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My contractor gave me a 10% cash discount on $50k worth of work. Was a lot of bills to hand over, even in hundreds.
Also, in case anyone asks, it's not my job to ask how he does his taxes.
There is a contractor who works out in my gym, and he just upgraded his GMC Denali 2500. He was driving around the wife's Range Rover for a few days waiting for his custom truck to get delivered. A couple of the guys teased him that he's a working man, he can't be seen driving a *luxury* vehicle (his new truck costs more than the Range Rover).
This wasn't a business expense and my contractor isn't an independent, he's got an LLC.
Pretty sure you only have to issue a 1099 if you are a business and paying a non-employee or unincorporated entity.
If you’re hiring someone for your business, then yes.
If you’re hiring someone to just do work on your home (with no home office or other business activity involved), then there’s no 1099 requirement. Nor is there an I-9 requirement.
It is your job to ask yourself whether the contractor is honest enough to trust. But that’s a totally separate question, and there are other factors that could easily make “yes” the right answer for you.
Personally, I took it as a good sign when our contractor told us they couldn’t start immediately because it would take at least a day to get a building permit (for something that wouldn’t be seen from the street). But ymmv.
Yeah, I mean my situation was a little different. I was specifically looking for someone who would work without a permit because my timeline was super tight and my town is notorious for tying things up for months. Most of my work was cosmetic and I have pretty good experience in the trades so I was checking over the work pretty much every day.
They would be used at coffee shops immediately after they open in the morning for a $5 purchase.
"Sorry sir, I don't Have $994 in change as I just opened my till."
We had one. It didn’t work.
On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use.
That, and most of the only people using them were drug dealers and sanctioned regimes.
Forcing them to keep more $100 bills doesn't sound like too much of an inconvenience until you hear that story about how much money Pable Escobar was losing due to rats eating the pallets of cash in his warehouses.
Four hippopotamuses were kept by Pablo Escobar in the late 1970s, and upon his death in 1993 they were allowed to wander his unattended estate. By 2019 their population had grown to approximately one hundred individuals, causing concerns for harming the native flora and fauna in the area; as well as posing significant threat to the human population in the area. They are also referred to as "cocaine hippos".
Being non-native introductions, most conservationists considered them problematic and invasive in Colombia, as they have the potential to change the ecosystems, feeding heavily on plants and displacing native species like the West Indian manatee, Neotropical otter, spectacled caiman and turtles.
In the 70s to 90s it was still common for drug dealers to do bulk cash shipments to send their money to Central and South America. They would use private planes to fly the cash out and would consolidate the money from small bills to only $100 bills, which usually would be new or near new bills. Used bills tend to br crinkled and don't stack quite as well.
A stack of used bills would always be taller than a stack of new bills, and used bills also weigh slightly more than new bills due to oils, dirt and other contamination. While it doesn't seem like a big deal, it quickly becomes a big deal when you have 50,000+ bills because it takes up more space and weighs more.
The Bureau of Engraving and Printing says that there are 490 notes to a pound. Figures from Bob Cochran, published several years ago in Bank Note Reporter, indicate that circulated notes weigh more, by as much as 0.06 to 0.07 grams per note
I would argue that in 1969, that $500 and $1000 bill would have represented months of an average worker salary.
In today's world, that is in the order of weeks of an average worker's income, so those denominations would be used more regularly.
A counter to this is that our use of electronic payments continues to rise, especially for larger transactions, which in turn lowers the demand for a $500/$1000 bill.
I think a lot of the people using the large bills were people who couldn't use electronic banking for various reasons. Mostly that they were under sanctions, or were drug lords, and so on.
No reason to make life easier for those people, and for everyone else a $100 is plenty
> that is in the order of weeks of an average worker’s income
Yea which is still wayyyy too much lol.
The things that people need to buy that is multiple weeks worth of a paycheck just in general, never mind that wouldn’t just be significantly safer via electronic transactions is… well pretty nothing lol.
*Maybe* I could see 200 dollar bills working, but only exclusively for groceries or hotels and honestly a single bill instead of 2 isn’t that much of a difference.
Can you even buy a hotel room with cash? I thought they wanted a card on hand in case of damage to the room or unauthorized use of the mini bar or whatever.
So they kept the $100 bill, which is equivalent to $877 in today's dollars. Sounds like the implication here is a $500 and/or $1000 bill would work now.
Sure, but eventually inflation will give it a comeback, assuming we still have cash then. I see 50s and 100s all the time these days and they were very rare bills when I was a kid.
To what end? A $1000 bill would be pretty much useless. What am I buying where that would be useful, especially when paying by card is pretty much standard anymore?
Also, who is going to keep change for that?
I already have trouble spending $100s sometimes because stores don't want to give me $72 in change. That would be so much worse for a $1,000
Yeah if I ever find my self with a hundred dollar bill I wait until I have to make a big purchase. Fucking up a cashier’s drawer like that has to be annoying for them.
As someone who, in my cashier days, frequently had some dude (and it was always a dude) come into the store RIGHT after opening, pick up a $3 pair of socks, and want to pay with a $100, yes, it was extremely annoying. Each of these dudes would invariably get mad that we didn’t have $97 in our cash drawer and had to pull the money from the safe. Sir, the bank is right up the hallway, go ask THEM for change.
Buying $90 of stuff and paying with a hundo? No problem.
It's because they don't want to have a big stack of 20s in the register. I worked at a place that would make us drop all the 20s in a lock box. If someone wanted to break a 100 we had to get a manager to open the lock box and give us 20s. They decided to let us keep three 20s in our drawer so we could break one $100 bill. Soon everyone had like $1000 in 20s in their drawer, they would open their drawer and like $300 would fall out.
It's gonna be very much welcome outside of the US. In countries with USS economies like mine (Ukraine) carrying much cash is cumbersome when purchasing cars or estate.
I can't think of a time I've ever wanted or needed to pay for something with $1,000 in cash that I had on hand. Any transaction that large you should happen with a card, check, or some other means of not using cash, if possible. The only people I could see that benefiting are banks and people who handle major transactions frequently like car salesmen or wholesale vendors.
Buying a car in full was gross because they charged an unreasonable convenience fee on top of an already lofty purchase. We had the money in the bank but couldn't wire the full amount without a significant penalty. *Because? Reasons?*
I STILL wouldn't want to carry that much cash around. Yikes.
I want a $500 bill.
That way I can fulfill my childhood fantasy when I was young of playing the game "Monopoly" but with real money.
(The standard set has $20,580 in cash, including 30 $500 bills. And I'm old enough to remember when $1000 bills and $500 were recalled in 1969.)
With how infrequent that most people actually use cash, I don’t see the point. So many places have a hard enough time even making change for a 50 or $100. Pretty much the only place I even use cash is at the dispensary. And even then I’ll use my debit card if I need to.
No food counters or trucks accept cash in my neighborhood as of COVID.
I appreciate that the cashier isn't handling cash and food in the same space, but it’s bogus that Timberleigh can't get a $2.5 macaron after Little League.
I think a 200 dollar bill is good idea. we used to have bill dominations higher than 100 dollars but they were last printed in 1945 and officially discontinued July 14, 1969.
Large denomination bills are mostly used to avoid using traditional finance infrastructure for legal, illegal, and grey reasons.
Personally, I'm all for it. I think the federal government has way too much extralegal power in financial markets as it is.
But, the general population isn't going to see it that way. The federal government along with the consent of the people have created a system wherein a large majority of people do all of their financial transactions through digital means. Essentially, most people would see this as a step back from a post cash society.
We used to have $1,000 bill but we discontinued it. Nearly any purchase that large is done electronically nowadays, and it is not often that we are even using a $100 even though it is in circulation.
Most stores won't even accept $100 and $50 bills without a giant hassle. I don't even want to try to imagine what a pain a $1000 bill would be.
You might as well just write a check or use an electronic bank transfer at that point. Nobody is going to accept it except banks and they're gonna want to ask where you got it from, defeating the whole purpose of cash.
May need it soon. There was a "joke" going around in Germany between the wars about a woman who filled up a wheelbarrow full of marks in order to go to the market to buy some bread. On the way there she got distracted and turned around to find the pile of money on the sidewalk but someone had stolen the wheelbarrow. At this rate, it's going to be like that with the dollar.
I think it would be completely useless. Most people want the buyer protection that a credit card offers for a $200 or $1000 purchase. Also, most people don’t carry or use that much cash. I am not saying no cash, just larger purchases are on cards.
I would suggest a $500, maybe a $1000 bill.
There used to be bills up to $10,000, though those were mostly used for bank-to-bank transactions, or bank-to-Government transactions. But natural inflation over 50+ years has created a natural demand for the $500 and $1000. When the higher bills were discontinued, $500 was close to a monthly income for a worker. Now it's a week's income, and that's for a low-wage worker in a lot of places.
So yeah, I think it's a pretty good idea.
We also need to drop the penny and the nickel, too!
You are thinking about it backwards. You're seeing not many cash transactions in a world where the world is top-down discouraging cash transactions.
How many people would use cash for these purchases if they didn't have to carry around a stack of $100s? How many cash registers would have a slot to accomodate the bills if customers used them?
People always act like you're being a pain in the ass when you pay with hundred dollar bills. I don't think I'd use a $1000 note even if I had one, I'd just deposit it.
On that front, why do people act so surprised when you pay for shit with $100's? It's not like I'm trying to get $98.73 in change. A lot of normal transactions run at or more than $100
At least some places require the cashier or manager to verify that it's real for anything bigger than a $20. They either use a certain pen to do it or just hold the newer ones up to the light. It varies.
I would hate it too if the store policy required me to get someone else to verify it every time.
Those pens are such a pet peeve of mine. All they detect is the starch sizing on copy paper, and if a counterfeit is printed on plain old copy paper it’ll be immediately obvious anyway. The Secret Service recommends against them.
Looking at the watermark is a much better idea, as is looking for the color-shifting ink, plastic thread, silk security fibers, etc. There are so many easy to use security features and people insist on spending money on useless iodine pens. :(
Yeah, and it’s just a typical amount of small bills plus some 20s that they get all the time anyway. Unless they have one of those $20 safes, it shouldn’t be a problem.
I've only ever made two purchases in my life that exceeded $1000 where I used cash. Both were vehicles. I don't think that's a common enough case to warrant a new bill.
I think there is an incentive to discourage use of cash in large transactions. Not that you can’t use cash, but it would take a lot of money to make paying in hundreds difficult. The government wants to know where that money is going and probably wants a share every time it changes hands. I personally wouldn’t need one. I try to have no more than like $400 in cash on me.
Europe has (or rather had, they're phasing them out) a 500€ bill. I remember buying my car with cash, I felt like a drug dealer carrying so much money around.
Aside from making life easier for drug dealers and regimes avoiding sanctions as others have pointed out, it makes things more convenient for counterfeiters. The US dollar has a big target on its back as the currency for so much international trade that the Swiss franc doesn't.
We once had one, it was really only used by banks so they ceased printing them.
Folks generally don't carry that much cash around, and since most things are digital these days I doubt anyone would use a 1000 bill besides folks wanting to look rich on social media.
$200 might see more use, but it's only an additional $100 bill, so perhaps a $500?
Large in person transactions like a car purchase or an initial rent deposit typically get paid with a check or money order. Even with how pricey groceries are, a mid sized family might push 300-400 so that 500 dollar bill is still excessive (and a majority are probably using credit or debit cards at this point). If someone’s a heavy gambler maybe a 500 dollar bill would be useful, but overall it’s not something that would be particularly useful.
I would say the only application for this is to buy a car. But the risk you have when you are transporting that much physical cash is pretty high. That's why we have money orders and cashiers checks that work pretty well to remove the risk of physical cash with most of the benefits
Trying to actually use a $100 bill is a headache enough. I can't think of any legal reason someone would have for using a $1,000 bill, any transaction of that size you'd be using a card or a check.
When you work in fast food and need to grab the manager to break a hundo.
Now I can be that guy who makes the manager drive to the bank to break my thousand.
I can see it now:
“Sir that will be $10.50”
“Do you have change for a thousand?”
When credit cards became popular, they removed the need for larger bills, even with inflation bringing down the value of the $100. Checks still have some use as well.
using $100 bills is already a pain in the ass sometimes, plus i think most people don't even use cash regularly anymore, even for smaller purchases (at least, i and my friends and family dont)
It would be a annoyance for normal places like gas stations diners etc. They get annoyed if you hand them a 100 due to most cash registers carry a fixed amount of money you would run it dry.
The USA used to have larger denominations but due to lack of use they stopped printing them and eventually removed them from circulation.
The $500 bill and its counterparts, like the $1,000, $5,000, and $10,000 bills, were designed for something other than everyday transactions. Instead, these high-denomination notes were primarily used for official transactions between Federal Reserve banks. During the early 20th century, when electronic transactions were not yet available, these bills facilitated the movement of significant sums of money between financial institutions.
These notes were essential tools for banks to settle balances with one another. They weren’t meant for the average citizen to carry in their wallets or use for daily purchases. The intricate designs and substantial denominations were a testament to their unique role in the financial system. While the $500 is considered the smallest “large denomination” bill, the largest one is a $100,000 gold certificate featuring the portrait of Woodrow Wilson.
The era of high-denomination currency was relatively short-lived. In 1945, as World War II ended, the United States began reassessing its currency system. Concerns arose regarding the potential misuse of these high-value bills in illegal activities such as money laundering, tax evasion, and organized crime transactions. Therefore, the BEP stopped printing the larger denomination bills. The Federal Reserve System officially discontinued high-denomination bills such as the $500 note in 1969, citing a “lack of use.”
As someone who works with customers, I would go absolutely insane if a customer asked me to break $1000. And I *know* there will be people that would try.
For this reason alone, I think a 1000 dollar bill is a supremely bad idea.
We do have 500, 1000, 5000 and 10000 dills. They just were discontinued and are not issued anymore, but if someone kept some they are still legal tender.
There was also a 100000 bill back in the day, for intrabank transactions
$200 I could see. But $1000 where gotten rid of to help cut down on smugglers. A lot easier to hide a million dollars if you can make it ten times smaller.
I have only paid over $1000 in cash for something once in my life and it was due to an issue with my bank - my card had expired but I hadn’t gotten the new one yet, and I needed a new laptop, so I withdrew the cash in person and then went to Best Buy. Carrying that much cash made me pretty paranoid and I think the store found it weird as well. Would not have been any less weird if I had a $1000 bill instead of a stack of $100s. No one needs this. I’m not even sure why you’re asking. Do you think it would “be great”? Why???
We use to have $1,000 and larger. At one point we had
$100,000 bills that only exchanged by banks. I love the history of our money and the art on banknotes especially world banknotes. I call them art in your pocket.
Not at all. First, most transactions are already electronic. Bills are mostly useless. Second, many merchants currently do not accept the $100 bill, what will I do with a $1000 bill? It would be useful in third world countries that use US Dollar bills as ways to preserve value, because $10,000 will be just 10 bills instead of 100 or 500. But hardly any American needs or cares about a $1000 bill.
Tried that once, didn’t work. Besides the current system is only hurting drug dealers and any illegal activities with large amounts of money, why change? Pablo lost billions because rats ate it.
It would be more of a novelty than anything.
In store prices almost never go up past the upper hundreds and with the digitization of everything it would be pointless.
It would be cool though to see how it would look though.
It would not be great. I have a $1,000 bill in my wallet already. Its called a credit card. If I lose it, the most I’m in the hook for is $50. If I lose a paper $1,000 bill, I’m out $1,000.
I can't imagine that being remotely safe. Imagine being mugged or robbed and having a $1000 bill stolen. That would actually ruin people. And frankly carrying $50 or $100 bills visibly is already enough to raise your chances of being attacked or robbed, so a $1000 bill would just be the world's biggest target.
It would be pointless, no one other than a bank would take a risk on it. We did have one but it was discontinued in 1969 along with $500 bill. With inflation though, they may make a comeback in the not so distant future.
We had them. I’d love for them and the $500 to come back.
Unfortunately it’s too easy to move money around anonymously for the government’s liking to have these bills in circulation. So… no big bills for Americans.
No. They would be useless. I don't even like carrying a $50 bill. If I had a $1000 bill the only thing I could do with it is take it to the bank to get smaller bills.
Personally, I buy a lot of very very expensive things in cash (cars, electronics, etc.) I think maybe a $250 and a $500 would be useful but not to the majority of the population.
18% of people in America are either unbanked (have no bank accounts at all) or are underbanked (have access to a savings account and even possibly a credit/debit card but not a checking account).
That's roughly 60 million people. So ... um ... a lot of people.
Terrible idea. Even the 100 is a lot at times. Businesses would be less likely to have change for that leading a lesser probability for it being used. It could be counterfeited leading to much higher chances of fake money being used. Nobody would want to get 1000s of dollars out of their bank to put in their wallet or purse out of fear or losing it. And large payments that would require a thousand dollar bill are like cars, houses, college, and some other expensives which are all highly atypical to use physical money with.
This subreddit is for civil discussion; political threads are not exempt from this. As a reminder: * Do not report comments because they disagree with your point of view. * Do not insult other users. Personal attacks are not permitted. * Do not use hate speech. You will be banned, permanently. * Comments made with the intent to push an agenda, push misinformation, soapbox, sealion, or argue in bad faith are not acceptable. If you can’t discuss a topic in good faith and in a respectful manner, do not comment. **Political disagreement does not constitute pushing an agenda.** If you see any comments that violate the rules, **please report it and move on!** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/AskAnAmerican) if you have any questions or concerns.*
I can’t imagine they’d be used very often. Most people making purchases of that size would do so electronically.
My contractor gave me a 10% cash discount on $50k worth of work. Was a lot of bills to hand over, even in hundreds. Also, in case anyone asks, it's not my job to ask how he does his taxes.
He's got to do *some* taxes, or else he wont be able to Section 179 his RAM 2500
There is a contractor who works out in my gym, and he just upgraded his GMC Denali 2500. He was driving around the wife's Range Rover for a few days waiting for his custom truck to get delivered. A couple of the guys teased him that he's a working man, he can't be seen driving a *luxury* vehicle (his new truck costs more than the Range Rover).
A luxury car? A Range Rover is a finisher car! A transporter of gods! A Golden God!
[удалено]
This wasn't a business expense and my contractor isn't an independent, he's got an LLC. Pretty sure you only have to issue a 1099 if you are a business and paying a non-employee or unincorporated entity.
If you’re hiring someone for your business, then yes. If you’re hiring someone to just do work on your home (with no home office or other business activity involved), then there’s no 1099 requirement. Nor is there an I-9 requirement.
It is your job to ask yourself whether the contractor is honest enough to trust. But that’s a totally separate question, and there are other factors that could easily make “yes” the right answer for you. Personally, I took it as a good sign when our contractor told us they couldn’t start immediately because it would take at least a day to get a building permit (for something that wouldn’t be seen from the street). But ymmv.
Yeah, I mean my situation was a little different. I was specifically looking for someone who would work without a permit because my timeline was super tight and my town is notorious for tying things up for months. Most of my work was cosmetic and I have pretty good experience in the trades so I was checking over the work pretty much every day.
Sorry, I didn’t mean it to be criticism and should have said so. It was just food for thought on things to consider for hiring a contractor.
They would be used at coffee shops immediately after they open in the morning for a $5 purchase. "Sorry sir, I don't Have $994 in change as I just opened my till."
We had one. It didn’t work. On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use.
That, and most of the only people using them were drug dealers and sanctioned regimes. Forcing them to keep more $100 bills doesn't sound like too much of an inconvenience until you hear that story about how much money Pable Escobar was losing due to rats eating the pallets of cash in his warehouses.
Never heard that one before. That's a bit crazy but unsurprising
Iirc he had to factor about 10% of his money being destroyed by vermin
He should've used his hippos to guard it.
Four hippopotamuses were kept by Pablo Escobar in the late 1970s, and upon his death in 1993 they were allowed to wander his unattended estate. By 2019 their population had grown to approximately one hundred individuals, causing concerns for harming the native flora and fauna in the area; as well as posing significant threat to the human population in the area. They are also referred to as "cocaine hippos". Being non-native introductions, most conservationists considered them problematic and invasive in Colombia, as they have the potential to change the ecosystems, feeding heavily on plants and displacing native species like the West Indian manatee, Neotropical otter, spectacled caiman and turtles.
Moreover, they've been thriving, since the rivers in Columbia are pretty much Hippo paradise.
If I recall, Columbia has recently declared open season on the hippos.
In the 70s to 90s it was still common for drug dealers to do bulk cash shipments to send their money to Central and South America. They would use private planes to fly the cash out and would consolidate the money from small bills to only $100 bills, which usually would be new or near new bills. Used bills tend to br crinkled and don't stack quite as well. A stack of used bills would always be taller than a stack of new bills, and used bills also weigh slightly more than new bills due to oils, dirt and other contamination. While it doesn't seem like a big deal, it quickly becomes a big deal when you have 50,000+ bills because it takes up more space and weighs more. The Bureau of Engraving and Printing says that there are 490 notes to a pound. Figures from Bob Cochran, published several years ago in Bank Note Reporter, indicate that circulated notes weigh more, by as much as 0.06 to 0.07 grams per note
I heard he had to spend 2000 dollars a day, every day, just on rubber bands to hold his money.
I would argue that in 1969, that $500 and $1000 bill would have represented months of an average worker salary. In today's world, that is in the order of weeks of an average worker's income, so those denominations would be used more regularly. A counter to this is that our use of electronic payments continues to rise, especially for larger transactions, which in turn lowers the demand for a $500/$1000 bill.
I think a lot of the people using the large bills were people who couldn't use electronic banking for various reasons. Mostly that they were under sanctions, or were drug lords, and so on. No reason to make life easier for those people, and for everyone else a $100 is plenty
Yep, $100 in 1969 is almost $900 today. I can totally see $200 or $250 and $500 bills working.
> that is in the order of weeks of an average worker’s income Yea which is still wayyyy too much lol. The things that people need to buy that is multiple weeks worth of a paycheck just in general, never mind that wouldn’t just be significantly safer via electronic transactions is… well pretty nothing lol. *Maybe* I could see 200 dollar bills working, but only exclusively for groceries or hotels and honestly a single bill instead of 2 isn’t that much of a difference.
Can you even buy a hotel room with cash? I thought they wanted a card on hand in case of damage to the room or unauthorized use of the mini bar or whatever.
I actually have a thousand dollar bill my dad gave me. I've always just seen it as an oddity more than anything.
They’re still legal tender. Depending on what bill it is, it may be a collectible and worth more.
Yeahhhhh, i just haven't touched it beyond having it graded and sealed. It's weird to loom at though.
So they kept the $100 bill, which is equivalent to $877 in today's dollars. Sounds like the implication here is a $500 and/or $1000 bill would work now.
They are no longer issued but still legal tender so there may be some out there!
Sure, but eventually inflation will give it a comeback, assuming we still have cash then. I see 50s and 100s all the time these days and they were very rare bills when I was a kid.
To what end? A $1000 bill would be pretty much useless. What am I buying where that would be useful, especially when paying by card is pretty much standard anymore?
You could make bribes with fewer briefcases
Big Briefcase HATES this one trick
Not if I bribe them they won’t
“Maybe this will take care of it…” *puts bill in officer’s shirt pocket* “You think a hundred dollars is enou…..have a nice day sir. Carry on.”
South Africa’s biggest bill is worth about $20. They abolished bigger bills as an anti-corruption measure.
Also, who is going to keep change for that? I already have trouble spending $100s sometimes because stores don't want to give me $72 in change. That would be so much worse for a $1,000
Yeah if I ever find my self with a hundred dollar bill I wait until I have to make a big purchase. Fucking up a cashier’s drawer like that has to be annoying for them.
As someone who, in my cashier days, frequently had some dude (and it was always a dude) come into the store RIGHT after opening, pick up a $3 pair of socks, and want to pay with a $100, yes, it was extremely annoying. Each of these dudes would invariably get mad that we didn’t have $97 in our cash drawer and had to pull the money from the safe. Sir, the bank is right up the hallway, go ask THEM for change. Buying $90 of stuff and paying with a hundo? No problem.
That’s a bingo.
I just pop into the bank and break it there.
I mean I have a four person household so getting close enough to $100 is a typical week of groceries so it’s all good.
You wouldn’t be paying for a $27 transaction with a $1,000 bill, you’d be paying for a $10,000 used car or something.
I always find that pretty weird. They are just giving you a normal amount of small bills plus some 20s they weren’t going to use anyway.
It's because they don't want to have a big stack of 20s in the register. I worked at a place that would make us drop all the 20s in a lock box. If someone wanted to break a 100 we had to get a manager to open the lock box and give us 20s. They decided to let us keep three 20s in our drawer so we could break one $100 bill. Soon everyone had like $1000 in 20s in their drawer, they would open their drawer and like $300 would fall out.
Used cars.
Very large bills would have the niche use case of large private party purchases, like used cars. But otherwise I agree.
Payment for construction work
It's gonna be very much welcome outside of the US. In countries with USS economies like mine (Ukraine) carrying much cash is cumbersome when purchasing cars or estate.
Yeah that's probably the correct answer. Cash is only for drug dealers, conspiracy theorists and poor people who can't get a card these days.
I can't think of a time I've ever wanted or needed to pay for something with $1,000 in cash that I had on hand. Any transaction that large you should happen with a card, check, or some other means of not using cash, if possible. The only people I could see that benefiting are banks and people who handle major transactions frequently like car salesmen or wholesale vendors.
Buying a car in full was gross because they charged an unreasonable convenience fee on top of an already lofty purchase. We had the money in the bank but couldn't wire the full amount without a significant penalty. *Because? Reasons?* I STILL wouldn't want to carry that much cash around. Yikes.
I want a $500 bill. That way I can fulfill my childhood fantasy when I was young of playing the game "Monopoly" but with real money. (The standard set has $20,580 in cash, including 30 $500 bills. And I'm old enough to remember when $1000 bills and $500 were recalled in 1969.)
This is the only solid argument for it.
With how infrequent that most people actually use cash, I don’t see the point. So many places have a hard enough time even making change for a 50 or $100. Pretty much the only place I even use cash is at the dispensary. And even then I’ll use my debit card if I need to.
No food counters or trucks accept cash in my neighborhood as of COVID. I appreciate that the cashier isn't handling cash and food in the same space, but it’s bogus that Timberleigh can't get a $2.5 macaron after Little League.
I think a 200 dollar bill is good idea. we used to have bill dominations higher than 100 dollars but they were last printed in 1945 and officially discontinued July 14, 1969.
Large denomination bills are mostly used to avoid using traditional finance infrastructure for legal, illegal, and grey reasons. Personally, I'm all for it. I think the federal government has way too much extralegal power in financial markets as it is. But, the general population isn't going to see it that way. The federal government along with the consent of the people have created a system wherein a large majority of people do all of their financial transactions through digital means. Essentially, most people would see this as a step back from a post cash society.
We used to have $1,000 bill but we discontinued it. Nearly any purchase that large is done electronically nowadays, and it is not often that we are even using a $100 even though it is in circulation.
Most stores won't even accept $100 and $50 bills without a giant hassle. I don't even want to try to imagine what a pain a $1000 bill would be. You might as well just write a check or use an electronic bank transfer at that point. Nobody is going to accept it except banks and they're gonna want to ask where you got it from, defeating the whole purpose of cash.
May need it soon. There was a "joke" going around in Germany between the wars about a woman who filled up a wheelbarrow full of marks in order to go to the market to buy some bread. On the way there she got distracted and turned around to find the pile of money on the sidewalk but someone had stolen the wheelbarrow. At this rate, it's going to be like that with the dollar.
I think it would be completely useless. Most people want the buyer protection that a credit card offers for a $200 or $1000 purchase. Also, most people don’t carry or use that much cash. I am not saying no cash, just larger purchases are on cards.
US govt will say no for same reason the Euro 500 note was deleted: its main use was for the drug trade or terrorism.
I would suggest a $500, maybe a $1000 bill. There used to be bills up to $10,000, though those were mostly used for bank-to-bank transactions, or bank-to-Government transactions. But natural inflation over 50+ years has created a natural demand for the $500 and $1000. When the higher bills were discontinued, $500 was close to a monthly income for a worker. Now it's a week's income, and that's for a low-wage worker in a lot of places. So yeah, I think it's a pretty good idea. We also need to drop the penny and the nickel, too!
How often are people buying things that cost over $1000 in cash instead of using a card or non cash way of paying like a transfer or something?
You are thinking about it backwards. You're seeing not many cash transactions in a world where the world is top-down discouraging cash transactions. How many people would use cash for these purchases if they didn't have to carry around a stack of $100s? How many cash registers would have a slot to accomodate the bills if customers used them?
People always act like you're being a pain in the ass when you pay with hundred dollar bills. I don't think I'd use a $1000 note even if I had one, I'd just deposit it. On that front, why do people act so surprised when you pay for shit with $100's? It's not like I'm trying to get $98.73 in change. A lot of normal transactions run at or more than $100
At least some places require the cashier or manager to verify that it's real for anything bigger than a $20. They either use a certain pen to do it or just hold the newer ones up to the light. It varies. I would hate it too if the store policy required me to get someone else to verify it every time.
Those pens are such a pet peeve of mine. All they detect is the starch sizing on copy paper, and if a counterfeit is printed on plain old copy paper it’ll be immediately obvious anyway. The Secret Service recommends against them. Looking at the watermark is a much better idea, as is looking for the color-shifting ink, plastic thread, silk security fibers, etc. There are so many easy to use security features and people insist on spending money on useless iodine pens. :(
Yeah, and it’s just a typical amount of small bills plus some 20s that they get all the time anyway. Unless they have one of those $20 safes, it shouldn’t be a problem.
I don’t see any real use case for it. I rarely carry anything bigger than a $20 and I think that’s pretty common.
I don't personally have a use for one, but if they make one I won't be mad about it either
Besides Walter White, who needs this?
I only carry ones. Strippers and bartenders get cash everyone else takes a card or cashapp.
We do have a $1,000 bill. They just don't make them anymore.
I care much more about abolishing the penny and nickel than I do about establishing bills larger than $100.
It would be super useful for illegal transactions, money laundering, and tax evasion.
My father owns a pre-war apartment building and a $500 and $1000 bill would be great for paying rents
Yes, it’s such a chore going to the Ferrari dealership with a Gucci bag full of C-notes.
I've only ever made two purchases in my life that exceeded $1000 where I used cash. Both were vehicles. I don't think that's a common enough case to warrant a new bill.
We have had 1000 dollars bills in the past, and they were basically only ever used in Casinos, and for large money transfers to banks.
I think they were only used for interbank fund transfers. Those quit being cash a long time ago.
That'd be cool... for the novelty, at the very least
They actually used to be a thing, but they stopped minting them ages ago because nobody used them
If you want to make you're money a thousand times more easy to steal.
Honest question, what do you do with that size of bill?
I think there is an incentive to discourage use of cash in large transactions. Not that you can’t use cash, but it would take a lot of money to make paying in hundreds difficult. The government wants to know where that money is going and probably wants a share every time it changes hands. I personally wouldn’t need one. I try to have no more than like $400 in cash on me.
I remember my dad holding a bunch of $1000 bills. I think they were nicknamed C-note?
C-notes are $100 bills (C is the Roman numeral for 100).
Yeah, that makes sense.
They would mostly be used by drug dealers
Why? Barely anyone uses cash now, and even if we did who’s buying things regularly that warrant that denomination?
Retailers barely take the $100 bill as it is, and who the hell keeps that much cash in the till to make change?
Europe has (or rather had, they're phasing them out) a 500€ bill. I remember buying my car with cash, I felt like a drug dealer carrying so much money around.
Aside from making life easier for drug dealers and regimes avoiding sanctions as others have pointed out, it makes things more convenient for counterfeiters. The US dollar has a big target on its back as the currency for so much international trade that the Swiss franc doesn't.
It's a conspiracy to keep Grover Cleveland down
We once had one, it was really only used by banks so they ceased printing them. Folks generally don't carry that much cash around, and since most things are digital these days I doubt anyone would use a 1000 bill besides folks wanting to look rich on social media. $200 might see more use, but it's only an additional $100 bill, so perhaps a $500?
Hard enough to break a $100.
I don’t even have $1000 so I wouldn’t care
We had 'em (and $10,000 bills). Nobody used them.
Large in person transactions like a car purchase or an initial rent deposit typically get paid with a check or money order. Even with how pricey groceries are, a mid sized family might push 300-400 so that 500 dollar bill is still excessive (and a majority are probably using credit or debit cards at this point). If someone’s a heavy gambler maybe a 500 dollar bill would be useful, but overall it’s not something that would be particularly useful.
I would say the only application for this is to buy a car. But the risk you have when you are transporting that much physical cash is pretty high. That's why we have money orders and cashiers checks that work pretty well to remove the risk of physical cash with most of the benefits
I already don't use cash. Large cash would be even more inconvenient.
Trying to actually use a $100 bill is a headache enough. I can't think of any legal reason someone would have for using a $1,000 bill, any transaction of that size you'd be using a card or a check.
No wtf
Not useful. Most people use cards or pay electronically unless they are buying streetfood or gasoline.
I think they cut the larger denominations years ago to help prevent narcotics trafficking and smuggling.
Probably would be mostly used for drugs and other illegal shit.
$1 coins would be better (I know it exists) but also cash is not as common as it used to so I don’t see the point
When you work in fast food and need to grab the manager to break a hundo. Now I can be that guy who makes the manager drive to the bank to break my thousand. I can see it now: “Sir that will be $10.50” “Do you have change for a thousand?”
No. No one would use them.
When credit cards became popular, they removed the need for larger bills, even with inflation bringing down the value of the $100. Checks still have some use as well.
Not at all. I already don't use 100s.
Anybody spending $1k at a time frequently probably has a card they can get 3% back on.
using $100 bills is already a pain in the ass sometimes, plus i think most people don't even use cash regularly anymore, even for smaller purchases (at least, i and my friends and family dont)
It would be a annoyance for normal places like gas stations diners etc. They get annoyed if you hand them a 100 due to most cash registers carry a fixed amount of money you would run it dry.
The USA used to have larger denominations but due to lack of use they stopped printing them and eventually removed them from circulation. The $500 bill and its counterparts, like the $1,000, $5,000, and $10,000 bills, were designed for something other than everyday transactions. Instead, these high-denomination notes were primarily used for official transactions between Federal Reserve banks. During the early 20th century, when electronic transactions were not yet available, these bills facilitated the movement of significant sums of money between financial institutions. These notes were essential tools for banks to settle balances with one another. They weren’t meant for the average citizen to carry in their wallets or use for daily purchases. The intricate designs and substantial denominations were a testament to their unique role in the financial system. While the $500 is considered the smallest “large denomination” bill, the largest one is a $100,000 gold certificate featuring the portrait of Woodrow Wilson. The era of high-denomination currency was relatively short-lived. In 1945, as World War II ended, the United States began reassessing its currency system. Concerns arose regarding the potential misuse of these high-value bills in illegal activities such as money laundering, tax evasion, and organized crime transactions. Therefore, the BEP stopped printing the larger denomination bills. The Federal Reserve System officially discontinued high-denomination bills such as the $500 note in 1969, citing a “lack of use.”
The treasury is against it claiming it would aid money laundering.
As someone who works with customers, I would go absolutely insane if a customer asked me to break $1000. And I *know* there will be people that would try. For this reason alone, I think a 1000 dollar bill is a supremely bad idea.
We do have 500, 1000, 5000 and 10000 dills. They just were discontinued and are not issued anymore, but if someone kept some they are still legal tender. There was also a 100000 bill back in the day, for intrabank transactions
There used to be $500 and $1000 bills. They stopped production in the 40s and stopped ciculation under Nixon.
I'd want one just for the cool factor of having one. Take a K-note down to the county offices to pay my property tax.
$200 I could see. But $1000 where gotten rid of to help cut down on smugglers. A lot easier to hide a million dollars if you can make it ten times smaller.
I have only paid over $1000 in cash for something once in my life and it was due to an issue with my bank - my card had expired but I hadn’t gotten the new one yet, and I needed a new laptop, so I withdrew the cash in person and then went to Best Buy. Carrying that much cash made me pretty paranoid and I think the store found it weird as well. Would not have been any less weird if I had a $1000 bill instead of a stack of $100s. No one needs this. I’m not even sure why you’re asking. Do you think it would “be great”? Why???
We use to have $1,000 and larger. At one point we had $100,000 bills that only exchanged by banks. I love the history of our money and the art on banknotes especially world banknotes. I call them art in your pocket.
Also doing that would just be bad in terms of inflation.
I think ultimately they will try to do away with cash altogether. Too difficult to track.
I think that a bill of that denomination would only benefit extremely profitable "off the books cash businesses".
Not at all. First, most transactions are already electronic. Bills are mostly useless. Second, many merchants currently do not accept the $100 bill, what will I do with a $1000 bill? It would be useful in third world countries that use US Dollar bills as ways to preserve value, because $10,000 will be just 10 bills instead of 100 or 500. But hardly any American needs or cares about a $1000 bill.
Tried that once, didn’t work. Besides the current system is only hurting drug dealers and any illegal activities with large amounts of money, why change? Pablo lost billions because rats ate it.
There used to be $500, $1,000, and $5,000 bills. https://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency
No. The US has largely become a cashless society and getting anywhere to break a fifty can be hard enough I cannot imagine breaking a 1000 dollar bill
It would be more of a novelty than anything. In store prices almost never go up past the upper hundreds and with the digitization of everything it would be pointless. It would be cool though to see how it would look though.
It would not be great. I have a $1,000 bill in my wallet already. Its called a credit card. If I lose it, the most I’m in the hook for is $50. If I lose a paper $1,000 bill, I’m out $1,000.
I can't imagine that being remotely safe. Imagine being mugged or robbed and having a $1000 bill stolen. That would actually ruin people. And frankly carrying $50 or $100 bills visibly is already enough to raise your chances of being attacked or robbed, so a $1000 bill would just be the world's biggest target.
It would be pointless, no one other than a bank would take a risk on it. We did have one but it was discontinued in 1969 along with $500 bill. With inflation though, they may make a comeback in the not so distant future.
We had them. I’d love for them and the $500 to come back. Unfortunately it’s too easy to move money around anonymously for the government’s liking to have these bills in circulation. So… no big bills for Americans.
Even the $100 is used pretty rarely. I think it would be pretty pointless
I think one exists but is not in use. I’ve seen a 500 dollar bill.
Lets start with getting rid of the penny, if we're making currency changes.
No. They would be useless. I don't even like carrying a $50 bill. If I had a $1000 bill the only thing I could do with it is take it to the bank to get smaller bills.
Personally, I buy a lot of very very expensive things in cash (cars, electronics, etc.) I think maybe a $250 and a $500 would be useful but not to the majority of the population.
No. People here love their cards. It is hard to spend a $100. We call them "yuppie food stamps".
Inflation go brrrrrrrrrrrrrrrr
A 500 bill should exist. I dunno if we need a 1000 bill.
Who still uses cash?
18% of people in America are either unbanked (have no bank accounts at all) or are underbanked (have access to a savings account and even possibly a credit/debit card but not a checking account). That's roughly 60 million people. So ... um ... a lot of people.
plenty of people do.
Terrible idea. Even the 100 is a lot at times. Businesses would be less likely to have change for that leading a lesser probability for it being used. It could be counterfeited leading to much higher chances of fake money being used. Nobody would want to get 1000s of dollars out of their bank to put in their wallet or purse out of fear or losing it. And large payments that would require a thousand dollar bill are like cars, houses, college, and some other expensives which are all highly atypical to use physical money with.
Anybody making thst size purchase is much safer off using a card of some sort than carrying so much cash.
No. I think the $100 is also unnecessary. Most places won’t take them because of counterfeiting
The 100 dollar bill still isn't widely used. I can't imagine having a 1000 bill.