Has anyone calculated the odds of getting a hit with a $20 vs. a $5. I know we've talked about why the fives are better, but I was looking at it today, (because I am in desperate need of a hit) and was almost motivated to calculate the odds. But then I changed my mind. But from a quick calculation it looks like you have about a FIVE times better chance of getting a hit with a $5 bill.
That's because, and I think it's been mentioned before, 20's are more likely to go back to a bank in a deposit and sit there for a while, whereas 5's and 10's are likely to stay in general circulation. I think anyone in retail on this site would agree, they are more likely to deposit 20's and above to the bank, and hold the lower denominations in their floats!
That fits with the "life" expected by The Central Bank:
$5- 1year; $10- 1 year (Bird Series); $20- 2 years. Slower turnaround via the bank. The new bank notes "Journey " series is not clear. But as we know, the $10 is losing its lustre quickly, and May be wearing out too quickly. As a result of this (perhaps security issues) the $5 series has been postponed.
ok, I think I was misunderstood. Although the info from Serotonin was interesting (thanks), what I was looking for was the actual numbers, as in if you enter a $5 bill, according to the numbers on this site, you have a 2% chance of a hit, and 0.5% chance with a $20 bill. Of course I just made up those numbers, but that is the info I was curious about.
Maybe this still doesn't make sense or is useless info, but I was sure one of you stats junkies would be all over this request. Anyway, enjoy, and happy entries to all.
T-REV- Maybe you should get some sleep since you have no bills to enter anyways since I have locked my money safe. Or calculate the odds in your free time. :)
In calculating the odds, you have to take lifetime of the bill into account, specifically the number of times it changes hands. I would think that with all denominations (except the new 10's), the number of times a bill will change hands in a lifetime will be about the same. Just with the larger values, the average time span between each exchange will be longer.
Ok, i got my calculator.
$5 = 0.046%
$10= 0.001%
$20= 0.009%
That based on # of hits (say 300) divided by # of that cirtain bill entered (say 2000)
300/2000=percentage
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