5 ms·
Phasing out bills is definitely feasible. Bills usually pass through a bank fairly often, at which point they can be removed from circulation. In general bankno
by zalepa 10y ago
Phasing out bills is definitely feasible. Bills usually pass through a bank fairly often, at which point they can be removed from circulation. In general banknotes have their design changed every 10-20 years, and very old banknotes are no longer legal tender (though they can sometimes be exchanged at the central bank). A regular bank won't accept a deprecated banknote.
The ECB is currently phasing out 500s, first by removing those it can get its hands on from circulation, and after a few years by declaring the rest no longer legal tender.
- DashRattlesnake 10y ago> In general banknotes have their design changed every 10-20 years, and very old banknotes are no longer legal tender IIRC, the US has never declared any version of its old currency not-legal-tender, and no-one would have any problem spending any US banknote that in any way resembles the current ones in size or shape.
- nommm-nommm 10y agoI've never had problems spending very old banknotes in the US.
- monkeyprojects 10y agoI don't believe US banknotes change design that frequently. In europe bank notes change design every 5-10 years and quickly stop being legal tender a 3-5 years afterwards...
- nommm-nommm 10y agoWe had a major redesign in about... 2001ish. You still see the old notes circling around sometimes and they are still legal tender. The $100 bill was redesigned about two years ago. We have new paper notes coming out soon... https://modernmoney.treasury.gov https://modernmoney.treasury.gov.