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New $100 bills


Kevin Slater
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I've seen a few of the new $100 bills. They're cool. But one thing I don't get. They have all sorts of anti-counterfeiting measures incorporated into them, but the old bills remain legal tender as well. So say I've got a printing press in my basement making the old-style 100s. How does the introduction of this new-fangled bill hamper my operation in any way?

 

Kevin Slater

NYC (Times Square)

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Guest countryboywny

I think the new bill is cool too. To attempt an answer to your question, your printing press is still good. As time goes on, the banks and the Fed will take the old bills out of circulation and replace them with the new ones. While the old bills will always be legal tender, they will become less and less available. The only real way to take full advantage of the anti-counterfeit feature would be to set an expiration date for the old currency and force people to exchange old for new. That, of course would fly in the face of tradition but I wouldn't put it past the current.. errrrr, never mind. IMHO, as always. :)

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I've seen a few of the new $100 bills. They're cool. But one thing I don't get. They have all sorts of anti-counterfeiting measures incorporated into them, but the old bills remain legal tender as well. So say I've got a printing press in my basement making the old-style 100s. How does the introduction of this new-fangled bill hamper my operation in any way?

 

Kevin Slater

 

Every day, financial institutions and the Federal Reserve Bank evaluate the condition of notes and determine whether they should remain in circulation or be destroyed. As old notes are removed from circulation, new ones are introduced and, eventually, the old notes have been replaced by the new ones. Most financial institutions now use currency counting machines that detect counterfeits, so the hypothetical notes produced on that hypothetical printing press will most likely be detected at the time they are accepted by a bank for deposit. That doesn't stop the operation (unless the counterfeiter is caught and convicted) but it does stop the counterfeit bills from remaining in circulation.

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I think the new bill is cool too. To attempt an answer to your question, your printing press is still good. As time goes on, the banks and the Fed will take the old bills out of circulation and replace them with the new ones. While the old bills will always be legal tender, they will become less and less available. The only real way to take full advantage of the anti-counterfeit feature would be to set an expiration date for the old currency and force people to exchange old for new. That, of course would fly in the face of tradition but I wouldn't put it past the current.. errrrr, never mind. IMHO, as always. :)

 

To give an international comparison: I went to Italy in 1986, and took some lira home with me. I returned in 1989 and tried to use one of the 50,000 (about $30) notes. I was promptly taken to the bank who wanted to know "Where was the rest of it?" Apparently, their currency, like their acquittals, have a limited duration. I assume that things have changed with the introduction of the Euro.

Do not try to the patience of Dragons, for you are Crunchy and good with Ketchup.

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An overnight traveling guy i met up with insisted only on 100 bills. It's such a hassle for me to grab the money each time i need to play .... wish the bank machines dispensed something larger than just 20s. I've had to make 2 trips in the past week just to play with him :)

 

 

 

To give an international comparison: I went to Italy in 1986, and took some lira home with me. I returned in 1989 and tried to use one of the 50,000 (about $30) notes. I was promptly taken to the bank who wanted to know "Where was the rest of it?" Apparently, their currency, like their acquittals, have a limited duration. I assume that things have changed with the introduction of the Euro.
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Apparently, their currency, like their acquittals, have a limited duration. I assume that things have changed with the introduction of the Euro.

 

I bet you couldn't buy anything at the store with your out-of-circulation Italian Lira in 1989, but you were able to exchange them in the Italian Central Bank. Unfortunately, if you kept any Italian Lira today you can no longer exchange them for Euros as of December 2011. They're definitely lost, but make a nice souvenir and maybe one day will have collection value.

 

On the other hand you can still exchange some other old european currencies that are out of circulation (example: the Belgian Frank) for an indefinite period of time.

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My understanding is that US $100 bills are particularly popular internationally. Outside of the US, $100 bills are the most frequent counterfeit notes. It's also been my experience that when you try to pass US currency overseas, they're much more particular about the condition of the bills. When I've tried to spend US dollars internationally, they're much more likely to accept a crisp $20 bill than the typical crumpled up ones that we're accustomed to.

 

So, I suspect that while old $100 bills will be accepted for quite a long time here in the US, they'll soon be very hard to pass internationally.

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An overnight traveling guy i met up with insisted only on 100 bills. It's such a hassle for me to grab the money each time i need to play .... wish the bank machines dispensed something larger than just 20s. I've had to make 2 trips in the past week just to play with him :)

 

ATMs don't dispense $100 notes because most people do not want them. Many retailers do not accept bills over $100 for fear of receiving a counterfeit note and because their cash registers might not have enough currency to make change. However, the ATM at every 7-11 I have visited dispenses $100 bills. They are also members of the Allpoint network, which permit customers of member institutions to withdraw cash without a fee.

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