Once on vacation back in the States I had a wad of different notes in my wallet and some old work buddies of mine wanted to see what Swiss money looked liked. So I showed them the 10 and worked my way up to the 1,000 chf note. One of the guys was admiring it flipping over and carefully checking out both sides when he asked me " how much is this in real money..? " (meaning $). I'll never forget the look on their faces when I told them..
20+ years ago they were much more common place but with the age of electronic cash cards and online banking you see them less and less.
in the uk there are £1 million and £100 million pound notes (not that these are in general circulation).
i must admit i've not handled notes greater than 100chf in switzerland. with electronic transfers, it doesn't seem necessary to handle large amounts of cash for day to day things.
It's funny that you should post this, as I was researching the exact same thing last night. And I was hoping there could be an answer in this thread to confirm my final conclusion/assumption. Apparently, they discontinue their money every so many years/series. I think they are on series 8 now, since about the 1900 time frame.
What happend, as far as I can see is that 1000 francs from way back in the day, and it was here I was trying to confirm when that was exactly, when they would discontinue a series, they would still allow the discontinued money to be turned in for face value at the bank, or spent, but no longer circulated. Such as bills from 1976 that are discontinued, are still redeemable until 2020, for smaller notes. And from what I can see, they become collector's items. I know of a few Munzen/money collector shops in Luzern and Zurich that sell them for 1.5 to double their value, the old ones that is. And it's why I believe they have all this outstanding money. I suppose they believe they need a certain number of 1000 bills for business in Switzerland on a day to day basis. When so many of them are dormant for their value that supercedes what they are meant for, then x amount do not go to buying and selling on the market for say bread to cars, when another amount is needed for this function, so they have to print more.
At one point, but I am not sure if this includes the 500 and 1000 notes, when the discontinued currency passes it's redemption point the Swiss Treasury turns over the un used value to an international, although Swiss based, emergency fund, I believe the last time this occurred some 300 plus million Swiss francs were transferred to this fund, that appears to have been only tapped once.
So, anyone know the time limit of redemption on an old 1000 note? I know a circulated, not creased, stained, nor pin holed one will get you atleast 1500 on the market.
So why design new ones?
From what I understand it is based on security upgrades, or in the case of an emergency need for more cash, also in a security sitaution.
To be honest I very rarely see a 50 let alone a 1000 - not that I'm skint mind, just that when I use the ATM I always ask for the small notes. I guess it's still the Brit in me, but I'm just not comfortable with notes of large denomination.
I don't know how it is now, but when I was in England trying to use a £50 note to pay for anything was an absolute pain. Shopkeepers would do their level best to avoid taking them. There was always a fear that the £50 notes were forged, and in virtually every instance I tried to use one there would be excuses as to why the shop couldn't take them.
I had 1000CHF notes when we first came here, before I set up a transfer from my Novartis account to my bank account. It was a bit odd having my monthly salary made up of just a few notes. ( Aside: one of my colleagues used to take his money from his Novartis account in this way - one time his wallet was stolen and he lost 5000CHF ).
Avia garages won't accept 1000CHF notes.
I once bought a Times from Heathrow for £1, with a £20 note, but was asked if I had anything smaller. Part of the reason for the reluctance to take larger notes, is that in the UK, the floats seem to be much smaller than here.
I agree. The ATM i use gives out 100CHF notes and i try to use them as soon as possible. Not a problem in Geneva! At least no place ive been to said they dont accept them.
I had exactly the same thing happen to me when I arrived -- it took a while to get me set up in the payroll system, so my first payroll was settled in cash. Unaware of the CHF1'000 note, I innocently asked for large notes when the teller asked me how I wanted my cash, expecting 100s.
When I went home, it was like show-and-tell at the dinner table. The notes were the highlight of the day! And then I did what any good Swissie would do: I stuck them under the mattress so I wouldn't lose them.
When a Big Mac meal costs 12 francs, I am not surprised hundo's are accepted everywhere.
I took 2k out of the cash point at the airport shopping area near the supermarket. Came out in two 1k notes. Couldn't get rid of them until I went to the bank. Even the cashier at Bahnhof Tiefenbrunnen refused to take them.
The kinderhort accepts 2 at a time, no questions asked!!!
We bought the G5 Mac in 2004 with cash, which was a few 1000 CHF notes plus some others. When we bought the next computer, I think we paid half/half on our two EC cards.
Weirded me out when I got cash in Zurich - the ATM gave out 200 CHf notes. The ones in Luern normally give out 100 CHF notes, and maybe two 50 CHF (I usually get 800 CHF at a time).
When we bought a new car in February we got a orange payment slip, same as the phone bill. Just a slightly larger number.
... I read "who wants them?" and was getting ready to post my info!
I had to pay my rent and some bills at the post office because the bank had a 20 CHF fee for each bill. So I withdrew 2000CHF from the bank.. and took it to the post office. Nobody batted an eye. I also took some pictures.
Yep, little old ladies in supermarkets on Mondays....a hell of a lot more 1000 lire notes have passed through my mitts than Swiss franc ones...
Thanks for replies
It still leaves me puzzled as some of us holding these notes for a limited amount of time would still not justify the fact that permanently 60% of THE VALUE of all circulating notes are 1000 CHF ones :-o
The SNB also does not know so not sure how to find out.
One hypotheses could be that pensioners get pension paid in cash rather than bank transfer.
Will continue to dig and pls let me know if any other ideas come to mind!
K
Nope you are wrong. 8.4% of the circulating notes are 1000CHF notes. The 60% is the actual value of all these notes
There you go, spoiling a good story with facts.
This is EF, you do realise?
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Where is that groan button?
He he
If it was actually like that i would be a vary happy (and rich) person!!