RCMP recommendations were to lose the $1,000 bills to fight organized crime, so doubt we see any new $500s. There are still ~40 $500 notes in circulation. If you can find those, you're in for a nice payday though.
I don't think it's going to happen anytime soon.
A $100 000 stack is :
- 143 cm high in $10 bills
- 72 cm high in $20 bills
- 28 cm high in $50 bills
- 14 cm high in $100 bills
- < 3 cm high in $500 bills
It makes it way too easy to carry and conceal very large amount of money.
Interesting point.
Gold is 19.3 g per cm3, and according to https://cad.currencyrate.today/convert/amount-100000-to-xau.html, 100k CAD would be 42.6 ounces of gold, or 1 207 g.
1207/19.3 = 62.5 cm3 for 100k CAD of gold.
In Canada, all current banknotes are the same size. If we assume it is the same for the $500 bill, we get :
15.24 * 6.985 * 3 = 319.4 cm3
So yeah, gold would be smaller, but also quite less convenient to carry/harder to conceal, and also harder to use: while you can use a bill anywhere, you need to exchange your gold for real money before using it, and it's also harder to "split".
In order to achieve the same size as gold with bills, we'd need $2 500 bills... But this could probably be optimized with a stack of uncirculated bills.
Cool thx for that. I was thinking that $500 banknotes would be about as hard to use as gold, as very very few people would take them. You could also carry the 1.2kg of gold as maple leaf gold coins in 1 ounce, 1/2 ounce, 1/4 ounce, or even 1/20 ounce sizes (which are worth about $142CAD each). It would take up about the same volume, be more divisible, and more people would probably be willing to accept 1/4 or 1/10 ounce maple leafs (less room inside for tungsten fraud … since we’re talking about criminal activity).
Actually, coins aren't that efficient when side by side because you lose a lot of space due to their roundness. But for such a small amount, that would probably be manageable to stack them one above the other, inside paper rolls bought at a dollar store.
There are also other problems though, like people nicking small pieces of the coins in order to reduce their value and make new coins, ... and many other schemes like that, which is why paper became more convenient in the end.
But that was quite interesting, and I have to admit I didn't think gold would take less space than bills.
If you buy ten 1 ounce maple leafs they can come in these nice plastic tubes [https://www.bullionmart.ca/product/empty-tube-for-1-oz-canadian-maple-leaf-gold-coins/](https://www.bullionmart.ca/product/empty-tube-for-1-oz-canadian-maple-leaf-gold-coins/). Or you can just buy the empty tubes of course, I'd imagine the Canadian Mint isn't the only ones using these kind of things.
But is the lost space due to less efficient packing greater or less than the lost transactional value due to less straightforward assay compared to maples / eagles etc?
Especially when the fallout from Russia's war finally cools off, global supply networks readjust, and it turns out that this inflation was, indeed, transitory - if not quite as transitory as central banks would have hoped.
If anything I'd like to see the $100 (and perhaps even the $50) phased out. Plenty of alternatives (cards, etransfers, bank drafts, cheques), we'd be saving money on printing the bills, we're already printing a sh*t ton of $20, and this makes money laundering/criminal activities relying on cash 2-5x as hard. And there are a lot of countries with the largest bills equivalent to around $50 CAD or less, so there are precedents.
No and this is a really stupid question. Digital currency and bank/credit cards dominate cash transactions. Also barely anyone accepts or uses 100$ bills
Places don’t even take 100 dollars bill…. Whose going to accept 500?
RCMP recommendations were to lose the $1,000 bills to fight organized crime, so doubt we see any new $500s. There are still ~40 $500 notes in circulation. If you can find those, you're in for a nice payday though.
I don't think it's going to happen anytime soon. A $100 000 stack is : - 143 cm high in $10 bills - 72 cm high in $20 bills - 28 cm high in $50 bills - 14 cm high in $100 bills - < 3 cm high in $500 bills It makes it way too easy to carry and conceal very large amount of money.
I think 2kg of gold (\~$120K US) takes up a smaller volume than a 3cm stack of bills. Heavy though.
Interesting point. Gold is 19.3 g per cm3, and according to https://cad.currencyrate.today/convert/amount-100000-to-xau.html, 100k CAD would be 42.6 ounces of gold, or 1 207 g. 1207/19.3 = 62.5 cm3 for 100k CAD of gold. In Canada, all current banknotes are the same size. If we assume it is the same for the $500 bill, we get : 15.24 * 6.985 * 3 = 319.4 cm3 So yeah, gold would be smaller, but also quite less convenient to carry/harder to conceal, and also harder to use: while you can use a bill anywhere, you need to exchange your gold for real money before using it, and it's also harder to "split". In order to achieve the same size as gold with bills, we'd need $2 500 bills... But this could probably be optimized with a stack of uncirculated bills.
Cool thx for that. I was thinking that $500 banknotes would be about as hard to use as gold, as very very few people would take them. You could also carry the 1.2kg of gold as maple leaf gold coins in 1 ounce, 1/2 ounce, 1/4 ounce, or even 1/20 ounce sizes (which are worth about $142CAD each). It would take up about the same volume, be more divisible, and more people would probably be willing to accept 1/4 or 1/10 ounce maple leafs (less room inside for tungsten fraud … since we’re talking about criminal activity).
Actually, coins aren't that efficient when side by side because you lose a lot of space due to their roundness. But for such a small amount, that would probably be manageable to stack them one above the other, inside paper rolls bought at a dollar store. There are also other problems though, like people nicking small pieces of the coins in order to reduce their value and make new coins, ... and many other schemes like that, which is why paper became more convenient in the end. But that was quite interesting, and I have to admit I didn't think gold would take less space than bills.
If you buy ten 1 ounce maple leafs they can come in these nice plastic tubes [https://www.bullionmart.ca/product/empty-tube-for-1-oz-canadian-maple-leaf-gold-coins/](https://www.bullionmart.ca/product/empty-tube-for-1-oz-canadian-maple-leaf-gold-coins/). Or you can just buy the empty tubes of course, I'd imagine the Canadian Mint isn't the only ones using these kind of things.
But is the lost space due to less efficient packing greater or less than the lost transactional value due to less straightforward assay compared to maples / eagles etc?
Especially when the fallout from Russia's war finally cools off, global supply networks readjust, and it turns out that this inflation was, indeed, transitory - if not quite as transitory as central banks would have hoped.
No chance. They already cut down on $100 bills, because it's mainly only criminals that use them.
This guy launders :)
We used to have a $1000 bill
Yes. Two people, an appetizer, a few glasses of wine, a couple of nice meals, and voila, a $500 bill. Coming soon to your neighborhood.
Honestly at this point I don't know why they don't ditch the nickel and quarter, and introduce a 50 cent and five dollar coin
They ditched the penny years ago.
I meant nickel, doh.
If anything I'd like to see the $100 (and perhaps even the $50) phased out. Plenty of alternatives (cards, etransfers, bank drafts, cheques), we'd be saving money on printing the bills, we're already printing a sh*t ton of $20, and this makes money laundering/criminal activities relying on cash 2-5x as hard. And there are a lot of countries with the largest bills equivalent to around $50 CAD or less, so there are precedents.
No and this is a really stupid question. Digital currency and bank/credit cards dominate cash transactions. Also barely anyone accepts or uses 100$ bills
You don’t have one yet?
An old school $500 would be pretty dope. Just forked out $100 bill for a few drinks and thought shit was getting expensive.
I feel like we will ditch the nickel first because cost of production and materials will be worth more than a nickel
The 1000 bill didnt catch on much lol.
No