Should the $500 banknote be revived?

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18 members have voted

July 24th, 2018 at 7:19:14 PM permalink
kenarman
Member since: Oct 24, 2012
Threads: 14
Posts: 4470
The Canadian Banknote Company prints notes for many small countries world wide as well as Canada. They also print other security paper of various kinds from stamps to lottery tickets and stock certificates.
"but if you make yourselves sheep, the wolves will eat you." Benjamin Franklin
July 24th, 2018 at 7:24:36 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Quote: kenarman
With the smallest bill in Canada being $5 you end up with lots of $1 and $2 coins.


They will never get rid of the $1 banknote. Just look at the statistics

June 2018 statistics
Washington DC production facility
64.00 million $1 banknotes
102.40 million $20 banknotes
70.40 million $5 banknotes

Dallas production facility
115.20 million $1 banknotes
19.20 million $10 banknotes
51.20 million $20 banknotes
144.00 million $100 banknotes

Without the $1 bill, there would be no reason to not move everything to Dallas (opened 1990) and close the Washington DC facility (opened 1880). People want their jobs so I am sure there is an invented national security reason to keep both facilities open.
July 24th, 2018 at 7:46:46 PM permalink
Wizard
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Member since: Oct 23, 2012
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Quote: Pacomartin
Without the $1 bill, there would be no reason to not move everything to Dallas (opened 1990) and close the Washington DC facility (opened 1880). People want their jobs so I am sure there is an invented national security reason to keep both facilities open.


I didn't know they printed paper currency in Dallas. Very east coast mentality -- nobody can ever lose a job.
Knowledge is Good -- Emil Faber
July 24th, 2018 at 8:17:23 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Quote: Wizard
I didn't know they printed paper currency in Dallas.


They knew in 1990 that money was going to have get a lot more complex to stay ahead of counterfeiters. The big headed notes were introduced in 1996, and they were supposed to be updated every 10 years. New machines were going to be needed. By law the $1 and $2 banknotes can't be changed as too many vending machines can read the notes, plus they didn't want the price to go up.
They are more sophisticated about recycling the $1 banknote today, so they don't have to print so many new ones.

Despite having two facilities the total number of banknotes only went up by 12% from 1989 to 2017. Of course, there is a big big increase in the $100 banknotes produced in three decades.

The values in this table are 1400 lb pallets of 640,000 notes ( or a "skid") which is the minimum amount they can print. All production numbers must be integral multiples of 640,000.

Denomination 1980 1989 2017
$1 3,031 4,470 3,790
$5 668 1,305 1,430
$10 774 1,205 410
$20 992 2,385 2,680
$50 89 210 420
$100 157 315 2,370
total 5,711 9,890 11,100


Quote: Wizard
Very east coast mentality -- nobody can ever lose a job.


You can see from the numbers that they wouldn't need the older 140 year old Washington DC facility without the $1 banknote.

The United States China and Russia obviously prints their own currency to help them mitigate risk and keep any special security designs a secret.

According to The Washington Post, as of 2011 about half the countries in the world had outsourced at least some of their currency printing. The Washington Post mentioned that officials in the Philippines noticed their president's name had been misspelled when they sent a currency order overseas in the early 2000s. In 2011, the United Kingdom seized Libyan currency that had been printed within England as a result of United Nations sanctions.


As Elizabeth II is monarch over United Kingdom, Australia, Canada, New Zealand, The Bahamas, Antigua and Barbuda,Barbados, Belize, Grenada, Jamaica, Papua New Guinea, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Solomon Islands, and Tuvalu there may b e some cooperation in currency production. Certainly most of these countries, and many others, use technology owned by Note Printing australia
https://www.noteprinting.com/banknotes/
July 24th, 2018 at 8:33:23 PM permalink
Wizard
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Member since: Oct 23, 2012
Threads: 239
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Quote: Pacomartin
You can see from the numbers that they wouldn't need the older 140 year old Washington DC facility without the $1 banknote.


I will say that the BUREAU OF ENGRAVING AND PRINTING tour is one of my favorite DC things to do and very underrated. Surreal to see pallets and pallets of uncut paper money. What you might spend you whole life earning, even at a small denomination.
Knowledge is Good -- Emil Faber
July 24th, 2018 at 8:43:37 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Quote: Wizard
I will say that the BUREAU OF ENGRAVING AND PRINTING tour is one of my favorite DC things to do and very underrated. Surreal to see pallets and pallets of uncut paper money.


The Currency Overprinting Processing Equipment and Packaging (COPE) machine then stacks 4000 single notes into a “brick”, four “bricks” make a “cash pack” (16,000 notes). Forty packs (640,000 notes) make a “skid” and two “skids” make a completed pallet for shipping to a Federal Reserve Bank. That would weight 1.28 metric tonnes, or 1.41 English tons plus the weight of the pallet.

They have tours at Dallas as well. They used to put a little tiny FW (Fort Worth) on the notes if they were printed there, but I think they stopped that.



The values in this table are 1400 lb pallets of 640,000 notes ( or a "skid") which is the minimum amount they can print. All production numbers must be integral multiples of 640,000.

Denomination 1980 1989 2017
$1 3,031 4,470 3,790
$5 668 1,305 1,430
$10 774 1,205 410
$20 992 2,385 2,680
$50 89 210 420
$100 157 315 2,370
total 5,711 9,890 11,100


Monthly production numbers seem to be multiples of 10 skids.

Washington facility in 2017 produced 1110 skids of $1 banknotes (out of 3790), all 1430 skids of $5 banknotes and 1810 skids of $20 banknotes (out of 2680). The Washington total is 4350 skids or only 15% more (560 skids) than the $1 banknotes made in both facilities.The sensible thing would be for Washington to make just the $1 banknotes, but that would be like slapping congress in the face every day and shouting "close me".

Quote: Wizard
What you might spend you whole life earning, even at a small denomination.


In Fy 2017 they printed $209.05 billion ($151.68 billion in $100 banknotes) in both facilities and Jeff Bezos is worth $150 billion today and he's only age 54. He may end up a trillionaire when he is old.

It's difficult to imagine that any physical consumer object you could possibly buy, a boat, submarine, jet or mansion is only a tiny percentage of your net worth. Jeff Bezos bought the most expensive mansion in Washington DC and it is nothing to him.
July 24th, 2018 at 10:17:35 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569


Two private imagination of what vertical US currency could look like.

Israel's new vertical design


Switzerland's new vertical design


Canada's new vertical $10 banknote front and back


US not prepared to go vertical
July 25th, 2018 at 1:26:50 AM permalink
Wizard
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Member since: Oct 23, 2012
Threads: 239
Posts: 6095
Call me a racist if you wish, I'm going to use tens and fifties of they come out with that 20.
Knowledge is Good -- Emil Faber
July 25th, 2018 at 1:27:27 AM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 146
Posts: 25010
Quote: kenarman
Nice when you can purchase a case of beer with the change in your pocket.


Because change isn't really money?
If you take a risk, you may lose. If you never take a risk, you will always lose.
July 25th, 2018 at 3:04:56 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Quote: Wizard
Call me a racist if you wish, I'm going to use tens and fifties of they come out with that 20.


The Canadian banknote features an iconic black woman who was a civil rights leader. It's a very attractive banknote.


Here is an imagining of US currency without portraits, just celebrating ideas.



Here is a design featuring a nameless individual


Switzerland is opting for the no portrait concept with new series. All their new banknotes feature hands.


Britain's new 5 and 10 pound note HAVE PORTRAITS

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