The 500 euro note – could its days be numbered?

[rooster59]

The 500 euro note – could its days be numbered?



Finance ministers are calling on the European Central Bank (ECB) to look at ways of tightening access to 500 euro notes, in a bid to cut terror funding.

There are concerns that its high value makes it easy to carry large sums and launder cash.

There are even calls for it to be scrapped altogether.

“The 500 euro note is used more to facilitate transactions which are illegal, rather than allowing people like you and me to buy food,” said Michel Sapin, French Finance Minister.

“Therefore, it is normal that we raise the question now about the use of this bank note.”

The 500 euro note is one of the highest-valued in the world.

It makes up almost 30 percent of the euros held in cash and are more than five times the value of the largest US note, the 100 US dollar bill.

Germany was one of the early champions of the 500 euro note, matching the value of its old one thousand mark equivalent.

The ECB is also facing calls for limits to be brought in for cash payments.

The European Commission last week also proposed increasing controls on prepaid payment cards, virtual currencies such as DELETED and other possible sources of financing for militant groups.

-- (c) Copyright Euronews 2016-01-13

Edited March 31, 2016 by seedy
illegal activity

[ukrules]

Aha, the old war on cash raises its ugly head again.

From what I've heard the number one payment method for terrorists, street level criminals and drug dealers higher up the chain throughout the world is the US $100 note. Maybe they should ban that too ?

How many terrorists have been caught with a large stash of 500 Euro notes vs the number of terrorists who've been caught with a massive warehouse full of US $100 notes ?

I seem to recall a news article from just a few weeks ago where a building under the control of ISIS was bombed due to it containing a massive stash of $100 bills. Where did they come from ? Why were they there ?

[Grouse]

Singapore has a $10,000 note. 4 of these for 1M Baht!

[silverado]

are they still in circulation ? where are they ? 20 years that i ve never seen one ... also quasi impossible to get from banks counters if you don't order it 2/3 days by advance....

[ezzra]

Don't know about the 500 Euro and don't have any, but I'm set for life having a bundle of 100 trillions

Zimbabwe dollars under my mattress....

[silverado]

are they still in circulation ? where are they ? 20 years that i ve never seen one ... also quasi impossible to get from banks counters if you don't order it 2/3 days by advance....

sorry , must edit : 2 years...

[klauskunkel]

correcting headline: The Euro - could it's days be numbered?

[Grouse]

are they still in circulation ? where are they ? 20 years that i ve never seen one ... also quasi impossible to get from banks counters if you don't order it 2/3 days by advance....

Always available at Battery Road. Had 8 of them in my top pocket coming back the other day but don't tell anyone. SCB took photos of each one presumably as souvenir ( for the first time ever, they not make me sign every piece of paper)!

[mayview]

correcting headline: The Euro - could it's days be numbered?

It's is the contracted form of 'it has' or 'it is'. Its is the possessive form of it, meaning 'of it'. This is possibly why the difference between it's and its causes so many problems. Its, without an apostrophe, is a possessive form, where an apostrophe is usually required. It is similar to words like his and hers, neither of which needs an apostrophe.

So the headline is correct

Edited February 13, 2016 by mayview

[cooked]

1000 Frank Swiss bank note = €909.-

[Scott]

correcting headline: The Euro - could it's days be numbered?

It's is the contracted form of 'it has' or 'it is'. Its is the possessive form of it, meaning 'of it'. This is possibly why the difference between it's and its causes so many problems. Its, without an apostrophe, is a possessive form, where an apostrophe is usually required. It is similar to words like his and hers, neither of which needs an apostrophe.

So the headline is correct

I am reasonably sure he was talking about the future of the Euro as a currency, not about the grammatical construction of the sentence.

[Jimbo]

are they still in circulation ? where are they ? 20 years that i ve never seen one ... also quasi impossible to get from banks counters if you don't order it 2/3 days by advance....

Readily available at vasu exchange and super rich in Bangkok.

[BuaBS]

It's all about banning cash and instating NIRP, negatieve interest rates and bankers/states full controle of your money.

Of course under the cloak of fighting terrorisme , tax evasion & crime....

http://www.zerohedge.com/news/2016-02-11/here-real-reason-why-authorities-want-ban-high-denomination-bank-notes

[wabothai]

Never seen one. Even quite troublesome to use or pay with 100 euro banknotes.

One banklady asked me once where I got it.

End of cash in Europe is in sight. 100% control of moneyflow.

[Narratio]

Don't know about the 500 Euro and don't have any, but I'm set for life having a bundle of 100 trillions

Zimbabwe dollars under my mattress....

Spend another $20, get another 60kg of bank notes and they ARE your mattress. as long as you change the orientation of the notes between layers they're quite comfy as well.

[TPI]

correcting headline: The Euro - could it's days be numbered?

It's is the contracted form of 'it has' or 'it is'. Its is the possessive form of it, meaning 'of it'. This is possibly why the difference between it's and its causes so many problems. Its, without an apostrophe, is a possessive form, where an apostrophe is usually required. It is similar to words like his and hers, neither of which needs an apostrophe.

So the headline is correct

Wood duck! The headline was refering to the note not the currency!

[BuaBS]

Let them stop 500 euro's , the 200 's are good too , or switch to gold. A little 1 oz gold coin is 1100 euro , soon to be 2000 or more. Buy a little kilo bar , boom , now around 34.000 euro. Better than a pack of 500's and you can hide them in Uranus for save keeping while you travel.....better have good closing muscles .

[Ulic]

Aha, the old war on cash raises its ugly head again.

From what I've heard the number one payment method for terrorists, street level criminals and drug dealers higher up the chain throughout the world is the US $100 note. Maybe they should ban that too ?

How many terrorists have been caught with a large stash of 500 Euro notes vs the number of terrorists who've been caught with a massive warehouse full of US $100 notes ?

I seem to recall a news article from just a few weeks ago where a building under the control of ISIS was bombed due to it containing a massive stash of $100 bills. Where did they come from ? Why were they there ?

You are half way correct. The US has a new $100 bill. They should simply make the old

$100 bill no longer legal tender. Give a 3 month window to exchange the old currency

for new at banks world wide. Those with very large amounts to exchange would have

explaining to do to both local tax officials and police. Yes it costs money and logistics

to print and distribute the money, but it would take billions and billions out of circulation

form terrorists, drug dealers, and those not paying taxes. I am shocked that 30% of

Euro cash is in 500 Euro notes. I would have guessed less than 1%. Who wants to carry

around a bill that large for daily costs when vendors would struggle to make change for.

[Naam]

Aha, the old war on cash raises its ugly head again.

From what I've heard the number one payment method for terrorists, street level criminals and drug dealers higher up the chain throughout the world is the US $100 note. Maybe they should ban that too ?

How many terrorists have been caught with a large stash of 500 Euro notes vs the number of terrorists who've been caught with a massive warehouse full of US $100 notes ?

I seem to recall a news article from just a few weeks ago where a building under the control of ISIS was bombed due to it containing a massive stash of $100 bills. Where did they come from ? Why were they there ?

You are half way correct. The US has a new $100 bill. They should simply make the old

$100 bill no longer legal tender. Give a 3 month window to exchange the old currency

for new at banks world wide. Those with very large amounts to exchange would have

explaining to do to both local tax officials and police. Yes it costs money and logistics

to print and distribute the money, but it would take billions and billions out of circulation

form terrorists, drug dealers, and those not paying taxes. I am shocked that 30% of

Euro cash is in 500 Euro notes. I would have guessed less than 1%. Who wants to carry

around a bill that large for daily costs when vendors would struggle to make change for.

nobody pays a vendor with a €500 note and those who have multiple €500 notes do not carry them around but keep them for various specific purposes.

[Scott]

When a country stops honoring it's currency, it creates some major problems. It is, or should be, legal tender and as long as you have it, it should have the same value.

I believe that one of the things that Saddam did that made major ripples in the ME was to cancel the 50 dinar note. A lot of people in the ME kept Iraqi dinar because they were a valuable, and for a time a reasonably stable currency. Canceling the note caused a big drop in the value of the currency.

Stop production and distribution of the 500 Euro note, but those that have them should not be forced to turn them in. The US $100 note would be a major problem, since it is used widely around the world. Terrorists and Drug dealers might suffer, but I have a feeling it is the ordinary person who holds them and can't easily exchange them at would be the most hurt.

[Ghostnigel]

correcting headline: The Euro - could it's days be numbered?

It's is the contracted form of 'it has' or 'it is'. Its is the possessive form of it, meaning 'of it'. This is possibly why the difference between it's and its causes so many problems. Its, without an apostrophe, is a possessive form, where an apostrophe is usually required. It is similar to words like his and hers, neither of which needs an apostrophe.

So the headline is correct

I am reasonably sure he was talking about the future of the Euro as a currency, not about the grammatical construction of the sentence.

He knew that, but he saw that little apostrophe, and couldn't let it go....his grammar police training kicked in.