Author
Topic: TD ATM replaced $10 bills with $100 bills  (Read 1160 times)
AJG
  • Junior Member
  • **
  • Posts: 78
« Reply #15 on: February 09, 2021, 07:45:02 am »

I realize a likely reason why banks decided to no longer order $10 bills for ATMs (and likely over-the-counter transactions too).  Its significantly low demand could be caused by inflation, and the primary reason for the latter existence in demand for $10 bills was likely due to the cost of fast food.  Before COVID-19 made its way to Canada, at least here in Newfoundland, the cost of a Big Mac meal at McDonald's was barely under $10 including tax.  It was probably just one price hike away from exceeding $10 with tax.  After the restaurants reopened in some places across Canada, they jacked the price of a Big Mac meal up to about $12.  It is uncertain whether that figure includes taxes or not, but a Big Mac meal is still cheaper than many other provinces, but still too expensive for banks in Newfoundland to continue ordering $10 bills.  Given there have been no new $10 bills released with the varnish coating to date (and it's been roughly a year since the first of the varnish-coasted bills were released), it's pretty clear that no bank is even interested in ordering $10 bills now.

To the best of my knowledge, there is hardly anything that causes any demand for $10 bills, so it makes sense that banks have (in some cases, already) parted ways with $10 bills.  $10 bills still do exist in circulation in Newfoundland, but they are the same ones juggling around since around 2013 or 2014 (with the exception of some Canada 150 edition $10s) - and many are still in pretty good shape.

I am not sure what the Canadian government may do with the $10 bill in the future.  Maybe they are only keeping it an active denomination because they expect a surge of such bills down the road, but only when inflation calls for it.  I'd be quite interested to find out what the future holds for Canada's $10 bill.
walktothewater
  • Very Senior Member
  • *****
  • Posts: 1,202
  • Join the Journey
    • Notaphylic Culture
« Reply #16 on: February 10, 2021, 12:38:13 pm »

The $10 banknote has always been a bit of mongrel amongst the 5 CDN denominations. I really doubt that it has anything to do with NFLD or the cost of inflation. Their numbers will vary from region to region.

When the "150" anniversary $10 came out I canvassed every nearby branch aggressively to get orders & to search several bundles for special SN.  Some banks told me that they didn't order any & wouldn't order any while others were keeping stock of the Tens. I remember one bank teller asking me who I know uses cash (esp $10) anymore? Now, I'm still looking but not so keenly, and I have found many banks have stopped ordering them.  They're less stocked then the other 4 denominations.

I've been wanting to get my hands on the new IN_ $5 prefixes and up until about a month ago, forgettaboutit! Finally, a few crumpled ones started showing up about 2 weeks ago. Now I've watched the SNDB & I have seen them arrive in the province of Quebec some time ago & then later in TO. So you've got a point, demand could also be a small factor & if there's no demand, they won't restock & it will take ages for the new $10 to come out (& expect a long delay in seeing new signature combos).  I know its frustrating but its part of the life of a collector.  ::)

AJG
  • Junior Member
  • **
  • Posts: 78
« Reply #17 on: February 12, 2021, 07:26:01 am »

I think the only way banks will reconsider ordering $10s again, will be when the cost of a candy bar, a bag of chips, and/or a single serving size of Pepsi or Coke products exceeds $5 including tax.  Many or all of these items cost barely more than $2 (including taxes), so we have a long way to go before we see a surge of $10 bills in Canada, and many of us will likely be deceased by the time that happens.

Another thing I realized, is that the number of $10 bills in circulation had increased in very tiny increments over some years.  Could those tiny increases be due to the banks having stockpiles of $10 bills accumulated and causing a backlog in distribution to customers, resulting in the banks discontinuing ordering $10 bills indefinitely until the backlog is cleared?  I know there are a lot of $10 bills in circulation, but it's possible that of that number, very, very few are in the hands of customers.
« Last Edit: February 12, 2021, 07:30:48 am by AJG »
Seth
  • Very Senior Member
  • *****
  • Posts: 914
« Reply #18 on: February 12, 2021, 11:35:21 am »

Only when the $5 note is replaced with a coin will the $10 become popular again.

Track your Canadian currency online!

http://www.whereswilly.com
AJG
  • Junior Member
  • **
  • Posts: 78
« Reply #19 on: February 15, 2021, 07:27:41 pm »

And given that a new $5 bill is in development, and the likelihood that no new banknote series will likely be considered for at least a couple of decades afterwards, the $5 bill is here to stay.

I can see a possibility that a few years after the $2 coin came out, there was a surge of $5 bills in circulation by the turn of the century.  It seems as if I don't see a $2 coin in my change much these days, implying that $5 is the new $2.

Regarding the $10 bill, it's likely possible there will be no new $10 bills for some years, to say the least - otherwise we would have seen new $10 bills with the varnish coating by now.
AJG
  • Junior Member
  • **
  • Posts: 78
« Reply #20 on: April 02, 2021, 10:23:33 pm »

I think the key reason for the $10 bill's current life is Scotiabank.  If I recall, many bank corporations rely on secured cash dispensers in order to avoid robberies.  They configure the machines to dispense $5/$20/$50/$100 only.  $10 bills are the first to be dropped, since most customers do not favor them - at least where I live.

I am not sure if it has to do with Sir John A. MacDonald's likeness - a controversial figure at that - on the older tens, or the fact that the $10 bills have a high percentage of counterfeits that may have tarnished the banknote's reputation, even though a notable woman is now on it.  Despite that a notable woman, Desmond, replaced MacDonald, there are still very few $10s being used across the nation.  I also realize that the number of $10 bills in circulation had risen over the years but in tiny increments, but do you suppose most of that number is made up of stockpiles of $10 bills that were sitting in bank vaults for many, many years, and the real number of $10 bills being used may be drastically lower than we expect?  I can see a likely reason why many banks decided to discontinue ordering $10 bills - most likely permanently.

Scotiabank is one bank corporation that does not rely on such dispensers, though there may be many Scotiabank branches that do not order $10 bills.  I think the only thing that will result in a possible demise of the $10 bill will be if every bank corporation relies on secured cash dispensers across the nation, which will only dispense $5/$20/$50/$100 in this day and age.  If this happens, $10 bill orders will be dropped by all of the remaining banks, and production of $10 bills will likely cease since bank orders will be zero by that point, and in a matter of time, the $10 bill will likely go the way of the $500 bill and the 50-cent coin.
« Last Edit: April 02, 2021, 10:26:39 pm by AJG »
walktothewater
  • Very Senior Member
  • *****
  • Posts: 1,202
  • Join the Journey
    • Notaphylic Culture
« Reply #21 on: April 03, 2021, 01:13:47 pm »

Quote
Quote
Only when the $5 note is replaced with a coin will the $10 become popular again.

-'Seth' makes a great point. Demand for the $10 banknote will be its only saving grace.  If Canadians demand the Ten Denomination, &/or cash for that matter, then the banks will stock up on the denominations (& cash) because it is finally in demand.  It's really that simple.  People are using less & less cash (as we all know). They may be hoarding it but they're not using it that much in day-to-day transactions. The "Better-than-Cash Alliance" is actively deep-sixing the future of cash & have used this pandemic as another reason to be rid of it (as a filthy vector of Covid-19).  They're constantly on a smear campaign re: cash & tout its use as a means to propagate criminal activity & other social evils.  It's all rubbish but they're awfully slick with their propaganda campaigns & people seem to buy into it.

Everybody seems to be good with the demise of cash, racking up huge debts & the credit card loyalty programs. The younger generation has a "bring it on" attitude re: cash going the way of brass buttons. It would be amazing if cash wasn't demonized/demonetized and people suddenly realized its true value but I doubt that's going to happen (in my lifetime) as there's no real lobby group supporting its use. It would do us well to look at other nations (& their use of cash) or at least recognize the perils of relying solely on electronic payments.

Dean
  • Very Senior Member
  • *****
  • Posts: 667
  • GO LEAFS GO!
« Reply #22 on: April 03, 2021, 05:54:30 pm »

-'Seth' makes a great point. Demand for the $10 banknote will be its only saving grace.  If Canadians demand the Ten Denomination, &/or cash for that matter, then the banks will stock up on the denominations (& cash) because it is finally in demand.  It's really that simple.  People are using less & less cash (as we all know). They may be hoarding it but they're not using it that much in day-to-day transactions. The "Better-than-Cash Alliance" is actively deep-sixing the future of cash & have used this pandemic as another reason to be rid of it (as a filthy vector of Covid-19).  They're constantly on a smear campaign re: cash & tout its use as a means to propagate criminal activity & other social evils.  It's all rubbish but they're awfully slick with their propaganda campaigns & people seem to buy into it.

Everybody seems to be good with the demise of cash, racking up huge debts & the credit card loyalty programs. The younger generation has a "bring it on" attitude re: cash going the way of brass buttons. It would be amazing if cash wasn't demonized/demonetized and people suddenly realized its true value but I doubt that's going to happen (in my lifetime) as there's no real lobby group supporting its use. It would do us well to look at other nations (& their use of cash) or at least recognize the perils of relying solely on electronic payments.

You'd think that with the money being plastic, it would not harbour viruses for as long as paper bills would...
And it has always been common sense to wash your hands after handling money.

 

Login with username, password and session length