Does cash expire

[RedAngie]

Do you want a loonie and a toonie? (One and two dollar coins)

I already have a few of each. I’m saving them for my next trip to Canada.

 

[prairie_girl]

I already have a few of each. I’m saving them for my next trip to Canada.

I was offering more for your collection but if you have some, then you're all set.

 

[LuvOrlando]

Because very few places don’t take Apple Pay but I don’t want to be limited to places that take Apple Pay so I am keeping cash on me if I want to go to a place that does not take Apple Pay

OK, got it, it's smart to have cash as a backup.

I always keep cash on hand and it may stay put for a really long time. Discovered it was an important thing to do back on 9/11 when all of NYC went dark and my brother couldn't transfer money at an ATM and couldn't call any other numbers within NYC so he needed to call out to me in PA and have me do it so he could get home, cabbies take cash but you need to have it in your hands. Happened again during Hurricane Sandy when power went down all over the place. Electronics are great, until the power goes out and then no power no debits and credits. Incidentally, this is also why I fill my vehicles with gas ahead of any messy weather, the pumps are all digital as are all the registers at all the stations. Digital is a good idea but much easier to disrupt that cash because you can hand a clerk cash and they can input it into their system from a backup paper system when things go back online - there is a simple beauty in that.

 

[bcla]

My stash of expired Canadian bills totals $7. Two $2 and three $1, so hardly worth the effort of exchanging them. I’m keeping them as souvenirs. There are also several Canadian pennies.

It’s probably time for the US to retire $1 and the rarely seen $2 bills. And pennies and nickels for cash transactions.

Then you could probably get a $5 bill. I have one around the house somewhere that I got in 2015.

 

[dez1978]

OK, got it, it's smart to have cash as a backup.

I always keep cash on hand and it may stay put for a really long time. Discovered it was an important thing to do back on 9/11 when all of NYC went dark and my brother couldn't transfer money at an ATM and couldn't call any other numbers within NYC so he needed to call out to me in PA and have me do it so he could get home, cabbies take cash but you need to have it in your hands. Happened again during Hurricane Sandy when power went down all over the place. Electronics are great, until the power goes out and then no power no debits and credits. Incidentally, this is also why I fill my vehicles with gas ahead of any messy weather, the pumps are all digital as are all the registers at all the stations. Digital is a good idea but much easier to disrupt that cash because you can hand a clerk cash and they can input it into their system from a backup paper system when things go back online - there is a simple beauty in that.

I agree. Always smart to keep cash on hand. At least a little on your person and some at home. Enough to get you thru a couple days in case of emergency. I'm not a crazy conspiracy theorist or anything, but there have been times like what you mentioned or others when you couldn't use a credit card. How many posts have we seen about Disney's IT and how their systems go down and none of the parks can take cards or mobile orders? I remember lots of times working in restaraunts that a line would get hit and the whole areas CC systems would go down. I'm sure tech has come a long way since then and maybe this doesn't happen as often. But I would never rely on only apple pay or credit cards.

 

[_19disnA]

US currency doesn't 'expire'. Bills do tend to 'wear out' over time from handling and use. Have seen figures in the past that the average $1 bill lasts about 18 months in circulation. Worn out bills are taken out of circulation and shredded. Others tend to last longer since they aren't handled as much. The $100 bill is the largest now in regular circulation. Currency collectors and coin shops often sell bills of higher denomination for their collectable value. No one is going to buy a $500 bill that likely sells for several times face value from a currency store and then use it to buy something at face value. I have seen some stores who say the largest bill they will take is a $50 but that has probably more to do with not wanting to have large amounts of currency in the store just to give change on a nominal purchase. Other countries may have their own rules on how they handle their currency.

The discussion about using something other then US currency to pay for purchases is a different topic. I agree with others that various situations can cause the power to go out and then ATM machines stop working and/or stores aren't able to process credit/debit card purchases.

 

[bcla]

US currency doesn't 'expire'. Bills do tend to 'wear out' over time from handling and use. Have seen figures in the past that the average $1 bill lasts about 18 months in circulation. Worn out bills are taken out of circulation and shredded. Others tend to last longer since they aren't handled as much. The $100 bill is the largest now in regular circulation. Currency collectors and coin shops often sell bills of higher denomination for their collectable value. No one is going to buy a $500 bill that likely sells for several times face value from a currency store and then use it to buy something at face value. I have seen some stores who say the largest bill they will take is a $50 but that has probably more to do with not wanting to have large amounts of currency in the store just to give change on a nominal purchase. Other countries may have their own rules on how they handle their currency.

The vending machine industry lobbied hard for a new US $1 coin back in the 90s. They ended up getting it. Remarkably enough, when I've had $1 coins it's never been an issue as most vending machines seem to take them even if it's not clear on the machine. If they don't, they just drop back in the change return. Still - there was a glut of them and basically the only new minting of them is for the collectors market.

There was this weird issue too as the supply of newer $1 coins was getting low, and the US Mint produced 1999 Susan B Anthony $1 coins since they were authorized by law to do it, but the newer coins couldn't be released until 2000.

 

[_19disnA]

Recent dollar coins have been unpopular partly due to their similarly to the quarter. Releasing the new dollar coin was viewed as a cost savings since coins in circulation last longer then paper money. However, if people don't like using them, the supposed benefit is never achieved. Somewhat like when the $2 bill was re-introduced several years ago. Cash registers only have so many slots for the various currency denominations and if people don't care to use them for any number of reasons, they tend to lose popularity. Both of them have basically been a failure with the public.

 

[bcla]

Recent dollar coins have been unpopular partly due to their similarly to the quarter. Releasing the new dollar coin was viewed as a cost savings since coins in circulation last longer then paper money. However, if people don't like using them, the supposed benefit is never achieved. Somewhat like when the $2 bill was re-introduced several years ago. Cash registers only have so many slots for the various currency denominations and if people don't care to use them for any number of reasons, they tend to lose popularity. Both of them have basically been a failure with the public.

The $2 bill wasn't necessarily "reintroduced". It's kind of how $1 coins have been stockpiled. The BEP prints and stockpiles them since small runs aren't very cost effective for bills. There were a massive amount of them from the 1976 issue where they changed the back design. Since then they've had various printings but just stockpile them until it seems that they're close to running out.

Also - I've played around with them before, and I haven't found a self checkout that won't accept $2 bills if they otherwise take bills.

 

[StageTek]

no legitimate question I have cash I am holding on to in case I come across a vendor that does not take Apple Pay but even small business take it kinda surprises me

You're fine, Wendy. Cash in the U.S. never expires.

In 1985 when my grandfather died I took possession of most of his books. In the family Bible I found ten 50 dollar bills dated 1934. In 1990 I spent five of them.
today each of those notes is worth between $75 and $150 to some collectors. But I could still take it to a store and they would honor it at $50.

 

[tvguy]

no legitimate question I have cash I am holding on to in case I come across a vendor that does not take Apple Pay but even small business take it kinda surprises me

Here is seems like more and more small merchants here are charging extra if you don't pay cash. Gas stations charge 10 cents a gallon more if you use anything but cash. The mini-mart I go to levies a 50 cent fee if you use plastic, and has a $10 minimum purchase.
And the newest one is the mom and pop Fish and chips stand I go to. Technically they ONLY take cash, but they are affiliated with a third party company whose name I can't remember, but it is three letters, who will accept non-cash payments on the restaurants behalf for a 3.5% surcharge over your tab.

 

[Wendy1985]

Here is seems like more and more small merchants here are charging extra if you don't pay cash. Gas stations charge 10 cents a gallon more if you use anything but cash. The mini-mart I go to levies a 50 cent fee if you use plastic, and has a $10 minimum purchase.
And the newest one is the mom and pop Fish and chips stand I go to. Technically they ONLY take cash, but they are affiliated with a third party company whose name I can't remember, but it is three letters, who will accept non-cash payments on the restaurants behalf for a 3.5% surcharge over your tab.

I agree it does save money and it does add up but still would rather save the cash for when credit card is not a option

 

[LuvOrlando]

Recent dollar coins have been unpopular partly due to their similarly to the quarter. Releasing the new dollar coin was viewed as a cost savings since coins in circulation last longer then paper money. However, if people don't like using them, the supposed benefit is never achieved. Somewhat like when the $2 bill was re-introduced several years ago. Cash registers only have so many slots for the various currency denominations and if people don't care to use them for any number of reasons, they tend to lose popularity. Both of them have basically been a failure with the public.

I am particularly amused by the stymied expression on cashier faces if you give them a coin dollar, it's like I'm trying to pass off fakes.

If I happen to get them I put them aside and don't use them, who needs the sideways glance of suspicion from the uninformed?

 

[RedAngie]

$1 coins not popular with the US public?

Easy fix. Don’t give ‘em a choice. Simply stop printing $1 bills and force the $1 coin on the public. The $1 bills will eventually be removed from circulation, even quickly when banks destroy them upon receiving business deposits.

Cash register tills don’t have enough space for all the denominations?

Easy fix. Stop minting pennies and nickels. Eliminate those for cash transactions and round to the nearest 10 cents for the grand total including tax.

 

[Babs Johnson]

I still have some "Allied Military Currency" my father obtained during WW2. Designated in French francs and Italian lira. Plus some "real" bills from Belgium, Turkey, and maybe another country. No German marks.




I once looked up the value to collectors, but it wasn't all that much, so I'm just keeping them as memories of my father.

 

[BlueStarryHat]

I saw a documentary years ago about how the US Mint (I think it was the Mint, I could be wrong on the agency) will take damaged bills, no matter how bad, and try to determine how much money is present so as to reimburse the person who submits it. I remember one poor government employee working on a big pile of burnt money, trying to piece it back together.

Anyway, on a more personal note. My great-grandmother used to get her money in ill-gotten ways during the 20s. So she transacted all her life in cash and *never* put a dime in a bank. When she died and we went to clean out her apartment we had to go through everything that could possibly contain money. We found bills under the mattress, in shoeboxes, shoved into a container of flour, in the freezer, etc. Some of it dated back to the fifties. We took it to the bank, and they exchanged it for new money and told us that the old bills would be destroyed after being turned in but that we could have spent them.

 

[Mysterian]

I still have some "Allied Military Currency" my father obtained during WW2. Designated in French francs and Italian lira. Plus some "real" bills from Belgium, Turkey, and maybe another country. No German marks.

I think my family still has some 1980's marks left over. We were stationed there awhile until the wall came down.

I will say, I've seen some fancy Steinbach nutcrackers in the states with a real mark coin glued to the base. At least someone found use for their leftover currency.

 

[bcla]

I saw a documentary years ago about how the US Mint (I think it was the Mint, I could be wrong on the agency) will take damaged bills, no matter how bad, and try to determine how much money is present so as to reimburse the person who submits it. I remember one poor government employee working on a big pile of burnt money, trying to piece it back together.

Currently it's the Bureau of Engraving and Printing that does that, since they also print the money. I've seen it where someone is trying to piece it together with a grid. It used to be 1/3 to 2/3 recovered was worth half the face value or more than 2/3 was full face value. Now it's the full value or nothing. It can be less than half if they're convinced that the rest has been destroyed.

https://twitter.com/x/status/989210063096205318

https://bep.gov/services/currencyredemption.html
https://www.frbservices.org/resourc...ption-processing/mutilated-currency-coin.html

There was a time when each Federal Reserve Bank also had a public mutilated money counter. However, these days only the BEP handles it in DC. They'll only take deliveries (USPS or courier) and not direct access by the public like they used to have. Some of this stuff looks pretty crazy, where people use rubber bands, paper, and tape to try and make it easier on the inspector.