Which is it?!
This headline came up in my news feed, from a very dubious source so I decided to investigate.
Headline after headline, many from identical sources, about how Walmart and Bank of America are either going to stop taking $1 bills or keep accepting them. The headlines read like a FUD article and I refuse to click through to read the details.
I can’t find a reputable news source for this story so I’m assuming it’s fake news.
It shouldn’t be this easy to manipulate news feeds.
The actual story is that the bank will stop accepting or exchanging damaged bills.
It’s one of the jobs of a bank though. They are supposed to exchange damaged bills and then exchange them with the mint, who then destroys them.
Honestly we need to get rid of the $1 bill generally but that’s a completely different post all together.
Honestly we need to get rid of the $1 bill generally but that’s a completely different post all together.
What do you replace them with? Coins have been tried and rejected by consumers a few times now.
Add a new currency called the buck which represents 1000 dollars. Over the next~200 years of inflation abolish the cent as a fraction of a dollar. When you reach a breaking point again, reintroduce a cent as a bill that represents 1000 bucks. Rinse and repeat every new inflationary super cycle.
When the $1 coins were released, most stuff in vending machines were still within the cost of a dollar. Thought I’m not disagreeing with your comment. Coins, for the most part, are relegated to coin jars and aren’t really “spent” in the same way that bills are.
The problem is that coins generally are just so inconvenient. I only hold onto them for the rare occasion where I need to feed a meter.
The BEP can still accept them, but I’m curious if BofA is actually doing this and if it’ll stand up. More FAQ’s can be read here
What is considered mutilated currency?
Mutilated currency is currency which has been damaged – to the extent that: (1) one-half or less of the original note remains; or (2) its condition is such that its value is questionable. Currency notes can become mutilated in any number of ways. The most common causes are fire, water, chemicals, and explosives; animal, insect, or rodent damage; and petrification or deterioration by burying.
What is not considered mutilated currency?
Unfit currency for redemption is currency which is unfit for further circulation because of its physical condition such as dirty, defaced, limp, torn, or worn. Unfit currency should not be forwarded to Bureau of Engraving and Printing for redemption, but may be exchanged at commercial financial institutions.
