People come here from Eastern Europe and Central and South America with small bills and buy up our hundreds and take them back to their countries where they're used as currency or by drug cartels. I read that only 25% of Americans use cash on any kind of a regular basis now and they mostly poor people. We're propping up the currencies of other countries with currency we can't even find in our own country now. I haven't been to a casino since 2019 because of covid but I don't remember there being any shortage of hundreds. For the first time in history there are now more $100 bills in circulation than $1 bills.

this is news to me

Quote: Evenbob

For the first time in history there are now more $100 bills in circulation than $1 bills.

In 2008 the number of $100 banknotes in circulation equalled the number of $20 banknotes in circulation
In 2017 the number of $100 banknotes in circulation surpassed the number of $1 banknotes in circulation.

At the end of 2020 the federal reserve reported 16,400 million $100 banknotes in circulation, which is quite a lot considering the population of the US was 329.5 million at the end of 2020. The fed also reported record numbers: 13,100 million $1 banknotes and 11,700 million $20 banknotes in circulation . The other denominations circulate in much smaller numbers ($2, $5, $10, and $50). The $50 circulates in the same number as the $10, so sometimes it is difficult for banks to pay out in $50s.

Switzerland has 50 million 1000CHF=$1072 banknotes in circulation, far more than are needed by a population of 8.637 million. They also have 16.7 million 200 CHF banknotes and 14. 8million 100CHF in circulation. The Swiss have dropped portraits from their money and now use hand signs,

Quote: Evenbob

Went to the bank today, this is a huge bank. She said good luck with that they very seldom deal in hundreds anymore. There aren't any.

They must have migrated west, as I frequently ask for and receive them from my (regional, not national) bank, and the casinos always have a lot of them as well.

Quote: missedhervee

They must have migrated west, as I frequently ask for and receive them from my (regional, not national) bank, and the casinos always have a lot of them as well.

Every bank machine I've hit up lately dispensed 100 dollar bills.

https://moneyfactory.gov/resources/productionannual.html
I think the fact that the federal reserve has not updated the production statistcs for fiscal year 2021 which ended six months ago is that they don't want to deal with the fallout of how many $100s were printed.

The last completed series (as of July 2019) of $100 banknotes (4 billion notes) was distributed to the 12 federal reserve banks as follows (by the letter on the banknote). So most of the financial centers end up siphoning the banknotes to foreign countries.

44.6% New York
15.3% Atlanta
13.5% San Francisco
7.0% Dallas
4.4% Richmond
4.2% Chicago
2.8% Cleveland
2.5% St. Louis
2.0% Kansas City
1.8% Boston
1.3% Philadelphia
0.6% Minneapolis

Keep in mind that the Atlanta Federal Reserve territory includes Florida.


Over 80% of the $100 banknotes go to these four districts.
New York
Atlanta
San Francisco
Dallas

They make special bags to carry a million in $100 banknotes, safely but discretely.


Of course, the Federal Districts were set up on December 23, 1913, and since then population shifts have made the San Francisco district 7 times the population of Minneapolis district. In 1913 the district of San Francisco and Minneapolis had nearly identical populations.

So correcting for population, here is the distribution of 4 billion $100 banknotes on a per capita basis.

13.6% New York
12.3% Philadelphia
10.9% Boston
10.0% Cleveland
9.6% Richmond
7.7% Dallas
7.3% Atlanta
7.0% San Francisco
6.6% Chicago
5.7% St. Louis
4.8% Minneapolis
4.5% Kansas City