Posts tagged as:

cash

Valuable Change for US Notes

07.13.2010
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The Federal Register has published for public comment changes to United States Federal Reserve Notes to make them accessible to the blind and the visually impaired, knowing that the alterations will financially affect some ATM owners and operators.

“The purpose of this Federal Register notice is to inform the public of the features the Bureau of Engraving and Printing intends to propose to the Secretary of the Treasury to accommodate people who are blind and visually impaired and to solicit public comment on the proposed accommodation,” the Federal Register wrote in the proposal titled, “Meaningful Access To United States Currency for Blind and Visually Impaired Persons.”

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US Government to Audit the FRB

05.12.2010
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It was announced yesterday afternoon that the US Senate approved (96-0) a one-time audit of the Federal Reserve System. Specifically the audit will investigate the Federal Reserve’s economic crisis response programs. We suspect that this will also likely include a review of cash reserves and inventory distributions.

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Is The UK About To Dethrone Cash As King?

05.04.2010
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It is well known that the UK is a nation of early adopters and as such has been watched by many a pundit for signs of paradigm shifts. The institution of cash as a preferred payment medium is one of those unassailable paradigms. Or is it? It was recently reported by the UK Payments Council that for the first time it is predicted that cash will make up less than 50% of payments, perhaps as soon as 2015.

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Death By A Thousand Cuts

04.26.2010
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The recent report by the Payments Council – the body responsible for setting the strategy for payments in the UK – should be a wake-up call to us all in the currency industry. Although the report covers the UK only, it is a trend that is typical of payment systems in many countries around the world. In summary, it documents a decline in the use of cash in the last decade and forecasts a further decline, detailing changes that have been taking place gradually, but steadily. Is this a case of ‘death by a thousand cuts?’ And, if so, is there anything we can do about it?

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New US $100 Note

04.22.2010
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Yesterday it was announced in a joint press release that a new $100 US note will enter circulation next February (2011). In a bold move the BEP and FRB have decided to add some new security features to the most often counterfeited US denomination. This will be the first time that OVD’s (Optical Variable Device) will be used on any US note. Could this be the beginning of an even larger change in US currency design?

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It Just Feels Funny

03.05.2010
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Having been involved in the currency handling business for many years and having experience in many countries means that I have had the opportunity to handle many different kinds of “paper” money. I placed the word paper in parentheses for a reason, because in today’s world not all currency is made of paper. Australia started the trend away from paper/cotton based currency a few years ago. They were followed by Mexico and a handful of other countries. Now Canada is joining the ranks.

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The Cost of Cash

02.24.2010
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Recently an associate sent me an article regarding the relative “cost” of different retail payment media – credit cards, debit cards and cash. While the article (reprinted below) makes a convincing argument for cash discounts, it neglects to understand or incorporate the real cost of cash in society. I am sure those of you reading this post will agree with me that there are hidden costs of cash that most of society never sees or thinks about. So, what is the cost of cash?

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Cash is Back – At Least This Year

12.04.2009

The New York Times recently published an article indicating that the percentage of people planning to use cash for holiday shopping in 2009 is up 9.2% over 2008 and this isn’t the first time we’ve heard that cash has made a comeback in 2009. But will it last? Is this a permanent philosophical and practical change? Or is cash actually experiencing death throes as debit cards, prepaid cards and contactless payments continue their steady rise?

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