Email to DD: Removal of large bills from circulation

[zantac]

December 21st, 2010 01:27 pm · Posted in CHATS / POSTS

I have been in the banking world for over 30 years and am now retired. I find it amazing that people think that when a government or “Federal Reserve” takes larger bills out of circulation they don’t honor them anymore.

The reality is the Federal Reserve of the U.S. took out of circulation the $1,000 and $500 dollar bills many years ago, but if you happen to own one or more you can turn it in to any bank or credit union and you will get the full amount, then that financial institution then is supposed to send it in to the Fed to have it destroyed, but as many of us that work or have worked in financial institutions, it many times does not even get sent to the Fed as many executives and employees will buy these bills at face value and keep them in their safe deposit boxes as they are worth more than their face value to a numismatis(sp) or money collector.

Hopefully, we will all benefit from cashing in our large Dinar, but maybe keeping one or two may look further down the road to collectors and have a little fun with the money later!!! Just FYI and I am amazed that this has not been brought up prior to this, maybe it has and you haven’t felt the need to post it on your site. I just thought this would alay some of the fear of those that think we will only have a very short window to cash in!! After all why would a powerful country, like Iraq will be in the near future, want to not accept their own currency????

[krmayo]

I've thought of holding a 25k note back. Any more than that, at least for me, would be insane.

[Lilalbertus]

December 21st, 2010 01:27 pm · Posted in CHATS / POSTS

I have been in the banking world for over 30 years and am now retired. I find it amazing that people think that when a government or “Federal Reserve” takes larger bills out of circulation they don’t honor them anymore.

The reality is the Federal Reserve of the U.S. took out of circulation the $1,000 and $500 dollar bills many years ago, but if you happen to own one or more you can turn it in to any bank or credit union and you will get the full amount, then that financial institution then is supposed to send it in to the Fed to have it destroyed, but as many of us that work or have worked in financial institutions, it many times does not even get sent to the Fed as many executives and employees will buy these bills at face value and keep them in their safe deposit boxes as they are worth more than their face value to a numismatis(sp) or money collector.

Hopefully, we will all benefit from cashing in our large Dinar, but maybe keeping one or two may look further down the road to collectors and have a little fun with the money later!!! Just FYI and I am amazed that this has not been brought up prior to this, maybe it has and you haven’t felt the need to post it on your site. I just thought this would alay some of the fear of those that think we will only have a very short window to cash in!! After all why would a powerful country, like Iraq will be in the near future, want to not accept their own currency????

You forgot about the 10,000 bill and 100,000 bill

[Papa Kilo]

December 21st, 2010 01:27 pm · Posted in CHATS / POSTS

I have been in the banking world for over 30 years and am now retired. I find it amazing that people think that when a government or “Federal Reserve” takes larger bills out of circulation they don’t honor them anymore.

The reality is the Federal Reserve of the U.S. took out of circulation the $1,000 and $500 dollar bills many years ago, but if you happen to own one or more you can turn it in to any bank or credit union and you will get the full amount, then that financial institution then is supposed to send it in to the Fed to have it destroyed, but as many of us that work or have worked in financial institutions, it many times does not even get sent to the Fed as many executives and employees will buy these bills at face value and keep them in their safe deposit boxes as they are worth more than their face value to a numismatis(sp) or money collector.

Hopefully, we will all benefit from cashing in our large Dinar, but maybe keeping one or two may look further down the road to collectors and have a little fun with the money later!!! Just FYI and I am amazed that this has not been brought up prior to this, maybe it has and you haven’t felt the need to post it on your site. I just thought this would alay some of the fear of those that think we will only have a very short window to cash in!! After all why would a powerful country, like Iraq will be in the near future, want to not accept their own currency????

I think the reason why no one has mentioned this is because most of the people on this site don't have a lot of knowledege about this kind of investing( myself included ). What I think is most people are just searching the web for information, but they really don't have a clue as to what will really happen with this investment.

Thanks for your post.

Question-Can a Gov't regulate whether a denomination of a currency is valid leagal tender?

[gypsygirl]

I'm not sure that U.S. laws have any bearing whatsoever on Iraq. They can decide to do whatever the want.

[BamBam]

Zantac, thank you for clarification on that issue! I asked that question to a banker friend and he said the same. It is nonsense people believe there will be a 48 hour window to cash in, or one week, etc! Great post, (thread), whatever, still learning the political correctness, (lingo), as I am new communicating online! Lighten up people, news is Real Good these days!

[MovieMaker]

Thank you for your FIND, CONTRIBUTION, & POSTING FOR US.

[umbertino]

I've thought of holding a 25k note back. Any more than that, at least for me, would be insane.

Well I guess it depends on how many of those you own.

[gman51]

December 21st, 2010 01:27 pm · Posted in CHATS / POSTS

I have been in the banking world for over 30 years and am now retired. I find it amazing that people think that when a government or “Federal Reserve” takes larger bills out of circulation they don’t honor them anymore.

The reality is the Federal Reserve of the U.S. took out of circulation the $1,000 and $500 dollar bills many years ago, but if you happen to own one or more you can turn it in to any bank or credit union and you will get the full amount, then that financial institution then is supposed to send it in to the Fed to have it destroyed, but as many of us that work or have worked in financial institutions, it many times does not even get sent to the Fed as many executives and employees will buy these bills at face value and keep them in their safe deposit boxes as they are worth more than their face value to a numismatis(sp) or money collector.

Hopefully, we will all benefit from cashing in our large Dinar, but maybe keeping one or two may look further down the road to collectors and have a little fun with the money later!!! Just FYI and I am amazed that this has not been brought up prior to this, maybe it has and you haven’t felt the need to post it on your site. I just thought this would alay some of the fear of those that think we will only have a very short window to cash in!! After all why would a powerful country, like Iraq will be in the near future, want to not accept their own currency????

What if they also replace the old currency with new currency, like they did in 2003 ? Do the old Dinar still have their value?

[bluejay]

I don't know about holding back notes for collectors, I guess if you have a long family line to live long enough for that possibiltiy, & if you have enough Dinars...

[sammyque]

Great information Zantac, where can I cash in my old confederate notes?

[singaporesling]

Well, the exception to this scenario occurred right in Iraq....when they replaced the Saddam notes with the NID. You can no longer cash those notes........worthless.

[sammyque]

Great information Zantac! Where can I cash in my old confederate notes?

[DeadGuy]

I'll buy back your old confederate notes. 2 to 1.

That's more than a bank will pay. LOL

buds

chuck

[Yabadabado]

You could cash in you Confederate notes to an Iraqi Bank... On second thought perhaps not... they would not understand the humor... lol...

Trade then at the drug store for some Viagra... the staying power of value might just last a bit longer...

[sammyque]

I'll buy back your old confederate notes. 2 to 1.

Guess I better hold on to them. My "diddy" always said to hold 'em, the south will rise again! But glad to see the humor was appreciated!

Read more:

[SeaVixen]

While this makes all the sense in the world, the truth is we will never really know until that day comes. When it does, I believe that will be a good thing to worry about..... How fast you need to cash you big bills in.

Hmmm just does not seem like that bad of a issues to have now does it?

[Carrello]

I have read (just opinions, but from people I think are credible) that the larger notes will be called in first at a low rate, as low as 0.10:1. That could be a bummer if all of your notes are 25k, like mine. That does not make a lot of sense to me, but I am not a seasoned currency trader.

Any thoughts to ease my pain, or otherwise...

Happy Holidays

Merry Christmas to All