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#1
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Can't get $2s
I went back to the bank today, and talked to the manager about getting $2
bills. He was a nice guy and called a bank for me, possibly a Federal Reserve Bank, to see if he could order $2s and said that I would have to get a brick if I wanted $2s because they were hard to get rid of. I told him that I wouldn't want to get a brick off ebay because they are not worth more than face value, and wouldn't want to pay more, and he said "They sell them on ebay? I never seen that before" Then I told him I wish banks would give $2 out as needed, and said that I had also been writing congress about bringing back the $500 bill and issuing a $200 bill because of inflation, and he quickly said "Yeah. And get rid of the penny too." and I said "And the $1 bill" and he agreed and I asked "How about a $2 coin for the $2 bill like in Canada?" and he agreed to that too. I said "You actually support that, too?" And he said "Oh yeah. I would be all for it" Then I left and he said he was sorry he couldn't help me out. But he was friendly. Not like how some people have atitudes over some of these issues. But at least he supports getting rid of pennies and $1 bills and issuing new $200 and $500 bills. I wonder if they would have to order full bricks of $200 and $500 bills. That could be a problem too. Unless people used those high denominations. This may be a good thing, right? Do you guys think people who run banks might be well heard on these issues? Speaking of pennies, some guy at the bank was getting two boxes of them for something while I was there. Tom |
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On 13 Jan 2004 23:57:56 GMT, (Malanutt 4 Life) wrote:
Speaking of pennies, some guy at the bank was getting two boxes of them for something while I was there. Tom Proof positive that they aren't needed, I say. BLReed To email me click he http://tinyurl.com/nd66 For collector coins and supplies at fair prices: http://tinyurl.com/pt9r Cool things: http://www.byronreed.com/byrons_collections/default.htm Talk bust coins: http://www.byronreed.com/phpBB2/index.php |
#3
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#4
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"Padraic Brown" wrote in message ... On 13 Jan 2004 23:57:56 GMT, (Malanutt 4 Life) wrote: This may be a good thing, right? Do you guys think people who run banks might be well heard on these issues? They're the ones that actually deal with loads of dough every day. You might want to ask him _why_ he'd like to bring out $200 and $500 notes, $2 coins and no more pennies and dollar notes. It may well be a practicality issue (his tellers have to count all those dollar notes at the end of their shift, and I bet they spend a goodly bit of time straightening the things out just to get them in the counter) such as the greater ease in dealing with dollar coins over notes. I wonder how many merchants would cringe at the prospect of now having to recognize a bogus $200 or $500 note? Or $2 coins to go with the $1 coins they already find inconvenient? How many people would prefer to carry this much money in cash and in such large denominations? And I could count the time it takes a teller to straighten out a stack of bills before putting them in a counter in three seconds. When you've got a well worded proposal, you might consider peddling it to other bank managers in your area, and perhaps get the thoughts of area merchants as well. They deal with money too! They'd probably like to get rid of pennies, and might not be adverse to being rid of dollar notes as well. Could also ask transportation firms (taxi companies, public and private bus operators, etc). I suppose, for their convenience, the banks would probably like to get rid of ALL coins for that matter. But it's still the people who spend them and decide which denominations they prefer. And as long as merchants have to provide the correct change to their customers, they'll stock the coins they need to do so. But somehow I just can't picture Congress deciding to eliminate certain coins or bills based on a survey of bus operators. The "common spender" has the final word on what coins or bills he uses, but no pro or con advocates seem to care about polling him-- maybe because they know what the answers will be. Actually I would have no problem seeing the cent eliminated, rounding final purchase prices to the nickel, and even eliminating the dollar bill and adding a $2 coin. I just can't see it happening all at once or even piecemeal, without some phenominal impetus that none of us has thought of yet. Bruce |
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On Tue, 13 Jan 2004 20:36:53 -0500, "Bruce Remick"
wrote: I wonder how many merchants would cringe at the prospect of now having to recognize a bogus $200 or $500 note? Probably the same number that cringe at the prospect of having to recognise bogus $100, $50 and $20 less the number of merchants that tack up signs saying "NO BILLS OVER $10". Or $2 coins to go with the $1 coins they already find inconvenient? This is what a wide survey will show. There are people in this NG - including actual merchants - that find dollar coins quite convenient. As I said, this NG is a small community. Any serious proposal to pull a Canada will have to do some actual research on all people that handle cash. How many people would prefer to carry this much money in cash and in such large denominations? It doesn't really matter much. Some people will - most people won't. The option of having a $500 note would be a Good Thing. In the way having the option of using a C note is a Good Thing. And I could count the time it takes a teller to straighten out a stack of bills before putting them in a counter in three seconds. Sure. I've watched em straighten those notes out. Takes a little more than three seconds! The trouble is worse for vending and fare machine folks. When you've got a well worded proposal, you might consider peddling it to other bank managers in your area, and perhaps get the thoughts of area merchants as well. They deal with money too! They'd probably like to get rid of pennies, and might not be adverse to being rid of dollar notes as well. Could also ask transportation firms (taxi companies, public and private bus operators, etc). I suppose, for their convenience, the banks would probably like to get rid of ALL coins for that matter. Could be. They'd probably like to get rid cash entirely, close the teller windows and stick to what actually makes them money: LENDING. Every teller that sits around the bank is a DRAIN on the bank's bottom line. But it's still the people who spend them and decide which denominations they prefer. Quite. And when choice isn't there, we can't know what is "prefered". And as long as merchants have to provide the correct change to their customers, they'll stock the coins they need to do so. But somehow I just can't picture Congress deciding to eliminate certain coins or bills based on a survey of bus operators. .... and BANKS and MERCHANTS and VOTERS. You missed a couple there. You'd be amazed what kind of crapola Congress will pass if it gets em the votes. The "common spender" has the final word on what coins or bills he uses, Not exactly true. but no pro or con advocates seem to care about polling him-- maybe because they know what the answers will be. Um. HELLO? I just proposed a broad based survey to research this issue! I specified those segments that handle cash regularly and in great quantity; but have also suggested including the "common spender" in the past. Actually I would have no problem seeing the cent eliminated, rounding final purchase prices to the nickel, and even eliminating the dollar bill and adding a $2 coin. I just can't see it happening all at once or even piecemeal, without some phenominal impetus that none of us has thought of yet. Perhaps Canada can invade again? "Phenomenal impetus" probably is not required. A lot of support surely is. The lesson is this: no one outside this NG gives a damn one way or the other. Even within this NG, there are a lot of us that don't really care all that much. While I would _prefer_ not having to deal with pennies and dollar notes; I don't really care one way or the other whether we actually go that route or stay where we are. As for $200 and $500 - as I said, they'd be nice; but I don't really care all that much whether or not we ever get them (again). Padraic. la cieurgeourea provoer mal trasfu ast meiyoer ke 'l andrext ben trasfu. |
#6
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On Wed, Padraic Brown wrote:
Um. HELLO? I just proposed a broad based survey to research this issue! I specified those segments that handle cash regularly and in great quantity; but have also suggested including the "common spender" in the past. I am having trouble finding facts that agree with what I see in the quantity of cents and the dates of dollar bills. There are definitely enough cents in circulation, it is time for the FRB to suggest that banks try to find a way to recirculate cent surpluses amongst themselves. I see no reason at all for a bank to stock $2 bills unless a race track is a customer, or enough merchants want them to use in making change, to warrant stocking the minimum shipment. But the bigger issue is how much truth there is in the numbers of dollar bills printed in direct replacement of destroyed bills. I could support dollar coins more forcefully if I were to see good evidence that it actually costs a lot more to use dollar bills than dollar coins (I do not think the present alloy sandwich faces are what will keep the SAC looking good for 30 years). What I have done on a small scale is to check dates of dollar bills that I have, and it turns out that 10 out of 12 were 1999 series bills (this was from 12 bills I received from the same source, change for a $20 bill). For a bill to only last 18 months there should only be about 2 or 3 out of ten older than 2001 series, as the published numbers for dollar bills in circulation are just passing 8 Billion. And it would be helpful to know how many bills are still actually in circulation, there are a number of cases where dollar bills are used that dollar coins would never be used, and many ways that dollar bills will be lost forever (but probably not collected to the extent that coins are). Many merchants place the first dollar bill received in a frame with their business license, so that could account for several million bills. Tracking the dates of worn bills being destroyed does not tell the average lifetime, but a survey of the dates of bills in circulation should as long as the survey is not of direct bank withdrawals that may contain all new bills. And somthing that might sway my opinion and whether I care or not is knowing who benefits from the bills that are lost or placed where they will never be redeemed. This is important even for dollar bills, but more important for larger denomination bills, if government costs or profit is the driving issue, then the governemt must be the entity to lose or gain from any changes. If it turns out the FRB pays for all printing and keeps all issued bills listed as possibly redeemable, then the government would not even be involved in the issue, and all support for doing away with dollar bills is misguided. It is certain that many millions, if not Billions, of bills of all denominations will never be redeemed, and whomever it is that benefits from that fact can apply the gain from lost bills to the printing costs. The government seems to definitely receive the "profit" from the mint, but the "profit" from printing bills can vary according to how the bookkeeping is done, either it shows up in excess revenues of the FRB, or just stays on the books as a redeemable debit forever, with possibly no benefit to any entity ever realized in a way that shows up on the books. As it is, claims that the government would gain by the use of dollar coins instead of bills are suspect, I have been assuming the treasury received the benefit of lost bills, but now I am not sure. And if the treasury does not receive the "profit" from printing paper money, then the government does not pay for the printing, and it seems to be a non-issue in either case. Joe Fischer |
#7
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Malanutt 4 Life wrote:
I went back to the bank today, and talked to the manager about getting $2 bills. He was a nice guy and called a bank for me, possibly a Federal Reserve Bank, to see if he could order $2s and said that I would have to get a brick if I wanted $2s because they were hard to get rid of. I told him that I wouldn't want to get a brick off ebay because they are not worth more than face value, and wouldn't want to pay more, and he said "They sell them on ebay? I never seen that before" I think he was not suggesting that you buy the brick on eBay, but rather get it from the bank and sell the excess on eBay. Or, if you want to be sure they'll never be helpful again, after getting the brick, redeposit whatever excess portion you don't want. |
#8
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He didn't suggest to to buy a brick off ebay. I mentioned buying them on ebay.
I should have pointed that out. Sorry. I thought of dumping the other straps on the bank, but I wouldn't want to tick them off. But I also have the fear of a mugger seeing me carry that brick out the bank door, too. Tom |
#9
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#10
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Are you dealing with a "savings bank" or a regular 'real' bank?
Savings banks generally get and deposit their cash through regular banks, so getting special orders from a savings bank is usually quite a hassle. It is not a hassle if they already carry that denomination on a regular basis. The key concept is "special". Anything they are not used to doing makes them react like Rain Man. You can always open another account at a different bank (not a different 'branch' of the same bank, but a completely different bank) and then deposit the extra $2s there. You can also take the extras to local businesses and ask them if they have a couple of $100s or 4 $50s or 10 $20s. They might actually need small bills and use them as gasp money! -Fred Shecter http://cgi6.ebay.com/ws/eBayISAPI.dl...shreadv ector -- """Remove "zorch" from address (2 places) to reply. "Malanutt 4 Life" wrote in message ... I went back to the bank today, and talked to the manager about getting $2 bills. He was a nice guy and called a bank for me, possibly a Federal Reserve Bank, to see if he could order $2s and said that I would have to get a brick if I wanted $2s because they were hard to get rid of. I told him that I wouldn't want to get a brick off ebay because they are not worth more than face value, and wouldn't want to pay more, and he said "They sell them on ebay? I never seen that before" Then I told him I wish banks would give $2 out as needed, and said that I had also been writing congress about bringing back the $500 bill and issuing a $200 bill because of inflation, and he quickly said "Yeah. And get rid of the penny too." and I said "And the $1 bill" and he agreed and I asked "How about a $2 coin for the $2 bill like in Canada?" and he agreed to that too. I said "You actually support that, too?" And he said "Oh yeah. I would be all for it" Then I left and he said he was sorry he couldn't help me out. But he was friendly. Not like how some people have atitudes over some of these issues. But at least he supports getting rid of pennies and $1 bills and issuing new $200 and $500 bills. I wonder if they would have to order full bricks of $200 and $500 bills. That could be a problem too. Unless people used those high denominations. This may be a good thing, right? Do you guys think people who run banks might be well heard on these issues? Speaking of pennies, some guy at the bank was getting two boxes of them for something while I was there. Tom |
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