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A comment on Harvard Economist Is Trying to Kill Cash. Parent comment

Re:Harvard Economist Is Trying to Kill Cash by zalepa on Saturday September 10, 2016 @09:07AM (#12469009)
Phasing out bills is definitely feasible. Bills usually pass through a bank fairly often, at which point they can be removed from circulation. In general banknotes have their design changed every 10-20 years, and very old banknotes are no longer legal tender (though they can sometimes be exchanged at the central bank). A regular bank won't accept a deprecated banknote.

The ECB is currently phasing out 500s, first by removing those it can get its hands on from circulation, and after a few years by declaring the rest no longer legal tender.

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Re:Harvard Economist Is Trying to Kill Cash by DashRattlesnake on Saturday September 10, 2016 @10:49AM (#12469480)
> In general banknotes have their design changed every 10-20 years, and very old banknotes are no longer legal tender

IIRC, the US has never declared any version of its old currency not-legal-tender, and no-one would have any problem spending any US banknote that in any way resembles the current ones in size or shape.

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Re:Harvard Economist Is Trying to Kill Cash by nommm-nommm on Saturday September 10, 2016 @09:14AM (#12469035)
I've never had problems spending very old banknotes in the US.
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Re:Harvard Economist Is Trying to Kill Cash by monkeyprojects on Saturday September 10, 2016 @09:24AM (#12469068)
I don't believe US banknotes change design that frequently. In europe bank notes change design every 5-10 years and quickly stop being legal tender a 3-5 years afterwards...
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Re:Harvard Economist Is Trying to Kill Cash by nommm-nommm on Saturday September 10, 2016 @08:45PM (#12471560)
We had a major redesign in about... 2001ish. You still see the old notes circling around sometimes and they are still legal tender. The $100 bill was redesigned about two years ago. We have new paper notes coming out soon... https://modernmoney.treasury.gov.
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