A bankster in the UK wants to ban big bills

[altcoinUK]

500 euro note are mainly used in black markets, money laundering and other illegal activities that require huge amounts of cash to be moved anonymously.

In the majority of countries that's what they are used for, I never had even one of those notes, I've seen a few.

The minimum wage in my country is 505 euros, so there's not much use for such notes and I always assumed they were created to facilitate high profitable illegal markets, considering 1 million euros in 500 euro notes weights only 1.6 kg.

I think that's not the point how useful the 500 Euro note is. The point is that the governments - in very much in line with Marty Arsmtrong's projections - are moving to gain total control over the finances of citizens, and therefore trying to implement the electronic money system in which everything is traceable and consequently taxable. The issue is that they want to have full control in order to keep in place an unsustainable financial system.

Eventually, this matter and the electronic money is about freedom and how totalitarian governments try to take away our freedom by controlling the financial system. (Electronic money has nothing to do with crypto currency, just in case someone is confused by that).

[bryant.coleman]

500 euro note are mainly used in black markets, money laundering and other illegal activities that require huge amounts of cash to be moved anonymously.

In the majority of countries that's what they are used for, I never had even one of those notes, I've seen a few.

The minimum wage in my country is 505 euros, so there's not much use for such notes and I always assumed they were created to facilitate high profitable illegal markets, considering 1 million euros in 500 euro notes weights only 1.6 kg.

The 1,000 CHF banknote is very rarely used for money laundering, and it is much more valuable than the Euro 500 banknote. Approximately 60% of the entire value of all the Swiss banknotes in circulation are made up of CHF 1,000 notes. So the issue with the Euro 500 banknote is not its denomination, but lack of law enforcement.

[jbrnt]

The biggest note in the UK is the £50 note. In my entire life I have handled one three times. Each time not a single business would accept them and I had to go to a bank to deposit it instead. Looks like it's a voluntary ban to me.

I admit it's difficult to spend £50 note, but it's not that bad. Supermarkets and restaurants accepts them all the time, as long as you are not using it to settle a £5 bill.

How can you trust the pounds nowadays with 1 in 3,333 being fake?

It's not often you run into a fake. I withdraw money from cash machines and usually change are in coins. Shops can be hit pretty bad with fakes though.

[deisik]

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to ... get themselves busy with strengthening the anti-counterfeiting measures .... of the Pound...

Hahaha they are the ones that are counterfeiting it by printing bunch of them 

It's like asking your local bicycle thief to install the locks on your bicycle.

If we calculate the "pound-for-pound" ratio of currency counterfeiting (pardon the pun) in terms of purchasing power, we will get that the British pound is about 45 (sic) times more likely to be counterfeited than the Euro "pound"...

[NorrisK]

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to ... get themselves busy with strengthening the anti-counterfeiting measures .... of the Pound...

Hahaha they are the ones that are counterfeiting it by printing bunch of them 

It's like asking your local bicycle thief to install the locks on your bicycle.

If we calculate the "pound-for-pound" ratio of currency counterfeiting (pardon the pun) in terms of purchasing power, we will get that the British pound is about 45 (sic) times more likely to be counterfeited than the Euro "pound"...

You mean that because 50 pounds is the largest denomination, there needs to be more notes counterfeited to counterfeit the same value?

That makes sense

[deisik]

Given that the British pound is by far the most counterfeited money among the four major currencies (CHF, EUR, USD and GBP), I strongly advise the Bank of England to ... get themselves busy with strengthening the anti-counterfeiting measures .... of the Pound...

Hahaha they are the ones that are counterfeiting it by printing bunch of them 

It's like asking your local bicycle thief to install the locks on your bicycle.

If we calculate the "pound-for-pound" ratio of currency counterfeiting (pardon the pun) in terms of purchasing power, we will get that the British pound is about 45 (sic) times more likely to be counterfeited than the Euro "pound"...

You mean that because 50 pounds is the largest denomination, there needs to be more notes counterfeited to counterfeit the same value?

That makes sense

Yeah, since the largest denominations are the ones to be counterfeited most often, we can safely ignore the possible discrepancy in the ratio of lower denominations counterfeiting attempts (which could potentially make the result somewhat less dramatic and traumatic for the British pound, lol)...

[OROBTC]

The most valuable single banknotes in the world are the S$10,000 note from Singapore (worth around $8,000) and the B$10,000 note from Brunei. Counterfeiting is very very rare in these countries, as the punishments for doing it are extremely harsh. And the S$10,000 note is very frequently used by the Singaporeans, in day to day life.

That was interesting, thanks for posting.

$10,000 Singaporean dollars on one little piece of paper.  THAT is efficient wealth density!

I need to get me one...

[gentlemand]

How can you trust the pounds nowadays with 1 in 3,333 being fake?

I think it's way, way higher than that figure for pound coins, something ridiculous like 1 in 40 or more. I certainly handle coins that feel dodgy on a near weekly basis.

As for forged notes I've never been caught out by one.

A mate of mine used to be paid exclusively in forged £20s. He said they were the best he'd ever seen. I thought they were total dogshit and if you didn't know just by looking, you definitely knew by touching them.

Every single cashier he handed them over to instantly knew they were crap but most don't care so they shoved it in the cash register anyway.

[pereira4]

The most valuable single banknotes in the world are the S$10,000 note from Singapore (worth around $8,000) and the B$10,000 note from Brunei. Counterfeiting is very very rare in these countries, as the punishments for doing it are extremely harsh. And the S$10,000 note is very frequently used by the Singaporeans, in day to day life.

I wonder what the Singaporeans buy with those huge bills? who in hell spends that much amount of money in a "day to day life"? It must be only a 1% of rich people over there moving that kind of money daily, that's near an entire year salary in some European countries.

[RealBitcoin]

The most valuable single banknotes in the world are the S$10,000 note from Singapore (worth around $8,000) and the B$10,000 note from Brunei. Counterfeiting is very very rare in these countries, as the punishments for doing it are extremely harsh. And the S$10,000 note is very frequently used by the Singaporeans, in day to day life.

I wonder what the Singaporeans buy with those huge bills? who in hell spends that much amount of money in a "day to day life"? It must be only a 1% of rich people over there moving that kind of money daily, that's near an entire year salary in some European countries.

Probably a savings currency unit, or used to pay for houses or larger assets.

I dont think necesarly the 1% is using it, business could use it too.

[deisik]

I think having 1000 notes is a bix extreme and they must be a big target for counterfeiters but I can't imagine many places accept them. In my country most shops wont accept 50 notes because of the chance of them being counterfeit. In fact it is very rare to see them at all and I have only ever see a couple in my lifetime. Trying to ban them just because criminals use them is sill though but maybe we should ban banks too since they're the biggest criminals.

If you have read the posts after your reply, you might have already seen that this contention is quite dubious and shaky. It may indeed be true that counterfeiters aim for the larger denominations of the same currency, but, as it has been revealed, this can be easily overcome by implementing state of the art anti-counterfeiting measures. The 1,000 Swiss frank banknote has the largest denomination as well as purchasing power among major monies out there, but it is 5 times less likely to be counterfeited than the 500 Euro banknote, second in purchasing power. The latter is still less likely to be faked than the 100 US dollar bill, which comes next in purchasing power...

Thereby, given the global nature of today's world, counterfeiters should necessarily aim for the weakest currency (in terms of protection), not the largest denomination (purchasing power) between monies

[RealBitcoin]

I think having 1000 notes is a bix extreme and they must be a big target for counterfeiters but I can't imagine many places accept them. In my country most shops wont accept 50 notes because of the chance of them being counterfeit. In fact it is very rare to see them at all and I have only ever see a couple in my lifetime. Trying to ban them just because criminals use them is sill though but maybe we should ban banks too since they're the biggest criminals.

If you have read the posts after your reply, you might have already seen that this contention is quite dubious and shaky. It may indeed be true that counterfeiters aim for the larger denominations of the same currency, but, as it has been revealed, this can be easily overcome by implementing state of the art anti-counterfeiting measures. The 1,000 Swiss frank banknote has the largest denomination as well as purchasing power among major monies out there, but it is 5 times less likely to be counterfeited than the 500 Euro banknote, second in purchasing power. The latter is still less likely to be faked than the 100 US dollar bill, which comes next in purchasing power...

Thereby, given the global nature of today's world, counterfeiters should necessarily aim for the weakest currency (in terms of protection), not the largest denomination (purchasing power) between monies

Gold is much easier to counterfeit. You can have wolfram-lead bars coated with a thin gold outer layer, by weight they would be the same if mixed correctly.

Only a specialist with ultrasound can detect the scam. Of course if you buy the gold from a reputable dealer the chances of getting scammer is low.

But if you buy it from a shady local dealer, then it might happen. Thousands of people get scammed by this worldwide.

[deisik]

Gold is much easier to counterfeit. You can have wolfram-lead bars coated with a thin gold outer layer, by weight they would be the same if mixed correctly.

Only a specialist with ultrasound can detect the scam. Of course if you buy the gold from a reputable dealer the chances of getting scammer is low.

But if you buy it from a shady local dealer, then it might happen. Thousands of people get scammed by this worldwide.

You seem to be very unfamiliar with the gold trade. If you buy gold in "bulk", i.e. non-standardized gold bars, and from a shady source, you can always drill the gold ingot. Gold is soft while tungsten is one of the hardest metals out there (twice as hard as steel), and you would need a special drill bit to do the trick (that is, to drill through a tungsten bar)...

[OROBTC]

Gold is much easier to counterfeit. You can have wolfram-lead bars coated with a thin gold outer layer, by weight they would be the same if mixed correctly.

Only a specialist with ultrasound can detect the scam. Of course if you buy the gold from a reputable dealer the chances of getting scammer is low.

But if you buy it from a shady local dealer, then it might happen. Thousands of people get scammed by this worldwide.

You seem to be very unfamiliar with the gold trade. If you buy gold in "bulk", i.e. non-standardized gold bars, and from a shady source, you can always drill the gold ingot. Gold is soft while tungsten is one of the hardest metals out there (twice as hard as steel), and you would need a special drill bit to do the trick (that is, to drill through a tungsten bar)...

Yes.

I buy 1 oz gold coins (US Eagles).  Au Eagles have 1 toz of (24 kt) gold as well as some Cu and Ag to make them sturdier.  Still there are fake 1 oz Eagles out there made of tungsten, I recently watched a YouTube video on some fakes that fooled the buyer at a coin store (until the owner or expert got a GOOD look at them).  One oz Eagles are also less "profitable" to fake, but apparently they ARE out there.  I have never seen one.

Also, Gold Eagles have a very clear & beautiful "ring" to them, balance one on your fingertip and strike it lightly along the rim with a quarter.  The ring goes on and on, very satisfying.

Tungsten just makes a click/thud kind of sound.

The above "ring test", along with a scale that weighs to 0.1 gm (so a Gold Eagle weighs about 33.9 gm) is enough to catch them all.

[RealBitcoin]

Gold is much easier to counterfeit. You can have wolfram-lead bars coated with a thin gold outer layer, by weight they would be the same if mixed correctly.

Only a specialist with ultrasound can detect the scam. Of course if you buy the gold from a reputable dealer the chances of getting scammer is low.

But if you buy it from a shady local dealer, then it might happen. Thousands of people get scammed by this worldwide.

You seem to be very unfamiliar with the gold trade. If you buy gold in "bulk", i.e. non-standardized gold bars, and from a shady source, you can always drill the gold ingot. Gold is soft while tungsten is one of the hardest metals out there (twice as hard as steel), and you would need a special drill bit to do the trick (that is, to drill through a tungsten bar)...

Well you dont wanna drill a hole in all bars, especially not before you buy them, nobody will drill a hole in their bars just for demonstration, to ruin it.

Its easier with an ultrasound machine to check its density, but not many people come equipped with that, especially if you buy a "gold" ring that is actually some cheap mix coated with gold.

[n2004al]

...

A bankster at the Bank of England (Charles Goodhart) wants to ban 500 Euro notes as well as 1000 Swiss Franc (that would be some $1050) notes as well.  That will get tongues wagging in the USA to ban our $100...

The War on Cash is ramping up.  Another terrible idea as part of the campaign to destroy our privacy.  Read all about it:

http://www.zerohedge.com/news/2015-09-25/goodbye-100-bill-ex-central-banker-demands-all-high-denomination-banknotes-should-be

There are factors that inhibit this request. Not only this. But request bigger banknotes while the time goes on. One of those factors is inflation. The inflation make that if today I buy the bread 1 dollar after ten years I will buy it 10 dollars. If we make comparisons with other goods which cost more and if we will accept the request of this banker to buy something which today cost 1 000 us dollar and after ten years 10 000 us dollars. in the day of shopping we must have a big sack with us full with banknotes with low value and two police man which must guard me from the thieves.

It is another think if it will be "invented" a deflationary economy. In that case the proposition is totally possible. I want to make a parenthesis here: This could be possible if every country in the world (or even one) adopt a currency similar with bitcoin. That economy could be (have the possibility) to be deflationary.

But with our situation I think that the future will deserve always banknotes with bigger value and not abolish they that actually have the biggest value.

[countryfree]

The biggest note in the UK is the £50 note. In my entire life I have handled one three times. Each time not a single business would accept them and I had to go to a bank to deposit it instead. Looks like it's a voluntary ban to me.

Maybe you're not British. I'm not, and British weather is doing all it can to prevent me from spending time in the UK, and yet, I have more experience with £50 notes than you have. I haven't used a credit card this week, nor the week before.

Yes, there's a war on cash, and I'm proud to be in the resistance. I once had 8 1,000 CHF notes in my hand (only for a few minutes, though), and let me tell you something: it's a really great feeling.

[gentlemand]

Maybe you're not British. I'm not, and British weather is doing all it can to prevent me from spending time in the UK, and yet, I have more experience with £50 notes than you have. I haven't used a credit card this week, nor the week before.

I am indeed. Perhaps they're handed over more readily by foreign exchange bureaus. If I were to be given a wad of them I'd be looking to change them going on my own experiences. Twenties are ubiquitous. A fist full of fifties will invoke wonder in most Brits and they'll assume you're a scrap merchant or drug dealer.

[romjpn]

In Japan everybody is using the 10 000 yens bill (the biggest available). But personally I like the 1000 yens bill for everyday purchases.
Japan is still using cash pretty much everywhere. There are even places like chain restaurants that will only accept cash because they are using tickets vending machines. You can even pay "cash on delivery" if you order anything on the internet, or just buy a gift card from a conbini (convenience store open 24/24) near by.

[moneyart]

In Schweden they banned now all banknotes.
 

They want to tax you more and more until nobody is left to tax.