What future for the $100 note?

interest · March 23, 2018, 12:41:49 PM

I seen an interview with some guy from fiance (didn't catch his name) on Fox talking about the amount of currency that is in circulation.
Now this guy was saying that at this present time there is more currency in circulation than there has ever been,
but less & less people are using cash.

The $100 bill is the one that is the most concern, apparently it is the one that is mostly hoarded & used on the black market & kept by "Drug dealers"

So his thoughts are along the line that the $100 will have a shelf life & withdrawn from circulation,
all $100 notes will have to be handed in, or spent within say, five years, after that period they will be, ('demonetized'?)

There has been talk about these notes in the past, maybe it's the beginning of the end for the $100 note.

JeffH · March 23, 2018, 02:47:52 PM

We will just have to wait and see. I have seen newspaper reports that it is the favourite of drug dealers and withdrawing them will slow them down. I thnk not -you can still fit an awful lot of cash (in $50 notes) in an attache case when you go to do your deal.
Efforts to stop 'laundering' of illegally gotten money would be more effective, in my opinion. [Or we could go the latest Trump option -basically the same as Duturte but, presumably, with due process first, before you execute them. I don't think that one would wash in Australia.]

Mister T · March 23, 2018, 08:24:35 PM

There have certainly been some rumblings about the $100 but the reality is that almost half of the notes out there are $50 notes, and if criminals are going to use cash they'll still be able to use cash.

redlock · March 25, 2018, 05:45:08 PM

Eliminating the $100 note will not change the underlying problems. Criminals will find ways to continue their ''business.'' Moreover, I just can't image that the majority of $100 notes is in the hands of criminals. Clearly, Australians use this denomination ''to store value.'' The government should aks itself why Australians (and probably folks in surrunding countries -- including Chinese?) feel the need to do so.

By the way, is just the current Australian government keen on eliminating the $100 note (probably aided and abetted by lobbyist from banks and credit card companies) or does the current opposition agree with it?

eirelad · March 25, 2018, 06:30:57 PM

Obviously as the electors of this country we cannot be be trusted holding cash and our motives are nefarious. What sort of a country do we live in, that can't trust it's citizens to hold and spend money. SAD!!!!

nealeffendi · March 25, 2018, 07:46:28 PM

From what I've read the majority of 100s are overseas. Most of the holders just want a mix of major currencies to store ready wealth and their only "crime" is not fully trusting governments, banks or the greedy tax man. Cyrus shows what can happen to those who rely on electronic money/bank deposits to store all their savings. The government needs to blame "terrorists" or "organised crime/drug kingpins" for the need to scrap money. Once cash is gone then our ability to remain private from the government will be minimal and they can restrict what we do with our electronic savings (not unlike Paypal won't process payments to some pro 2nd Amendment supporters).

JeffH · March 25, 2018, 07:58:57 PM

I think the stories are mostly mostly media speculation. Quotes in articles are never attributed to a named person but "someone close to...",a" senior official", "a Federal police officer" and such.
No doubt the Reserve Bank considers this sort of issue from time to time but it is a long time since I have seen a story about ditching the $5 note and replacing it with a coin; and I can't recall ever hearing about any plan to issue, say, $500 or $1,000 notes. There were some rather high value Australian pre-decimal banknotes (but not general circulation issues).

interest · March 25, 2018, 10:44:40 PM

Quote from: 'redlock' pid='114620' dateline='1521962108'Eliminating the $100 note will not change the underlying problems. Criminals will find ways to continue their ''business.'' Moreover, I just can't image that the majority of $100 notes is in the hands of criminals. Clearly, Australians use this denomination ''to store value.'' The government should aks itself why Australians (and probably folks in surrunding countries -- including Chinese?) feel the need to do so.

By the way, is just the current Australian government keen on eliminating the $100 note (probably aided and abetted by lobbyist from banks and credit card companies) or does the current opposition agree with it?

You can have all the cash you want.
As long as it's in a bank, where they cash charge you for having it in there.

runway · March 26, 2018, 07:49:39 PM

I'm more concerned about the rise of crypto currency which is becoming a real scam

Greg McDonald · March 27, 2018, 07:20:30 PM

Interesting topic. Maybe I don't watch enough TV, but whenever I see a news clip regarding a "drug bust," there seems to be a lot more $50s rather than $100s. $50's also seems to be the denomination of choice for the counterfeiter.

runway · March 27, 2018, 09:51:01 PM

Quote from: 'Greg McDonald' pid='114646' dateline='1522140630'Interesting topic. Maybe I don't watch enough TV, but whenever I see a news clip regarding a "drug bust," there seems to be a lot more $50s rather than $100s. $50's also seems to be the denomination of choice for the counterfeiter.

Exactly 100% correct the $50 note is the most countefeited Australian note
I would've thought the $50 would've been the 2nd note issued in the new polymer notes after the initial $5 not the $10 :idea: