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V13 2010 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 13, Number 5, January 31, 2010, Article 10

MORE ON THE SPENDING PSYCHOLOGY OF MONEY DENOMINATIONS

Darryl Atchison writes:

First of all, congratulations on another excellent edition - as usual a good mix of subjects. I found the article on spending habits interesting and thought I would inject my own experience into the conversation.

In the past few years (here in Ireland), patrons using our ATMs have been forced to withdraw ONLY 50 notes on many occasions - a phenomenon which happens more often than not it seems these days. If you request a withdrawal of 80 the machine will take you through the entire process until it comes to time to dispense the notes. Then you get a message along the lines that the machine won't let you withdraw an amount that is not a multiple of 50. As a result, you end with only large bills in your wallet.

No doubt, many people do what I do - which is to get rid of the 50 note as soon as possible since many businesses won't accept them due to high rate of counterfeit notes in circulation. No longer are my spending habits dictated by my needs or vice versa... the need to have small bills often forces me to buy small items (newspapers, chewing gum, etc.) just to get smaller notes sooner rather than later.

I don't know if the same is true on your side of the world. However, the dispensing of only 50 notes is unquestionably a huge inconvenience for the bank's clients although no one ever seems to complain openly about it.

The ATMs I'm familiar with in the U.S. dispense no bills larger than $20. In fact, that's usually the ONLY denomination dispensed. That results in a different problem. For example, when I'm going on a trip I might withdraw $200-300 in cash. I would prefer to have some $50 bills, but have to make do with a large stack of $20s that barely fit in my wallet. It will be interesting to hear with other E-Sylum readers experience. -Editor

To read the complete article, see: THE SPENDING PSYCHOLOGY OF COIN AND PAPER MONEY DENOMINATIONS (www.coinbooks.org/esylum_v13n04a16.html)

Wayne Homren, Editor

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The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org.

To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com

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