Condottiere wrote: ↑
Fri Apr 21, 2017 5:39 pm
They deliberately cap the greenback at a hundred bucks, to make money laundering difficult, and drug dealers store them in cereal boxes.
$500, $1,000, $5,000 and $10,000 bills remain legal tender in the US banking system. However the Treasury department has withdrawn them from circulation and they only remain in the hands of collectors. They were withdrawn in the beginning of the 70s because of the advent of electronic fund transfers between banks and governments, not due to the drug trade.
Later the use of high denomination bills became more popular with drug dealers as well as conterfeiters. Those were secondary reasons for their withdrawl.
Today there is talk of withdrawing 500 Euro and $100 banknotes because most people do electronic banking and ma y businesses don't like to have large amounts of cash. It would also, again, affect the mote nefarious users of currency, though I suspect it would push more of them to alternate forms of currency lie Bitcoin.