Why do we need "new" $100s for China? I don't have a problem with this and have already explained to my bank what I need and so far so good. They have assured me that this won't be a problem! So, I don't so much care as to why but an interesting article in the Wall Street Journal was found by a yahoo group member and I thought I would share part of it. The link to the rest of the article is at the bottom.
If he's lucky, the bills will indeed be worth $700 when he arrives in port and tries to spend them. If he isn't, they'll be worth closer to $600. The difference? The good bills are new ones that bear Treasury Secretary John W. Snow's signature. The bad ones are signed by Treasury Secretary Robert E. Rubin.
"Whoever goes first gets the new money," Jean Yves complained recently after returning home to Madagascar at the end of his cruise. Those at the back of the line get an instant pay cut, because in many of the countries the ship visits, old U.S. bills just aren't worth as much as new ones.
Americans are accustomed to the idea that the dollar -- the world's No. 1 reserve currency -- is good anywhere. After all, it's a point of principle that the U.S. never invalidates its notes. The government may add watermarks, insert security threads or enlarge Ben Franklin's face on the $100 dollar bill, but old bills are still legal tender.
Overseas, however, that guarantee carries less weight. In many countries, from Russia to Singapore, the dollar's value depends not just on global economic forces that move international currency markets, but also on the age, condition and denomination of the bills themselves. Some money changers and banks worry that big U.S. notes are counterfeit. Some can't be bothered to deal with small bills. Some don't want to take the risk that they won't be able to pass old or damaged bills onto the next person. And some just don't like the looks of them.” To read more…click here.
“In Some Places,U.S. Money Isn'tAs Sound as a Dollar”
By MICHAEL M. PHILLIPS
By MICHAEL M. PHILLIPS
“ANTANANARIVO, Madagascar -- Once a month, Jean Yves, a cabin attendant on an Italian cruise ship, gets in line at the purser's office to collect his pay -- seven $100 bills.
If he's lucky, the bills will indeed be worth $700 when he arrives in port and tries to spend them. If he isn't, they'll be worth closer to $600. The difference? The good bills are new ones that bear Treasury Secretary John W. Snow's signature. The bad ones are signed by Treasury Secretary Robert E. Rubin.
"Whoever goes first gets the new money," Jean Yves complained recently after returning home to Madagascar at the end of his cruise. Those at the back of the line get an instant pay cut, because in many of the countries the ship visits, old U.S. bills just aren't worth as much as new ones.
Americans are accustomed to the idea that the dollar -- the world's No. 1 reserve currency -- is good anywhere. After all, it's a point of principle that the U.S. never invalidates its notes. The government may add watermarks, insert security threads or enlarge Ben Franklin's face on the $100 dollar bill, but old bills are still legal tender.
Overseas, however, that guarantee carries less weight. In many countries, from Russia to Singapore, the dollar's value depends not just on global economic forces that move international currency markets, but also on the age, condition and denomination of the bills themselves. Some money changers and banks worry that big U.S. notes are counterfeit. Some can't be bothered to deal with small bills. Some don't want to take the risk that they won't be able to pass old or damaged bills onto the next person. And some just don't like the looks of them.” To read more…click here.
2 comments:
Interesting!
Thanks for sharing.
Keep smilin
That's really interesting and good to know!
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