DreamFLight911 Posted December 29, 2014 Report Share Posted December 29, 2014 http://www.abs-cbnnews.com/business/12/29/14/still-hanging-your-old-peso-bills-read Quote Link to comment Share on other sites More sharing options...
ccg Posted January 1, 2015 Report Share Posted January 1, 2015 Demonetizing banknotes when a newer series is available is basically a quick way for a gov't to make money Quote Link to comment Share on other sites More sharing options...
Art1.2 Posted January 1, 2015 Report Share Posted January 1, 2015 Demonetizing banknotes when a newer series is available is basically a quick way for a gov't to make money And I'm sure they make a lot of money doing this. I also believe that it targets drug dealers and such who by the nature of their dealings have large stocks of cash that cannot be easily converted. Quote Link to comment Share on other sites More sharing options...
DreamFLight911 Posted January 1, 2015 Author Report Share Posted January 1, 2015 "For overseas Filipinos abroad, who have in their possession (old) bank notes which could not be exchanged within the prescribed period, they may register online starting October 1, 2015 to December 31, 2015 through the BSP website,” Guinigundo said. I have a bunch with me, Have to wait til 10/01/2015 to exchange Quote Link to comment Share on other sites More sharing options...
Balaji Murthy Posted January 7, 2015 Report Share Posted January 7, 2015 Yes, I agree. Demonetizing the older issues or some denominations is a tool many governments use to unearth unaccounted money. Indian government did something like this in the 70s by demonetizing the larger denominations of 1000 Rupees and above (1000, 5000, 10000). Very effective. Quote Link to comment Share on other sites More sharing options...
Banknotesfanatic Posted August 14, 2015 Report Share Posted August 14, 2015 These will then go up in value like crazy, in order to get them, esp. If they are in UNC condition... wow. Quote Link to comment Share on other sites More sharing options...
ccg Posted August 15, 2015 Report Share Posted August 15, 2015 These will then go up in value like crazy, in order to get them, esp. If they are in UNC condition... wow. Not necessarily. For high denomination notes in western countries, part of the value of a note is in part due to its value either as legal tender or redeemable money. Consider obsolete 1000 CHF notes for example - they can be obtained for less than their "face value" - a poor investment for anyone who intentionally put some aside. Quote Link to comment Share on other sites More sharing options...
Banknotesfanatic Posted August 15, 2015 Report Share Posted August 15, 2015 True. As an online store owner and a collector myself, I do have some old UNC notes that have value of a trash, so.... oh well. Quote Link to comment Share on other sites More sharing options...
worth Posted September 15, 2016 Report Share Posted September 15, 2016 This is an effective way to neutralize undocumented/unaccounted for money in circulation. What other countries have done this? I am familiar with Switzerland, but not of any other countries. Also from the collector standpoint it has made the larger denominations (Swiss) much more collectable as they are valued well below face value. I am curious to see if the same effect occurs when the next series of Swiss notes is devalued in either 2020 or 21. Quote Link to comment Share on other sites More sharing options...
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