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Uncut Currency

usmint.gov

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Re: Uncut Currency

#271

Post by Keyframe »

fweimer wrote: post #102
Scoundreller wrote: post #77

Earlier quoted context omitted.

The insistence on cotton paper money is part of the problem. Canada’s banknotes are all the same size but because they’re polymer, have a brail punch in them. Edit: not braille but a system of raised dots nonetheless: https://www.bankofcanada.ca/banknotes/audience-specific-reso...

The last iteration of German paper money was cotton-based and had raised markers, so it's not an either-or. Example: https://en.wikipedia.org/wiki/Deutsche_Mark#/media/File:5_Ma... (the : in the bottom left area, next to the 5)

I still keep a 5 DM coin in my wallet. DM was the best!

Re: Uncut Currency

#272

Post by nxobject »

bdcravens wrote: post #185
rufugee wrote: post #180

Earlier quoted context omitted.

I'm shocked someone would pay $500 for an erroneously cut $1 bill.

People will pay extra for currency that has zero errors, and only an interesting serial number.

To wit: the Mint will also sell you in line with Chinese numerology collectible bills with “777”s or “888”s in their SNs with a decorative envelope. Bless the marketing exec who’s finding nontraditional markets for collectible currency.

Re: Uncut Currency

#273

Post by buryat »

AngryData wrote: post #94
buryat wrote: post #65

Earlier quoted context omitted.

Interesting up to what section they can be cut out, can it just be the two serial numbers and the denomination? Then the back of the notes becomes just "In God We Trust"

In the case of damaged bills, if you have over half of it it is generally still considered legal tender and banks will accept it as-is. However if over 50% of the bill is damaged or missing, it has to be turned into the Bureau of Engraving and Printing, which is basically the paper money half of the US Mint, and investigated/examined to determine if it is valid for replacement or reimbursement. So I would assume as l…

Is this an infinite paper glitch?

If banks have to accept if over 50% of the bill is missing, then you can keep the other paper and use it. Using it productively seems difficult but $1M in $1 bills (one bill is roughly 1 gram) would be 1000kg, 490kg of paper, let's say it would be considered residential papers then at $100 per ton, we're looking at $49 in yield out of air. 0.0049bbps + infinite time on doing the process.

Re: Uncut Currency

#274

Post by switchbak »

lupire wrote: post #131
neilv wrote: post #29

Earlier quoted context omitted.

My reaction to that video: Teasing restaurant employees like that, and letting it escalate, isn't my personal style, but... Not only is he a more accomplished hacker than I am, he's even a better talk show guest.

Per influencer rules, if you screws around neither someone's head for lolz, you should pay them combat wages for their time afterward.

"if you screws around neither someone's head for lolz" ... are you having a stroke right now? What is that supposed to mean?

Re: Uncut Currency

#275

Post by coldpie »

scarface_74 wrote: post #262
coldpie wrote: post #253

Earlier quoted context omitted.

I'm not really sure what you're trying to do in this thread. You asked why people like to use cash, and we're answering your question. You don't have to agree with us, it's OK for people to have different opinions about stuff.

People are concerned with it hurting local businesses. > they come from the business you're buying from. For local businesses Which is not true. And some of the reasons - like security and losing money - is tin foil hat territory.

> Which is not true.

Oh. Where does it come from then?

Re: Uncut Currency

#276

Post by scintill76 »

valarauko wrote: post #257
rybosworld wrote: post #183

Earlier quoted context omitted.

There was a time when the mint would sell coins and bills at face value. The problem is, people started using that for manufactured spending to rack up credit card points. They added a premium to prevent this.

That seems reasonable, but why would the US Mint care about manufactured spend for credit card companies?

I believe in some cases there was no premium at all, not even shipping, so widespread manufactured spending was losing the Mint much more money than they were prepared for when they started the program.

Re: Uncut Currency

#277

Post by thaumasiotes »

nxobject wrote: post #272
bdcravens wrote: post #185

Earlier quoted context omitted.

People will pay extra for currency that has zero errors, and only an interesting serial number.

To wit: the Mint will also sell you in line with Chinese numerology collectible bills with “777”s or “888”s in their SNs with a decorative envelope. Bless the marketing exec who’s finding nontraditional markets for collectible currency.

> the Mint will also sell you in line with Chinese numerology collectible bills with “777”s or “888”s in their SNs

For Chinese numerology, you'd want 666.

Re: Uncut Currency

#278

Post by cabirum »

muhammadusman wrote: post #258
nlh wrote: post #154

(Professional coin & currency nerd here) Fun fact about these — when the treasury first issued these, many people decided to cut them into odd off-center pieces and sell the resulting notes as miscut errors. Once that started happening, the treasury (BEP to be specific) very quickly changed the serial numbers so they’re all very recognizable as having come from an uncut sheet. I didn’t check the latest for all denomi…

kinda off topic but since you're an expert here: what do people do with these uncut sheets? Is it mainly for collectors? also, my favorite form of getting currency is $2 bills in a 100 stack (so $200) from the bank. I used to use these for gift money on holidays :) but unfortunately my credit union doesn't order new stacks anymore, just jumbled up old $2 bills now.

Wallpaper?

Re: Uncut Currency

#279

Post by toast0 »

kube-system wrote: post #243
sjsdaiuasgdia wrote: post #229

Earlier quoted context omitted.

For many classes of vending machines, dollar bill support is going away without government intervention. For a while it's been very common in the US to see vending machines that have bill, maybe coin, and card options. It's increasingly common to find machines that only have card options, no cash. Products are more expensive and people use less cash generally...how many customers actually carry enough $1 bills to buy…

Yes, it is happening over the course of many decades, naturally, as machines are updated/replaced as a matter of normal business. That's a very different thing in terms of switching costs than an immediate switch that demands replacement all at one time.

All the novelty $1 coins since the Sacagawea offer the potential for a gradual shift too. Modern multi-denomination coin mechs are likely to accept them, unlike the Susan B Anthony's that were too close to quarters [1]. Some of them even have a sticker near the coin slot advertising the feature. So if someone has given you a dollar coin in change (probably a government cashier or machine), you might be able to use it in a machine. I couldn't find a well reported number on dollar coin acceptance --- just an undated claim of 30% of machines accepting them according to Vending Market Watch but no link to an article or anything. I did see an article on VMW from 2011 about cash recyclers that allow a machine to take a larger bill and issue change with smaller bills rather than only coins, that featured a quote that resonates with me:

> "Customers have told me firsthand how thrilled they are to receive bills as change instead of dollar coins," said Mike Gallagher, service manager for Coca-Cola Bottling Co. "Sales on those machines have increased, and the technology has been extremely reliable." [2]

[1] I did see one coin mech in the wild that took Anthony dollars; but it was a spendy arcade game and had a dispenser next to it to get the dollar coins you needed from bills or quarters. And there were big signs about it, at the Disneyland StarCade in the 90s.

[2] https://www.vendingmarketwatch.com/technology/article/102518...

Re: Uncut Currency

#280

Post by nxobject »

cmckn wrote: post #91
rkagerer wrote: post #63

TIL there are $100,000 bills and they are illegal to possess https://en.m.wikipedia.org/wiki/United_States_one-hundred-th...

Similarly, the Bank of England uses £100,000,000 notes internally: https://en.wikipedia.org/wiki/Bank_of_England_%C2%A3100,000,...

I wonder: if these are essentially just a “paper trail” for deposits made at the BoD by issuing banks, why bother with a physical banknote at all? In the case of an insolvency of a bank, the bank’s notes would still continue circulating, after all.
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