3 ms·

> You are on the clock as well - every 5 years or so the notes change and stop being accepted. In what country are you basing this comment on? I haven't heard

> You are on the clock as well - every 5 years or so the notes change and stop being accepted. In what country are you basing this comment on? I haven't heard of any cash notes becoming "outdated" or "expired" after five years in any country I frequent. > It doesn't work so well for oligarchs It does work well as long as everyone is inside the gray/black markets, as they won't ask questions where you got your £1m cash from when you buy a property in the dark from them. How do you think most large shipments of drugs are being sold/bought? Trading cash for the drugs, almost exclusively. That's why when the police does busts of large shipments, they often come across large cash stashes as well, if the deal was just made.

pjc50 4y ago
Five years is too short for an average, but demonetization and replacement does happen, and not just in India. The UK is in the process of phasing out paper notes, for example: https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes https://www.bankofengland.co.uk/banknotes/exchanging-old-ban... A more spectacular example happened in the Northern Bank robbery when a significant fraction of all the bank's notes in circulation were stolen from its vaults; the bank decided to replace them making all the stolen but unlaundered ones worthless. The US is unusual in not explicitly withdrawing old note series from circulation, despite their lacking modern anti-counterfeiting features. To a great extent all this AML is because of the "war on drugs" and the extensive use of large amounts of cash in drug dealing. Financial sanctions are a more recent reason.
- tomp 4y ago
  > The UK is in the process of phasing out paper notes You wrote it in a way that makes it sound really evil. In reality they’re just exchanging paper notes for plastic notes - some thing but harder to tear/destroy.
  - patrickthebold 4y ago
    But do people have to stop accepting the paper ones on a certain date?
    - justincormack 4y ago
      Generally you have to take them to a bank after a while, and eventually to the Bank of England. The paper 20 and 50 notes cease to be legal tender next month so people can accept them but probably won’t.

pjc50 4y ago

Five years is too short for an average, but demonetization and replacement does happen, and not just in India. The UK is in the process of phasing out paper notes, for example: https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes https://www.bankofengland.co.uk/banknotes/exchanging-old-ban... A more spectacular example happened in the Northern Bank robbery when a significant fraction of all the bank's notes in circulation were stolen from its vaults; the bank decided to replace them making all the stolen but unlaundered ones worthless. The US is unusual in not explicitly withdrawing old note series from circulation, despite their lacking modern anti-counterfeiting features. To a great extent all this AML is because of the "war on drugs" and the extensive use of large amounts of cash in drug dealing. Financial sanctions are a more recent reason.

tomp 4y ago
> The UK is in the process of phasing out paper notes You wrote it in a way that makes it sound really evil. In reality they’re just exchanging paper notes for plastic notes - some thing but harder to tear/destroy.
- patrickthebold 4y ago
  But do people have to stop accepting the paper ones on a certain date?
  - justincormack 4y ago
    Generally you have to take them to a bank after a while, and eventually to the Bank of England. The paper 20 and 50 notes cease to be legal tender next month so people can accept them but probably won’t.