Comments on: Is US Currency Illegal? http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/ Money Management, Small Business, Career Fri, 19 Mar 2010 19:53:53 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Ryan http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/comment-page-1/#comment-16361 Ryan Tue, 03 Feb 2009 12:18:24 +0000 http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/#comment-16361 <strong>Dale: </strong>The older notes tend to get recycled with wear and are removed from the system as time goes by. The US doesn't make the old bills obsolete because many people still hold on to cash reserves and stockpile old bills. Inevitably someone's life savings would be wiped out if they did that. But I agree with you - the same bills the govt. is trying to replace would be an easier target for counterfeiters. Dale: The older notes tend to get recycled with wear and are removed from the system as time goes by. The US doesn’t make the old bills obsolete because many people still hold on to cash reserves and stockpile old bills. Inevitably someone’s life savings would be wiped out if they did that.

But I agree with you – the same bills the govt. is trying to replace would be an easier target for counterfeiters.

]]> By: Dale http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/comment-page-1/#comment-16359 Dale Tue, 03 Feb 2009 06:50:23 +0000 http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/#comment-16359 What I don't understand is why this country keeps old notes in circulation? Issuing new designed note and keeping the old ones defeat the whole purpose? I still receive 1970 issued 20 dollar notes and dont think anything of it. I could still counterfeit those and get away with it. What I don’t understand is why this country keeps old notes in circulation? Issuing new designed note and keeping the old ones defeat the whole purpose? I still receive 1970 issued 20 dollar notes and dont think anything of it. I could still counterfeit those and get away with it.

]]> By: Mark @ TheLocoMono http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/comment-page-1/#comment-8846 Mark @ TheLocoMono Fri, 23 May 2008 00:23:46 +0000 http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/#comment-8846 I agree, it is really simple as changing the size of the bills. Until the time comes when every financial transaction is done with the scan of a fingerprint, it will always be an expense to maintain paper/coin currencies I like the thought about the investing in companies that make the tills for the bills. Great thought, David. Great post, Ryan. I never have seen an Euro or an Australian so you really put this into a visual perspective. I agree, it is really simple as changing the size of the bills. Until the time comes when every financial transaction is done with the scan of a fingerprint, it will always be an expense to maintain paper/coin currencies

I like the thought about the investing in companies that make the tills for the bills. Great thought, David.

Great post, Ryan. I never have seen an Euro or an Australian so you really put this into a visual perspective.

]]> By: Ryan http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/comment-page-1/#comment-8831 Ryan Thu, 22 May 2008 00:32:37 +0000 http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/#comment-8831 Looby, I think polymer notes should be used - they are less likely to be forged and they last longer. I think the main reason the currency has not been changed though is because of the initial cost. It would probably costs billions to change the currency, run ad campaigns for the general public etc. That's not saying the US doesn't already spend that much money on fighting counterfeit bills on a regular basis, but politicians can be obtuse sometimes. I think different sizes and colors would be a great solution. Looby,

I think polymer notes should be used – they are less likely to be forged and they last longer. I think the main reason the currency has not been changed though is because of the initial cost. It would probably costs billions to change the currency, run ad campaigns for the general public etc. That’s not saying the US doesn’t already spend that much money on fighting counterfeit bills on a regular basis, but politicians can be obtuse sometimes.

I think different sizes and colors would be a great solution.

]]> By: Ryan http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/comment-page-1/#comment-8830 Ryan Thu, 22 May 2008 00:32:11 +0000 http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/#comment-8830 Debtdieter, I think the Aussie money is awesome, and I highlighted it because I think the US should use it as a basis for a new currency. The current versions in use are too easily forged and not user friendly. Debtdieter,

I think the Aussie money is awesome, and I highlighted it because I think the US should use it as a basis for a new currency. The current versions in use are too easily forged and not user friendly.

]]> By: Looby http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/comment-page-1/#comment-8829 Looby Thu, 22 May 2008 00:04:28 +0000 http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/#comment-8829 I agree with FatherSez, I've always had trouble with US notes when I travel. I've just had to check(!) and although Canadian bills are all the same they are completely different colours. In Northern Ireland we had the polymer £5 notes, they are much better than paper money in my opinion, especially because people on the mainland were always willing to buy them for up to £10 when I went to Uni! I have to disagree with Llama though, I'm not a huge fan of most PC initiatives but there is no earthly reason why visually impaired people should have their independence impeded when it is well within the Treasury's ability to roll out a new version. Let's face it, this case has been in the courts for 6 years, the original ruling is 2 years old, if they had just accepted it the new currency could have been in effect already. I agree with FatherSez, I’ve always had trouble with US notes when I travel. I’ve just had to check(!) and although Canadian bills are all the same they are completely different colours.
In Northern Ireland we had the polymer £5 notes, they are much better than paper money in my opinion, especially because people on the mainland were always willing to buy them for up to £10 when I went to Uni!
I have to disagree with Llama though, I’m not a huge fan of most PC initiatives but there is no earthly reason why visually impaired people should have their independence impeded when it is well within the Treasury’s ability to roll out a new version. Let’s face it, this case has been in the courts for 6 years, the original ruling is 2 years old, if they had just accepted it the new currency could have been in effect already.

]]> By: debtdieter http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/comment-page-1/#comment-8825 debtdieter Wed, 21 May 2008 21:05:04 +0000 http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/#comment-8825 As an Aussie I can vouch for our colourful plastic money and our 1 & 2 dollar coins. I can't imagine having all my money the same size & colour. Can't say I go swimming with money in my pocket, but it's nice to know I can. Our dollar is almost on parity with the US dollar these days, which also comes in handy for us. As an Aussie I can vouch for our colourful plastic money and our 1 & 2 dollar coins. I can’t imagine having all my money the same size & colour.

Can’t say I go swimming with money in my pocket, but it’s nice to know I can.

Our dollar is almost on parity with the US dollar these days, which also comes in handy for us.

]]> By: WealthBoy http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/comment-page-1/#comment-8824 WealthBoy Wed, 21 May 2008 19:23:33 +0000 http://cashmoneylife.com/2008/05/21/counterfeit-us-currency-illegal/#comment-8824 Very interesting article. I almost never use bills these days since I can use my cash-back credit card for just about everything. I suppose a similar ruling probably won't happen for credit cards because any fraudulent charges can be reversed with relative ease. Very interesting article. I almost never use bills these days since I can use my cash-back credit card for just about everything. I suppose a similar ruling probably won’t happen for credit cards because any fraudulent charges can be reversed with relative ease.

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