New bills vs old bills

[FrugalFannie]

Most people advise to keep cash on hand to pay your bills if ATM's etc shut down or to make any type of purchases, etc.

If you were to hold onto $100 bills would you prefer to hold the old bills or the new bills? I ask this because I noticed that when the new bills came out people would really inspect them and I might get 1 when I cash my paycheck. Now that's almost all I get when I cash my check and the last time I used one to buy gas the clerk never even looked twice at it. SO I am wondering if older bills would be met with more skepticism in a 'grid down' scenario.

What say you?

 

[Chet0729]

Don't use 100's use 20's or smaller for emergency funds. I don't think the vintage would matter. Most likely if the SHTF and everything is shut down, people wont be making change.
My emergency money is 20's and 10's

 

[J.A.C]

Personally I think the old bills have more character but I digress. I agree with Chet the largest bill I would keep on hand is $20 for a real SHTF scenario *** where paper money still had value.

 

[Rockrivr1]

I did a withdrawal from my bank several months ago and they gave me a couple of the old $20 bills. I was commenting to the clerk that you don't see these to often and she agreed. I used one at my local grocery store and the clerk started inspecting it like he'd never seen one before. (Probably because he couldn't have been older then 16!) He actually called over the manager lady who also commented that she hadn't seen many of these old bills in a long time.

Moral of the story is that you may want to rotate your SHTF money stash for newer bills from time to time. I could see where really old bills might cause problems as well.

 

[saltydude]

If it gets to that point I feel people will be so upset with the current state of affairs to the point of hating the new currency. The people who understand that the very overprinting of these new bills is half the reason were in this situation to begin with. Therefore I see anything older or what America used to represent being more desirable. Not to mention the only anti fraud technology around may just be the old fashion currency markers.

 

[Rob Boudrie]

I do know that overseas, new style $100's are preferred to old due to counterfeiting risk, and crisp new bills are preferred to used ones. When I was in Ireland a couple of decades ago, banks would exchange the then new $100's easily, but would write the passport number down on any old style $100s exchanged for local currency.

 

[Twigg]

Small unmarked bills, like the kind I asked the bank teller for.

If I were the type to keep cash on hand for an emergencies I'd want to be able to pay exactly the amount needed.

Tens and twenties in one pocket, singles and fives in the other.

Regards to the old v new; I also request bills straight from the Fed juuuuust in case there might be drug residue on any older bills. Don't want the Po-po doggie so sit, bark or paw at my cash.

 

[Admin]

Small unmarked bills, like the kind I asked the bank teller for.

If I were the type to keep cash on hand for an emergencies I'd want to be able to pay exactly the amount needed.

Tens and twenties in one pocket, singles and fives in the other.

+1

I'd hate to be stuck with nothing but 100's when I need to only spend $25 and the guy I'm buying from doesn't have change.

 

[Archilochus]

If I had any, I would get rid of 'em ASAP. Really.

If for some reason I was going to hold a fair amount of paper currency, it would be in smaller bills.

 

[enbloc]

.

 

[swatgig]

I do know that overseas, new style $100's are preferred to old due to counterfeiting risk, and crisp new bills are preferred to used ones. When I was in Ireland a couple of decades ago, banks would exchange the then new $100's easily, but would write the passport number down on any old style $100s exchanged for local currency.

I was in Peru in 1990. They would not accept any old bills. At least the money-changers who worked the street corners. I suspect if you went to a bank, they would take the old bills, but the banks gave terrible exchange rates.

I recommend anyone who wants a flavor of the world when the SHTF should visit a third word country. It will open your eyes.

 

[Rider]

The North Koreans probably make the new ones about as good as the old. Wrt counterfeiting risk, if the grid goes down, what does it matter? Practically speaking, no person can tell the difference, and why would they care? If you have it, and someone will take it, that's it. The way I see it, if you are taking paper currency when the grid goes down, and you are worried about counterfeit money, things can't be that bad.

Personally I don't like anything bigger than a $20 because it's suspect. $100's are used mainly for large cash transfers that people want off books. Let me find that link...ah, here it is. It doesn't specify use, but it's an interesting read.

http://finance.yahoo.com/blogs/the-exchange/might-not-know-100-bill-235314234.html

Another interesting article I found while looking for this said that the main reason the US will not print anything larger than a $100 bill is that the same transfer cost savings that justify printing large bills accrete to drug dealers, money launders, and others criminals. So basically, official US policy is to keep money bulky because they know it's mostly used for crime and figure pallets of cash are easier to find than satchels

 

[enbloc]

.

 

[Rob Boudrie]

Yes, but the $100K notes were only used for interbank transfer and never introduced into circulation, and are now obsolete thanks to electronic funds.

 

[Rider]

Heh, try spending that at 7-11. Hell, I doubt a Mercedes dealer could make change for that.

 

[enbloc]

.

 

[MisterHappy]

I thought that Nestle made the $100,000 ....

 

[Shudawg]

I was in Peru in 1990. They would not accept any old bills. At least the money-changers who worked the street corners. I suspect if you went to a bank, they would take the old bills, but the banks gave terrible exchange rates.

I recommend anyone who wants a flavor of the world when the SHTF should visit a third word country. It will open your eyes.

Based on my personal experience here in Dongguan China, my hotel will not change any US currency that is not crisp new bills of the latest design. They are positively anal about it. Always have to ask specifically at my US bank before traveling here.....These days I'm just grateful they still accept US currency!

 

[enbloc]

.

 

[rocket500]

If the stuff truly hits the fan paper money isn't going to be good for long. Short duration emergency yes. Beyond that, no.

 

[Kevin_NH]

Storing more than a handful of paper currency is not a particularly useful thing to do with money.

Better to buy junk silver or double the amount of dry goods in your pantry (stuff you eat anyway so you can rotate your stock), or even a couple bottles of good whiskey.

Most people advise to keep cash on hand to pay your bills if ATM's etc shut down or to make any type of purchases, etc.

With a full tank of gas, a stocked cupboard, and a bottle of corn squeezings, who needs cash?

 

[enbloc]

.

 

[shamrockjr]

What does a $100 bill look like?

I digress. Great advice on retaining smaller currency. I'm not sure if anyone else mentioned it but tossing around 100's in a System Failure situation is a sure way to get noticed by people you'd rather didn't.

 

[xtry51]

Small bills $20 or lower, vintage unimportant. Has limited lifespan in SHTF anyway.

 

[Twigg]

What does a $100 bill look like?

I digress. Great advice on retaining smaller currency. I'm not sure if anyone else mentioned it but tossing around 100's in a System Failure situation is a sure way to get noticed by people you'd rather didn't.

Three days after the great ice storm of '08 we drove from Gardner to Athol because we heard there was an open gas station. During the time we sat in the waiting line we witnessed two shoving matches at the pumps becaus the attendents would not accept 100 dollar bills.

 

[EJFudd]

I do know that overseas, new style $100's are preferred to old due to counterfeiting risk, and crisp new bills are preferred to used ones.

I was in Peru in 1990. They would not accept any old bills.

Same with a recent overseas trip for me (must be new and clean), but you don't have to go that far to run into trouble with old $100 bills.

I'm talking about these:

I've had them refused for wear and lack of security features right here in the states. Because of that, I no longer accept them from my bank.

 

[FrugalFannie]

Three days after the great ice storm of '08 we drove from Gardner to Athol because we heard there was an open gas station. During the time we sat in the waiting line we witnessed two shoving matches at the pumps becaus the attendents would not accept 100 dollar bills.

this is more what I'm talking about. it's pretty easy to blow through a few hundred dollars with atm and cc machines down for a few days. Gas tank - $60, hotel stay (if necessary) $80+/night, food out, replace clothes. thinking about all types of scenarios where cash may be your only option.

 

[widnerkj]

I had a cashier refuse my 1953 $20 bill. She said it was a fake.

 

[enbloc]

.

 

[FrugalFannie]

I had a cashier refuse my 1953 $20 bill. She said it was a fake.

not talking about bills that old. just not the latest and 'greatest' $100's