DRAGO. $1,000 and $500 reissue. 5-26 post reply.

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Subject: DRAGO. $1,000 and $500 reissue. 5-26 post reply.
Posted by $1,000 Bill on May 29, 2003 at 1:54 AM:

Dear Drago,

Long time no write, old buddy. Sorry I missed your post until today. But here is the reply...

I have a friend that sits on the board of the FR Bank of Richmond. I have been meaning to talk to him about this since we typed about it several months back. I have bumped into him a few times in town and elsewhere but the situation just didn't seem apropo for lobbying him on it at the time. I may have to make a point of paying him an office visit but frankly, even though this is a pet hope of mine, in the context of my association with folks like that, it just doesn't seem to be too important or pressing.

If and when I chat with him about it I am going to suggest that maybe the Richmond Bank can handle it like the Atlanta Bank handled the present issue of $2 bills. In other words, they ALL came thru Atlanta. One series only, one FRB only. Done! Simple! So maybe the Richmond bank can do the same thing with $500's and $1,000's.

I think where we left off in our earlier posts with a number of folks here is that in law the provision currently allows for the re-issue of these notes IF any FRB requests them. This is something else I will try to get my friend to work on with me. Confirming this first.

In answer to some of the posts you got in answer to yours:

Large denoms were removed at a time when a new Cadillac cost $8000. Today if you buy decent tires, you need a $500 bill. It is completely reasonable to me to feed 4 in a nice restaurant, lay a $500 bill on them and expect $300 in change (give or take). Or to pay cash for a week long hotel stay and use a $1,000 bill (and maybe more). And it makes me feel good to know I can have some real cash on me if I want to carry it.

As to the Platinum Amex post that you got, I carry a Platinum Amex too. The number of times I have used it can be counted on one hand. The only reason I carry it at all is because they don't print large denom currency anymore. I have given serious thought to just getting large denom travellers checks but I bristle at the idea of having to do that.

Here is the problem with credit cards and more specifically with Amex. Card companies charge the merchant a % of the dollar amount as a premium for the use of the card. Amex is a higher % cost than ANY of the others--which is why many merchants dont accept Amex in the first place. So for example, if you are going to plunk down $10K on a car, with Amex it costs the merchant $300 or $400 just to take the payment by Amex. They don't like it. And neither do I.

And I never ever carry a checkbook.

I may be wrong, but I have the impression that cash robbery is covered by most homeowners insurance policies. There may be a deductible--and that would be the amount you lose. But beyond that, you recover.

So I say bring 'em back and let the folks that want them use them. Just like the $2 bill.

Happy georgin' all.

Here's my profile!

Follow Ups:

Maybe the Feds can learn a little from this site.... FringeCA 12:55 PM 5/30/2003
Insuring cash RailBird 10:35 PM 5/29/2003
Two Letters Mailed Drago 5:08 PM 5/29/2003
The Euro comes in $200 and $500 denominations (m) Michael Pelletier 12:37 PM 5/29/2003
- What would they look like? CMgeorger 6:23 PM 5/29/2003
  - I say... Drago 6:56 PM 5/29/2003
    - Low vis numbers would be the same size Michael Pelletier 7:31 PM 5/29/2003
      - No they wouldn't... Drago 9:26 PM 5/29/2003
      - Re: Low vis numbers would be the same size Excelsior 7:51 PM 5/29/2003
- But Canada just went *down* from C$1000 to C$100 as the largest bill... Excelsior 5:10 PM 5/29/2003
  - Another note on the Euro... Drago 6:29 PM 5/29/2003
    - Re: Another note on the Euro... Excelsior 7:24 PM 5/29/2003
      - No... Drago 9:44 PM 5/29/2003
        
        Reasoning Mike from Novi 11:40 PM 5/29/2003
        
        Well... Drago 1:19 AM 5/30/2003
      - Well said (m) Mike from Novi 9:35 PM 5/29/2003
I seriously doubt that we will ever see a new issue $500 or $1000... CP 12:29 PM 5/29/2003
- Re: I seriously doubt that we will ever see a new issue $500 or $1000... Evan Hammerman 2:27 PM 5/30/2003

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Comments:
: Dear Drago, : Long time no write, old buddy. Sorry I missed your post until today. But here is the reply... : I have a friend that sits on the board of the FR Bank of Richmond. I have been meaning to talk to him about this since we typed about it several months back. I have bumped into him a few times in town and elsewhere but the situation just didn't seem apropo for lobbying him on it at the time. I may have to make a point of paying him an office visit but frankly, even though this is a pet hope of mine, in the context of my association with folks like that, it just doesn't seem to be too important or pressing. : If and when I chat with him about it I am going to suggest that maybe the Richmond Bank can handle it like the Atlanta Bank handled the present issue of $2 bills. In other words, they ALL came thru Atlanta. One series only, one FRB only. Done! Simple! So maybe the Richmond bank can do the same thing with $500's and $1,000's. : I think where we left off in our earlier posts with a number of folks here is that in law the provision currently allows for the re-issue of these notes IF any FRB requests them. This is something else I will try to get my friend to work on with me. Confirming this first. : In answer to some of the posts you got in answer to yours: : Large denoms were removed at a time when a new Cadillac cost $8000. Today if you buy decent tires, you need a $500 bill. It is completely reasonable to me to feed 4 in a nice restaurant, lay a $500 bill on them and expect $300 in change (give or take). Or to pay cash for a week long hotel stay and use a $1,000 bill (and maybe more). And it makes me feel good to know I can have some real cash on me if I want to carry it. : As to the Platinum Amex post that you got, I carry a Platinum Amex too. The number of times I have used it can be counted on one hand. The only reason I carry it at all is because they don't print large denom currency anymore. I have given serious thought to just getting large denom travellers checks but I bristle at the idea of having to do that. : Here is the problem with credit cards and more specifically with Amex. Card companies charge the merchant a % of the dollar amount as a premium for the use of the card. Amex is a higher % cost than ANY of the others--which is why many merchants dont accept Amex in the first place. So for example, if you are going to plunk down $10K on a car, with Amex it costs the merchant $300 or $400 just to take the payment by Amex. They don't like it. And neither do I. : And I never ever carry a checkbook. : I may be wrong, but I have the impression that cash robbery is covered by most homeowners insurance policies. There may be a deductible--and that would be the amount you lose. But beyond that, you recover. : So I say bring 'em back and let the folks that want them use them. Just like the $2 bill. : Happy georgin' all.

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