Hacker News new | ask | show | jobs
by carmen_sandiego 1908 days ago
That's true, the one place I see them most often is being smuggled out of China. Actually I have gotten them from cash machines in Covent Garden before as well. Since then I've wondered what criteria they use to pick denominations for each area.
2 comments
paublyrne 1908 days ago
I would assume the criteria is what mixture of denominations will require the least regular servicing. An area where the average daily withdrawal is high - ie a wealthy area - will run out more quickly if it's giving out small denominations, but in an area where smaller amounts will quickly be unable to provide the requested amounts if they're serviced with mostly higher ones.
link
Symbiote 1908 days ago
It's probably difficult to find something to buy for £5 around Covent Garden, and no problem to spend £50. I'd much prefer some £50 notes than an empty cash machine.

There's also a high cash demand from tourists, and a high nighttime demand (when machines won't be refilled).

> smuggled out of China

That's unfair: completely honest tourists often have £50 notes, regardless of where they come from. The currency exchange office prefers high-ish denominations of most currencies. They take up less space, which matters when everything has to fit in a safe, and are generally in better condition.

link
carmen_sandiego 1908 days ago
Sorry, when I say "smuggled out of China", I don't mean it was illicitly gained cash or anything. China doesn't allow the export of currency above a certain (pretty restrictive) amount, so people sneak it out. I don't agree with that rule and it's not illegal to import that money to the UK, so I didn't intend any negative meaning with my comment. But since it is illegal in China, I think smuggling is the right term.

Anyway, the relevance to our conversation: since value density is highest with £50 notes, that's what they tend to bring.

link