Where on earth are all the $100 bank notes?
What happened to all the $100 bank notes, why do we hardly ever come across them?
Have you ever wondered why you never come across a $100 note, like ever? Even when you go to an ATM and get out a hundred dollars you almost always get it in $50 form. So where are all the hundred dollar bills hiding?
Well, according to the Reserve Bank of Australia (RBA), 300 million $100 notes are in circulation, almost three times the number of $5 notes. It’s just that nobody ever uses them, there are so few in active circulation.
The RBA said in a discussion paper The Life of Banknotes, “With such little handing $100 notes do not deteriorate significantly over time. Indeed, less than 10 per cent of $100 banknotes ever issued have returned to the RBA as unfit banknotes.”
If you ask yourself, when did you last have a $100 note in your wallet the answer is probably almost never or a really long time ago.
Professor at Swinburne University, Steve Worthington told news.com.au…
“There’s huge numbers of these notes out there, they’ve been printed but they’re not actually seen there so they’re not coming around.”
“They are very often hidden away as store of wealth. In climate of uncertainty, people will often use cash as a fall back position, something that is more tangible than a bank where it is intangible.”
THEY'RE JUST LIKE A MYTHICAL CREATURE!
Even ATM’s that dispense $100 bills are so rare, they have sign to tell customers that a higher denomination will be dispensed.
A spokesperson from the Commonwealth Bank said,
“ATMs around universities and movie theatres generally have smaller denominations while those at airports and higher cash demand areas are more likely to have higher denominations.”
So there you have it, the reason you almost NEVER see a $100 note is because people are hording them. That’s one hording addiction we’d like to have.