About $1,000 bills...

Bank Collector suggested I put this question in a new message because it might get noticed, so thanks for the suggestion.
Anyways, this comes back from the $1,000 bill discussion that went on a while back, when people were talking about how they were discontinued because the RCMP had problems with money laundering/drug dealing and the like. Personally, I think being able to carry large sums of money, like most things, has a good as well as a bad side (e.g. banks, people buying expensive items, whatever else you can think of), but hey, I'm not running the country. And Canada was pretty unique in still having a $1,000 amongst countries with a similar currency value. Plus, I thought they were a cool bill and I wish I'd gotten the chance to have the fun of taking one out while they were in circulation. :(
My question, though, is this: Why hasn't the government or the Bank Of Canada ever considered making a $500 bill instead? It could help make carrying large amounts of cash easier, and could be less prone to criminal usage. (I mean, the top denomination's going to be prone to that no matter what it is!) We had a $500 back in the Thirties, and the Euro comes in a $500 denomination (remembering that their currency has an even higher value than the US!). Any thoughts? I hope this hasn't already been discussed in the past and I missed the boat on it!

Or what about $250 bill?

To expand on what Sarge said before, coins are .01, .05, .25, .50. Asides from the loonie and toonie, bills should be 5, 10, 25, 50. So larger bills could be 100, 250, 500.

I like to $25 bill idea, (discontinuing the twenty), and a $250 and $500.

Pooga you should draw up a draft letter and have it checked over. … send it to the government.. maybe they will approve… maybe not the $250 bill though.. as even $100 aren't used too much..
Your post does make alot of sense though.

The coin $.50 isn't used much.. just coin collectors mostly..
and I would love if the Penny was discontinued..
Considering the cost of making them is much more than the value.

i love pennies. i would hate to see them removed. then gas would have to go up a nickle at a time.

so true couz… the penny must stay cause gas prices and food costs would rise way too much… so much is based on raised by 1-2 cents… rather that then a 5 cent increase every time

the penny must stay cause gas prices and food costs would rise way too much

No, not true. You still measure things in cents, only you round up or down to the nearest nickel. They did it in Australia and it works amazingly. So, gas would still be able to be 69.4 cents per litre, but when your total comes to $25.82, you pay $25.80. Trust me, it's a WAY better system.
-dr

until all prices were mandated to be in multiples of 5c, i can't agree. i can only envision most stores taking advantage to ensure a 2c subsidy on every purchase. with creative accounting and pricing it would be possible to ensure that the consumer would be rounded UP to the next nickel. yeah, it's just 2 cents but i really don't want wal-mart to get a penny more than that which is coming to them.

-rudy

The problem with that is that you're thinking small picture. In most cases, except were there is no GST (which I don't think there is too much of) it's the tax that would be rounded up. So, in fact, it's the government that gets that extra 2 cents. And let's be really pesimistic and presume that you pay that extra 2 cents on EVERY transaction. If I use myself as an example, I guess that I make on average 5 transactions a day (I think that a bit high but no matter). So that works out to 1825 transactions a year, or $36.50 extra I have to pay the government. But, in reality, it's going to average out to pretty close to zero that I end up paying (statistic says it will be 50/50 since you round down on 1 and 2 and round up on 3 and 4).

However, all that said, we are still talking small picture here. The big picture is that according to question#9 of the Royal Canadian Mint FAQ, an average of 600,000,000 (six hundred million) pennies are minted each year. If there are no pennies to be minted, then the government doesn't to spend the millions of dollars it costs to mint the pennies. And banks won't charge businesses to accept rolled pennies (cause there won't be any) and businesses won't need to buy rolled pennies from the bank. It all adds up to savings for everyone, once tills and invoice types systems are converted to round.

Here's a few articles I found that are worth reading:

http://www.straightdope.com/classics/a981009a.html
http://www.x10.com/news/news/0724_penny.htm

Anyway, just my thoughts.
-dr

My goodness….If they get rid of the pennies….just think how cherished the "wally69me 5000 hit trophy" will be!!!!!

And here are a couple of more interesting ones:

<a href=http://www.ramint.gov.au/about_ram/default.cfm?Defaultpage=faq.cfm target=_blank>Royal Australian Mint</a>

<a href=http://ourworld.compuserve.com/homepages/geekspeak/Aussie.htm target=_blank>A Visitor's Prespective</a>

Maybe if they saved money on the pennies, they could bring back the 2$ or even the 1$ bill now that our currency's a higher value! That'd be cool…
I gotta agree with Pooga, it seems to make more sense if the bills and the coins are the same denomination. Durability of bill vs. coin aside, I also think it makes more sense if above dollar values are kept as bills and the lower dollar values are kept as coin. Seems to me to be a more consistent way of doing things.
And one could say that instead of changing the bills to 25$ and 250$ denominations, you could change the coin from 25 cents to 20 cents. Might work out better, since changing to multiples of 25 would mean the 2$ coin would have to go up to $2.50! That, I think, would be more confusing…