U.S. currency

[Goalie Interference]

We're spending a tremendous amount of time trying to figure out the NID and it's future, but I venture to guess many of us in the U.S. don't even understand our own currency. I've asked people, and have seen on this forum, the belief that our highest denonimation is the $100 bill. I spent a few minutes (literally) searching the subject, and found this interesting tidbit.

U.S. Currency (http://web.ask.com/redir?bpg=http%3a%2f%2fweb.ask.com%2fweb%3fq%3dLar gest%2bU%2bS%2bCurrency%2bBill%26o%3d0%26page%3d1&q=Largest+U+S+Currency+Bill&u=http%3a%2f%2ftm.wc.ask.com%2fr%3ft%3dan%26s%3da4 %26uid%3d0811E6F265A6EDD14%26sid%3d141E47F265A6EDD 14%26qid%3d6829E51867908745BA883C08526D28C5%26io%3 d6%26sv%3dza5cb0dc2%26o%3d0%26ask%3dLargest%2bU%2b S%2bCurrency%2bBill%26uip%3d3fbd30c6%26en%3dte%26e o%3d-100%26pt%3dRowland%2b%2526%2bCompany%2b-%2bUnited%2bStates%2bCurrency%26ac%3d28%26qs%3d6%2 6pg%3d1%26ep%3d1%26te_par%3d102%26te_id%3d%26u%3dh ttp%3a%2f%2fwww.site16.com%2fserver2%2findex.html&s=a4&bu=http%3a%2f%2fwww.site16.com%2fserver2%2findex.h tml&qte=0&o=0&abs=The+%24100%2c000+bill+was+issued+in+1934.+It+w as+the+largest+denomination+of+U.S.+currency+ever+ issued+but+was+never+put+in+public+circulation.&tit=Rowland+%26+Company+-+United+States+Currency&bin=&cat=wp&purl=http%3a%2f%2ftm.wc.ask.com%2fi%2fb.html%3ft%3 dan%26s%3da4%26uid%3d0811E6F265A6EDD14%26sid%3d141 E47F265A6EDD14%26qid%3d6829E51867908745BA883C08526 D28C5%26io%3d%26sv%3dza5cb0dc2%26o%3d0%26ask%3dLar gest%2bU%2bS%2bCurrency%2bBill%26uip%3d3fbd30c6%26 en%3dbm%26eo%3d-100%26pt%3d%26ac%3d28%26qs%3d6%26pg%3d1%26u%3dhttp %3a%2f%2fmyjeeves.ask.com%2faction%2fsnip&Complete=1)

As I read this, there are existing bills, much larger than the $100, but they are "retired" from circulation, but they DO exist, and are recognized currency. I hate to be so blunt, but I don't have the time to find the truth on my own, so I'm asking those "in the know" to help. The answer may help us with the questions we are all asking related to the denominations of the NID.

[mdi999]

I'm a small time collector of US currency. The largest known bills ever in circulation were $10,000 bills. At one time Binion (of Binions Horseshoe Casino) had a million dollars on display in $10,000 notes. They're known as Binion notes, and recently one was on ebay (buy it now for I think $79,000). There were $100,000 bills issued in 1934 but they were never put in circulation, only used to transfer funds between banks. These were gold cerificates with a gold seal and orange back.

There are also $500 and $1000 but have long been retired and on the cheap side a $500 note goes for $750 (usually more) and a $1000 note goes for $1500 (usually more).

During World War II in North Africa we issued notes with a yellow seal. The idea being if we were overrun our government would devalue the currency to zero. In Hawaii they issued brown seal notes with Hawaii printed in small letters on the face side and large hollow letters across the back (for the same reason).

Other points of interest, the $2 bill was change in 1976 to the signing of the Declaration of Indpendence on the back. Prior to that they had red seals and Monticello on the back. There are dollar bills known as "funny backs" silver certificates from 1928 (very cool), the back of the bill is completely different.

There's more, (like the emergency notes of 1929) but I don't want to bore the forum.

Matt

[Goalie Interference]

The link I posted indicates exactly as you suggested. There has been (and still is?) a $100,000 note which was used strictly for large currency trades between U.S. Reserve banks. Isn't it conceivable that, as the Iraqi Dinar gains strength, the 25,000 NID (or 10,000 NID) notes could be removed from circulation, but remain an accepted currency? If so, it could help us understand/believe the relevence of smaller NID denominations being introduced into the currency stream right now?

[mdi999]

The introduction of the smaller doniminations is an excellent indication the value of the dinar will increase. You'll need smaller donminations for things like sales tax, low paying jobs etc. (There's been talk about eliminated the penny, but sales tax in NYC is 8.65%, so we'd have to either reduce or raise taxes and interest rates to make for even numbers. )

I don't know the time frame how long it took to take the $500 bill & $1000 bill out of circulation, but it certainly did not happen over night. So even if the 25,000 dinar note is taken out of circulation, it's going to take some time, but unlikely.

In my humble opinion the dinar will peak at value of $0.30. Looking at Afgahanistan their pegged currency is at .02. (another new currency introduced in 2001). Granted they don't have the oil of Iraq, but they are a war torn nation. So my feeling is the dinar will be introduced as pegged currency moving to float. If the value does go through the roof (and we all get rich), the Bank of Iraq will have more than enough capital to introduce the 1 dinar note, and slowly take the 25,000 dinar note out of circulation. And if that happens hang onto at least one, because like I said, the US $10,000 note goes for no less than $45,000, so maybe the oil barrons of Iraq will start collecting the 25000 dinar note.

I hope this helps.

Matt

[GRETNA1970]

The introduction of the smaller doniminations is an excellent indication the value of the dinar will increase. You'll need smaller donminations for things like sales tax, low paying jobs etc. (There's been talk about eliminated the penny, but sales tax in NYC is 8.65%, so we'd have to either reduce or raise taxes and interest rates to make for even numbers. )

I don't know the time frame how long it took to take the $500 bill & $1000 bill out of circulation, but it certainly did not happen over night. So even if the 25,000 dinar note is taken out of circulation, it's going to take some time, but unlikely.

In my humble opinion the dinar will peak at value of $0.30. Looking at Afgahanistan their pegged currency is at .02. (another new currency introduced in 2001). Granted they don't have the oil of Iraq, but they are a war torn nation. So my feeling is the dinar will be introduced as pegged currency moving to float. If the value does go through the roof (and we all get rich), the Bank of Iraq will have more than enough capital to introduce the 1 dinar note, and slowly take the 25,000 dinar note out of circulation. And if that happens hang onto at least one, because like I said, the US $10,000 note goes for no less than $45,000, so maybe the oil barrons of Iraq will start collecting the 25000 dinar note.

I hope this helps.

Matt

Now thats what I'm talkin about !!!
:happy64: