Central Bank to launch $50 note

[kurpal_v2]

You won't go into a country like Guyana where a loaf of bread is $240 and see their largest value note being $100, right? Imagine how many notes a person is going to have to carry around to make groceries or any other average cash transaction...... right tr1ad?
What would be the point of them printing smaller notes when their prices are this relatively inflated

Celebrate 50 years of Independence in some other way u stupid farks. They should know the impact this could have on our economy.

Iz you living in guyana bra?

Nah, but I don't have to be living there to know.

So you basically just telling cool stories?

[Redman]

Ok you have nothing nice to say about the 50 dollar ote yet you're approving a 500 dollar note and a 1 dollar coin?

You just talking cause it free or?

I see no logic in your criticism.

A $500 bill is needed much more than a $50 because:
1. Tonnes of people do high value transactions by cash everyday. Such as daily paid workers, rent, ticket sales, used goods, lessons etc. A $500 will speed up transaction time. Time = money.
2. Simple math, a $50 is equivalent to two (2) $20s and one $10.....a $500 is 5 $100s....space in wallet = less.
3. The $100 bill was introduce in 1977. Assuming 5% inflation every year since then, that same $100 bill is now worth ~$18!
4. Apply the same for a coins and you'll see why a $1 coin is needed.
5. Having $1 coins would save A LOT of money since coins are cheaper than paper bills.

You have any justification for number 5 point?
Thanks

[maj. tom]

^
"The Government Accountability Office (USA), which issued a report on the cost-savings of a currency switch earlier this year, said that because coins outlast paper currency (which survive about 42 months), the switch would save about $5.6 billion over 30 years."

-ABC News Consumer Report Oct 25, 2011.


Also note how Canada, Brazil, Europe, Australia have all gone this way. I hope they not following each other just to be fashionable....

[Bizzare]

You won't go into a country like Guyana where a loaf of bread is $240 and see their largest value note being $100, right? Imagine how many notes a person is going to have to carry around to make groceries or any other average cash transaction...... right tr1ad?
What would be the point of them printing smaller notes when their prices are this relatively inflated

Celebrate 50 years of Independence in some other way u stupid farks. They should know the impact this could have on our economy.

Iz you living in guyana bra?

Nah, but I don't have to be living there to know.

So you basically just telling cool stories?

dude a loaf of bread in Guyana cost +$240

[kurpal_v2]

You won't go into a country like Guyana where a loaf of bread is $240 and see their largest value note being $100, right? Imagine how many notes a person is going to have to carry around to make groceries or any other average cash transaction...... right tr1ad?
What would be the point of them printing smaller notes when their prices are this relatively inflated

Celebrate 50 years of Independence in some other way u stupid farks. They should know the impact this could have on our economy.

Iz you living in guyana bra?

Nah, but I don't have to be living there to know.

So you basically just telling cool stories?

dude a loaf of bread in Guyana cost +$240

But how does that affect me in trinidad when introducing a $50 note?

[maj. tom]

His point was about inflation being so bad and getting worse everyday, example being Guyana; counter-argument is that we still need $1 bills to buy a doubles in Trinidad... but for how long?
Doubles seem to be the lowest benchmark of inflation in TT.

[Redman]

The cost savings has to do with having to replace paper more frequently

But saving 5.6B over 30 years in a 15 trillion econ is a miniscule figure.
But point taken

I was hoping that we could get a reference on LOCAL cost of the paper /coin cost.
It might be smart to go the polymer way and get the durability and security.

And printing a new denomination of a bill is not inflationary but is a result of inflation over time.

Some inflation is NEEDED generally as profits can only be made on higher prices.

And I dont have a problem with it since its a $50 COMMEMORATIVE note of the FIFTIETH ANNIVERSARY of Independence,Im guessing there is a link there-i think we should wait a little before issuing a $500 COMMEMORATIVE note.


Just saying

[Bizzare]

But how does that affect me in trinidad when introducing a $50 note?

it was used as an example of their currency in relation to their spending norms

[equipped2ripp]

:lol: 2nr full of economists yes...

the main reason the $50 bill is being put into circulation is to celebrate 50 years of Independence, nothing else. the $50 bill fits celebrating 50 years.

heard they are also minting a commemorative coin as well for Independence, not too sure of how true it is though.

Then why did that one guy from central bank was talking about "creating a bridge between 20 and 100"

That guy is the Governor eh...

You won't go into a country like Guyana where a loaf of bread is $240 and see their largest value note being $100, right? Imagine how many notes a person is going to have to carry around to make groceries or any other average cash transaction...... right tr1ad?
What would be the point of them printing smaller notes when their prices are this relatively inflated

Celebrate 50 years of Independence in some other way u stupid farks. They should know the impact this could have on our economy.

the largest GY currency note is $1000. there are $20, $100, $500 and $1000. $1US = $200GY, for those who don't know the rate. and a loaf of bread is $300GY on average.
and I really don't know how a $50 bill can have an impact on our economy... money is money, the $50 bill is the same as two $20 + one $10, or five $10 bills etc. apparently you didn't listen to the governor when he was speaking at the launch. this is just a limited edition anyway, I really don't know what's the big fuss about it. money is money...

[firstchoicett]

Hmmm limited edition means save it for next 200 years when it go worth 1000 times more .

[Stephon.]

It's limited? Steups!

[firstchoicett]

% ^ yea fail

[Bizzare]

I really don't know how a $50 bill can have an impact on our economy

well that's what u should find out first

money is money, the $50 bill is the same as two $20 + one $10, or five $10 bills etc.

from an economic standpoint, no.

[equipped2ripp]

Well it's limited edition, so we'll see what happens in time.

[sassi]

We do have a one dollar coin that is legal tender here, but you have to buy it from central bank. They come in packs 25 pieces (one dollar coin) per pack, and i must say 5 one dollar coins put together has some weight to it. It's much bigger than the 25 cent coin and the 50 cent coin that we have
sorry about pics quality.

[firstchoicett]

That's 1978 I see they ^

[sharkman121]

nope... 1975

[Stephon.]

How much for it?

[Habit7]

87 cents + VAT

[firstchoicett]

Must be 25 dollars 4 d big . I think I got a dollar coin somewhere home. .

[firstchoicett]

87 cents + VAT

not bad

[spanish]

Did they sell all the Diamond Jubilee coins already?

They want $900 for d coin

The first batch of coins sold out.

Now, you have to go to Central Bank and fill out the pre-order form and pay. They'll contact you when it's time to collect. No word on the deadline for pre-orders though.

[firstchoicett]

Ah have a 100 dollar limited edition coin to show allyuh .

[Stephon.]

Ah have a 100 dollar limited edition coin to show allyuh .

Well show we na!

[Bizzare]

87 cents + VAT

not bad

wat de 1975? plenty doz pass tru my hand. that worth something beyond 25 cents?

[firstchoicett]

Go show allyuh it tomorrow .

[firstchoicett]

87 cents + VAT

not bad

wat de 1975? plenty doz pass tru my hand. that worth something beyond 25 cents?

u working bank wah

[S_2NR]

I have a dollar and 50 cent coin in my piggy bank with all my other loose change. I doh really care for them thing

[K74T]

Go show allyuh it tomorrow .

No, now

[firstchoicett]

^ tomorrow .