Shortage of 10s circulating

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Has anyone noticed a shortage of tens circulating? Any ideas why that would be happening?
Thanks,
Gary

Has anyone noticed a shortage of tens circulating?

In the town I'm in 99 percent of the time you get change it will be in multiples of $5.00 notes.
I always assumed that when I was regularly bringing 20-40K of $5 back to the branch they seemed to be circulating in the town since many were notes that I personally know were from bricks I searched and many marked (Our pop is only 3000 if that)
Rarely do you get a ten in change and if so it is so damaged I'm surprized that they are not taken out of circulation. I will admit our $5 notes are nice
The atm's give twenties so no chance of getting tens there.

Could just be a coincidence

My thoughts as well, Mike. When stores request some notes they usually ask for many more 5s than 10s.
Gary

This happens everywhere I go. I see that some cashiers don't have any tens in their tills. Most cash transactions involve fewer tens. Perhaps this is why the BoC is resuming the production of 10s and adding a lacquer finish to them?

I agree that there seems to be a shortage of 10s circulating these days - despite the Christmas spending season this year.

In fact, since August or September, I only received a $10 bill in my change twice, maybe three times.

Here's my theory:

Back in 1987, there were more $10 bills in circulation because a lot of purchases with that dollar amount were popular (Gotta love those audio cassettes from yesteryear LOL).  Today, in 2007, what $10 could buy 20 years ago $20 or more buys now (thanks mainly to CDs and DVDs), thus decreasing the popularity of the $10 bill.

I also noticed that many shopping mall lotto booths very rarely give out $10 bills in someone's change or as a prize.  They most likely have guidelines set out by Atlantic Loto that they are not permitted to give out $10s (or any other infrequently used denomination) unless it is a last resort.  They probably have to do this practice to account for efficient counting at the end of the attendant's shift.  Same practice applies for many establishments that don't deal heavily in $10s.

Some banks don't distribute $10 bills unless customers request them.  In fact, select RBC branches very rarely give out $10 bills as their secured cash dispensers only give out four denominations ($5, $20, $50, and $100) due to the expandable cartridges that can accommodate additional $20s, and the $10 is the least distributed banknote in many banks, resulting in the $10s being removed from some RBC on-site dispensers.  It really is an inconvenience that we, as valued customers, have to request $10s if we want them.  That is one reason why I closed out my account at RBC back in 2006, and converted to Scotiabank.

The way the economy's going, it seems like our $10 bill may possibly be going the way of the $2 bill someday.  But maybe when all the purchases that currently cost $5 rise to $10 in about a decade, there may be more demand for $10s by that time.  But for now it is all wishful thinking.

Welcome to the Forum FogDevil,

Good observation, I noticed the disappearance of the TEN going back into the 80s. And I have come up with the same reasons as well as they still apply now. The cause is multifaceted; TENs used to be dispensed out of Royal Bank ATMs back in the 80s but not anymore. Why? Bottom line is less handling of denominations. A 2 bin 5/20 machine is cheaper to buy and maintain than a 3 bin 5/10/20 ATM. Less parts to break down or wear out. Add that to saving time not having to handle an additional denomination.
Buying habits; we seemed to be conditioned to buy or consume using primarily $5 and $20s. I used to watch how people spent cash at any given till. Convenience pricing is geared to lure us to spend more willingly. I watch cash transactions as most people carry $5 and $20 in their wallets than tens, I’ve estimated one five people back then carried at least one TEN even among coin club members, with the invention of the Debit card, dollar loonies and toonies, mass use of Credit cards likely less than one in ten now. I used to carry more than one TEN for the sake of conversation with other numismatists.
It is no wonder why far fewer TEN circulate, boils down to the proverbial supply and demand, less demand for TENS less supply of TENs available.
I don’t think we will lose the TEN like the $2, but it’s more like the Half. It’s still made but nobody uses it.


Please use your TENS!
A message bought to you by P.U.F.A.T.N
The Peoples United front for the Appreciation for the TEN dollar Note.

 
PD

Having worked for B****S (I will assume you know what I am talking about) for a number of years I had filled up my share of ATM's
What I had found as Punky says, back in the late 80' early 90's many of our machines did $5, $10 and $20 notes. $50 notes where not common at all. It seemed to be the trend for people to take out multiples of 20's as opposed to say 15 or 25 dollars. In time, the $5 bins were discontinued and many were upgraded to $50 notes. Resulting in $10, $20, and $50's.  Here again in time it seemed withdraws where either 20, 40, 50, or higher amounts resulting in machines running out of the higher denominations and the $10 remaining.  It was costly to continue to always fill machines since they can only hold so much, so in time the majority of our machines only carried 20 and 50 notes. This way the machine could carry almost 5-10 times the amount and not require as much filling.  I can't even remember when I last put a 5 yet a ten in a machine.  Anyways this is what my experience is on the subject.
Also as I mentioned before I also see that in our town when I return a few bricks of fives to the bank the town is flooded with these notes to no end, yet if I get bricks of tens I never seem to see them.  Still can't figure that out?
FRIEDSQUID

This is precisely the reason why I started doing bricks of tens-- right around the start of 2005 (and the lost prefix era) MAN was that exciting!

This is precisely the reason why I started doing bricks of tens-- right around the start of 2005 (and the lost prefix era) MAN was that exciting!

I hear ya Huds...
That's why I still take out a large quantity ($1000) in tens from time to time at my branch.  You can tell it bugs them to no end...but they do it anyway knowing I'm a good customer.  There have also been many times when they say they're not sure they can comply with my request (a shortage maybe?)

I have noticed on many occassions when I carry $20 purposely changing them looking for a decent find (which I never get!) and the till often being short of tens.

The shortage of $10s at the bank could be for a couple reasons, no tellar can have that much money in the cash drawer, (robbery provention reasons, etc...), so that type of request would need to be taken from the safe or vault, which often needs 2 or 3 people to go in and sign that the money is leaving the vault, a privlage that not all tellars are permited to do, so if their is not someone available to go into the vault and sign the money out, they may not be able to get you the money.

Secondly, and more likely, banks don't order large amounts of 10s, because on a daily basis, they don't give out many 10s to custormers.  If you withdraw any amount of money, and got all small bills, you would be upset(unless you are a collector).  So the banks always give out the biggest denomonation possiable.  So the bank has no reason to have a large amount of 10s on hand.


In regards to getting 10s as change at your local convience store etc... it's much the same thing, I work at a gas station part time on the weekends, more than 50% or transactions are debit/credit.  Of the cash transactions, most are done with $20 bills that have just been withdrawn from the onsite ATM(the only denomination available in this ATM).  So I very rarely see $10s, I've probably gone entire shifts (100-150 custormers) and not seen a single $10 bill.  Our float which is used for emergency change, is only stocked with $5s or $20s.  $5s can be used for change for 10s or 20s, $20s can be used for change for 50s or 100s, so their is no need for the other denominations.

Perhaps we can look into the till to see one answer.

1996, In a little snowy canadian town Grocery store.

Boss:       "There you go, a brand new till tray. Merry Christmas."

The notes were new and crisp as he counted out the days float. The new coins had a familiar rattle as they fell into each slot. The young lad happily placed denomination each into its respective slot in the tray then became perplexed and stared up to his smiling Boss.

Cashier:  "Gee, thanks Boss so where do we put these new twoonies?"

The man continued to smile as he put his hand on the lads shoulder and extended his other hand, finger pointing to a particular slot bewteen the brand new bills.

Boss:      "Why right here where we used to put the TENs."

 

Agreed, even in the Capital $10's are hard to come by. The only ones I have gotten were ratty and should be withdrawn. 

I am tempted to order a few bricks of $10 just to help my fellow citizens feel confident in their $10 notes.... 

banks don't order large amounts of 10s, because on a daily basis, they don't give out many 10s to custormers.  If you withdraw any amount of money, and got all small bills, you would be upset(unless you are a collector).  So the banks always give out the biggest denomonation possiable.  So the bank has no reason to have a large amount of 10s on hand.

I believe you are correct.  The other four denominations are usually distributed in multiple quantities, but tellers usually distribute only one $10 per customer if required (unless customer requests more).  Like all denominations of banknotes available at many banks, first come, first served.

In regards to getting 10s as change at your local convience store etc... it's much the same thing, I work at a gas station part time on the weekends, more than 50% or transactions are debit/credit.

Welcome to the 21st century - where everything is now electronic.  The usage of paper banknotes (not just $10s) has decreased over the years.  With all the controversy of "global warming" these days, I now think paper money will eventually become plastic.  And all that paper being produced has an effect on the atmosphere, thus resulting in the newer banknotes (printing year 2007 and beyond) being coated with a protective varnish so that the banknotes will last longer, thus reducing the printing of newer banknotes and its costs involved.

Of the cash transactions, most are done with $20 bills that have just been withdrawn from the onsite ATM(the only denomination available in this ATM).  So I very rarely see $10s, I've probably gone entire shifts (100-150 custormers) and not seen a single $10 bill.  Our float which is used for emergency change, is only stocked with $5s or $20s.  $5s can be used for change for 10s or 20s, $20s can be used for change for 50s or 100s, so their is no need for the other denominations.

Yeah.  Most people pumping their cars with gasoline use $20s (especially with the higher fuel prices in recent years).  And eventually the price of gasoline will rise even higher, thus resulting in more demand for $50s in gas bars let alone $20s.

I am tempted to order a few bricks of $10 just to help my fellow citizens feel confident in their $10 notes.... 

I'm on the bandwagon with you on this one as well.  Whenever I get paid, I ask the teller for extra $10s.  Besides, $10s are more easily divisible than $20s.

I'm on the bandwagon with you on this one as well.  Whenever I get paid, I ask the teller for extra $10s.  Besides, $10s are more easily divisible than $20s.

Hey I'm already there, had a brick a few weeks ago and ordered another this morning. Last time they got me a brick of circulated ones by accident. Maybe I should have accepted it. So that gets me thinking again, could I order a brick of used notes from the southern half of Alberta and shipped here to Vancouver BC? Worth asking. Could get a cheap BER. And I just got a BEW and a BTF from my liquor store from my deposits, Cool.

 

I'm doing my best to promote the $10 note over at Where's Willy:

http://forums.whereswilly.com/showthread.php?p=2480410#post2480410