How 70% of Britain’s Cash Went Missing
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Slight correction: The 500€ denomination is currently being removed from circulation to combat money laundering
In the netherlands you can't even use 100 or up pretty much everywhere. And if you do want to deposit into an bank account you must provide an explanation of there you got it from
Still exists tho
But it looks awesome
Is it still? I remember hearing it was being removed from circulation years ago I assumed they got rid of them all ages ago
It is still legal tender.
Also don't ignore a non-zero rate of loss. Paper money do burn down in fires, destroyed by washing machines, eaten by your dogs, ect. So even a small annual loss rate will slowly accumulate over decades.
Fortunately the polymer notes now in use (similar to the ones used in Australia since the early 90s) will survive a spin in the washing machine without damage, and have on rare occasion been turned in for replacement after a house fire, slightly melted….
US banknotes are technically cloth (cotton/linen mixture), not paper, so will survive washing machines.
@@danielbishop1863 In my experience, it _usually_ survives, but bills can definitely tear in washing machines. If a single tears too badly, you might not want to bother taking it to a bank to exchange it for another single, and it just ends up in the trash or whatever. People also drop wallets in the water or down drains, and small coins especially tend to end up on the street where nobody bothers picking them up and they ultimately make their way to the storm drain.
The Fed destroys around 7 billion individual bills every year (most of it smaller denominations, since $100 bills change hands only infrequently), but there's also a lot that gets destroyed outside of their purview in these ways, and obviously they can't track that.
Yeah! BTW do you guys know to whom i ask about getting a refund for my 70.000.000 euros my dog ate without leaving any traces whatsoever?
My sofa is at least 10% lost coins by volume.
Switzerland has a CHF 1,000 note, which is worth USD 1,100 currently. The laundering instructions are printed on it for convenience.
While Swiss banks certainly earned their reputation, AML laws are actually tighter in Switzerland than the US currently.
Oh I'm Swiss, I know. :)
Joking aside, the CHF 1,000 is actually a bone of contention with the US and EU because it facilitates money laundering.
@@seb_617 Uhm, the US & the EU, how can Switzerland be between them?
Wow, I had no idea, that's gotta be up there as one of the highest purchasing power bills up there, along with the $10,000 Singaporean note (currently worth around 7300 usd)
AML Laws are also irrelevant if your entire culture is built around money laundring and crime financing for decades if cont centuries.
i am proud to say that my 15 pounds in coins that i have lying around in germany have played their part in this.
I have a couple more over here in Mexico!!
I've probably still got some DMs tucked away. A German customer gave me an old £20 note a few weeks ago - his mother had it from a trip a few years ago. You can still bank them.
Yeap, if you tipped here in Spain with pounds, know that I may be holding that change just for the looks of it instead of ever spending it lol
I got 16.4 in Israel
Yeah, i think I've got like £1.40 in my leather jacket, which is in my mates basement in rural iceland.
my 70% of Britain’s cash shaped belly:
lmao
GET HIM!
@Good-Enough-Animation I did on Nebula ackshually 🤓
Perfect pfp for this comment
lmao
Fun fact, when Scotland or N.Ireland print their notes, they need to deposit English pounds at the Bank of England. Same with the pounds printed by Danske Bank (yeah as in the Danish stock-traded bank). Even funnier, the Northern Irish pounds aren't legal tender anywhere - they are just readily convertible.
Wales was just be happy to be invited to the money print team-up, but doesn't do it nor do any of their banks have licenses to issue their own notes.
There aren't any Welsh banks. Scottish notes aren't 'legal tender', so shops don't have to accept them for payment. I think they are legal currency, which is why the likes of RBS and BoS can print notes. Note sure about the NI bank - probably the same as Scottish banks.
@@rogink Actually I thought Scottish Pounds were legal inside Scotland, turns out you're right they aren't technically legal tender anywhere. Legal tender means that "a debtor cannot successfully be sued for non-payment if he pays into court in legal tender." it effectively means its the official form of payment. But you could theoretically go into a pub that only accepts payment in turnips and refuses BoE pounds too.
You're right there are no Welsh banks, but there were Welsh banks before the reform in 2006(I think?), when they would have been able to print - they just never bothered.
There are also the dependencies that print and are pegged, but they are not accepted in the UK proper (generally).
@@smalltime0 Thanks. I knew the term but not the definition of legal tender. Not sure what reforms you refer to in 2006, but I don't suppose any of the new 'challenger' banks would bother to issue currency, even if based in Scotland/NI. Before the BoE was nationalised after the war some regional banks might have issued their own notes, so I guess that could include a bank or two in Wales, but certainly not since the 1940s.
Wales gets the royal mint. They're making everyone else's money already
And you can use those N Irish notes in self service tills, if the cashiers are getting iffy about taking them.
I think all those £50's are lining the tunnels of HS2.
More like mp’s offshore accounts for awarding the contracts!
Amy always putting in the legwork!
£50 notes are often not accepted in places or used by individuals due to it being too tempting to counterfeit, so larger notes certainly arent going to be used in the UK. its also part of the driver for card payments, as theres not need to carry around large sums or note piles of cash
When I see people using £50 bills, I wonder why.
And the more we pay electronically, the more our lives can be tracked, sorted, marketed, monetized and controlled.
@@daggers101 A lot of US stores don't use $100s, that's not that out of the ordinary.
@@daggers101Holy giant reach batman.
Edit: Oh god you gave your own comment a thumbs up, that is truly sad
@@daggers101 How so?
I had to use cash the other day for the first time in I literally can't remember how long. Also, funny that the stock clip used in this video for a card transaction shows it being swiped in a magnetic strip reader, when we've used chip and pin or contactless here in the UK for decades.
Americans freak out about this one weird trick!
If I have to swipe my card on reader in any shop in UK, I will put the shopping down and go somewhere else!
that's usually sign of a doggy card reader with cloning device attached.
@@SleepyHarryZzzOh no, it's a payment system we've been using for years, we're so terrified 😱
Came here to find the person pointing out that we don't swipe are cards
Here in Sweden a lot of card readers can’t even handle card swipes these days. :)
My local kebab van only takes cash. I hope it's for a a cheeky bit of tax dodging.
And avoiding paying Visa 3% on every transaction
Quite a few smaller establishments here in Virginia charge 4% additional for credit card purchases. There's typically a small sign next to the cash register.@@scottanno8861
A long long time ago when I was into more unscrupulous things shall we say, I was paid twice with a €500 note. We used to call them Bin-Laden’s as we rarely ever saw them
I could call them dad then, by that rule
@@daggers101What kind of idiot doesn't see a dentist?
How did you even cash that in?
the local differences are crazy, 40 year old brits in the comments saying theyve never used a 50 pound note, meanwhile as a 25yo german I've never used a card to pay in person in my life. And I'm not too thrilled about the prospect of cash payments becoming so rare they are seen as inherently suspicious, having a small number of payment processors and banks track all your spending and potentially (almost definitely) using that data.
If you go over the border into the Netherlands you'll have a hard time not paying by card.
@@Gordanovich02who cares how your spending your money if your not doing anything illegal lol
The US has recently had issues with payment processors cutting off businesses and even entire industries that are politically controversial, but legal. They don't just track what you spend, they control what you are allowed to buy.@@MineZilla123
I once got stuck in Bergen unable to use the public toilets because they were card-only and I only had cash.
Germans are widely known to love their cash and be suspicious of digital payments.
Well I still have a 10 pound note from my England trip in 2016. So I am proud to be a part of Britains missing money :D
Legal marijuana "dispensaries" in the USA hava a similar problem:
Marijuana remains illegal under *federal* law, even whilst in some states, it's legal under *state* law.
Since banks are (mostly) regulated under federal law, they won't do business with weed dealers - even legal ones. Which makes said dealers forced to handle lots of cash (notes and coins), which is a big headache.
Did they check the Monopoly boxes first? There's a ton of cash in there. Just saying, you got your fifty pound notes and £100 and £500 notes too
Average weight of £20 bills enthusiast vs. average British government.
I could buy a gold scale and give you the exact weight of one but I don't want to have James Bond kicking my door in for leaking state secrets.
😂@@esmeecampbell7396
Parents of my generation were so careless, they needed a 10:00 pm commercial to remind them they had children
My mom literally forgot my birthday. Twice. I'm an only child.
explain?
And they had to be reminded *every* night.
@@oksowhat parents of Gen X kids had commercials on TV to remind them about their kids and check their whereabouts.
A slight correction - the banks wire money to the Fed and then the Fed then transfers it to the US government, which prints it and sends it to the Fed. The Fed covers the cost of the government printing bills.
There’s a ton more complexity with how collateral and assets are handled but the main point is that the US Government in addition to the Fed is responsible for cash.
I pay for meals with a bank card but I always use cash for tips. That way servers have the option of just sticking it in their pockets so they don't have to claim it on taxes or share it with all the other servers like some restaurants do.
Put a small amount of tip on the card and the rest cash, the two are recorded differently. Now if audited they received a bad tip, not an indeterminate amount of cash.
I like the system where servers are paid an actual living wage and don't depend on customers being kind enough to follow a batshit crazy social custom.
That way servers can actually use tips for what they a supposed to be, a nice bit of extra fun money for being particularly effective at their role, not the difference between eating or starving that week.
Sharing tips with other staff is standard practice in the UK. All the cash tips go in to a jar and are shared out at regular intervals. I'd be horrified if I thought the waiter was pocketing the tip for his/her self.
Yeah, just means your are shorting the bussers who actually clean the servers tables in between customers from getting their part of the tip. I used to be a busser st olive garden and I fucking hated when server's would do that, I had to clean the tables for them, all they did was take a few of the plates while the customer was there as a pre-buss, besides that I cleaned the tables after every customer. They only had to clean them when it was the last table of their shift. So yeah, your just fucking over other people working too. The whole system is shit but unfortunately until we change it that's how it goes
@@mattd6085yeah everyone does, but unfortunately here in the US that's how it is and until that changes if you don't tip your just being an asshole and not paying someone for their service
3:51 For the record, pretty much every state has something like this set up. Just search [state] unclaimed property and you'll probably find their database.
*"the British LOVE the outdated"*
Sort of true; when you love in a country which has been here for a while you tend to collect a lot of historical baggage. But that said and somewhat ironically, we were amongst the first to use Chip & Pin credit cards and many Brits are surprised when they visit the U.S. & Canada and find out that they need to use a signature because C&P hasn't yet gained mass adoption there.
And let's not talk about cheques (checks).
We also pioneered contactless payment with the Oyster travel card 🇬🇧
Only the U.S. is living in the past for payment! Canada has been using chip cards for ages now, and we make fun of Americans at every opportunity we get
What are y’all smoking? Chip and pin has been the standard here in America for years lmfao. It’s been mass adopted to the point you can walk into the local mom and pop shop and it’ll be using chip.
Idc if you wanna hate on the greatest country in the world, but at least hate on things that are true, such as our shitty healthcare or the fact that our kids can’t go to school without getting shot 😂🤦🏻♂️
Chip cards are becoming fairly common in the USA, but yes, they are normally chip and sign, and pins are normally only used alongside the cards for ATMs. The vast majority of places also accept swipe-only cards, because those are still quite common (and some businesses still require swiping even though it has higher fees for them!).
0:43 Gives the weight of British currency using imperial units.
1:29 "The British usually love the outdated."
having weirdly gotten confused between pounds-sterling and pounds-avoirdupois. Also look at all those US school buses with 1950's technology.
Neither of theese points are that relevant but here you go;
Literally, nobody uses €500 notes. You can't get it from bank machines or banks without calling ahead (and who would do that seeing as everyone is afraid of accepting them. I was made to walk one up to the post office to verify it). I'm 30 and have only seen 2 and I was a till worker for about 2 years. They are so big though, that they look more like a certificate than money and couldn't fit in any normal wallet.
Also, you showed a card being swiped for the UK, but everyone in Europe uses a chip and pin.
what is chip and pin?
Even chip and pin is disappearing more often it's contactless.
@@oksowhatthe card has a chip and so you only insert that part of the card and you have to enter the atm pin for the transaction. i think it’s supposed to be safer but it’s mostly replaced by contactless payments
@@sylvy16 Contactless is equally safe as chip and pin since it's basically the same system.
@@hedgehog3180 contactless is not as safe and you can only use it up to 30€ at a time (expanded to 50€ because of COVID) and there are both daily limits and actual monetary limits, before you need to insert it again with the pin (idk exactly, but about every 120€ over a few days and less in one day) I personally think it should be reduced again, but at least our system prevents spending sprees over 90€.
Tapping with your fingerprint on your phone is limitless though. Was that what you were talking about?
The most interesting thing to me in this video is that there's stock footage of someone stuffing underwear in a pair of shoes
No doubt a lot of the “lost money” is just sitting in people’s wallet. I use my card for basically all my transactions but I still keep a couple of hundred dollars in cash in my wallet just in case the card systems are down so I have an alternate way to pay.
£81.000.000.000 between 68.000.000 is £1.191,18. I really Hope you just carry that amount with you unnoticed ;-)
But that's not "lost money", that's money in circulation. He talked about it at the beginning of the video.
Great for when you get robbed
@@bruhspenningactually yes.
It's better to have a few bucks to give a robber than having nothing to give teh robber.
If you don't have anythibg to give the robber he might become (more) aggressive.
@@ChristiaanHWThat's why I always carry a ham sandwich around with me
There are lots of places were you now can't pay with cash in the UK! Busses, food markets, some checkouts at supermarkets, some restaurants, the list is ever growing!
Some small shops in London, will not accept card payments for goods under £5, because it costs them too much in business banking charges.
@@julianaylor4351 its weird as the food market here happily does it and refuses cash as they get charged too much for it! I guess it depends on who makes their card machine
@@TheBloodypete And their bank or building society's rules on business transactions. However if you have to use a laundrette, they only take cash and you have to buy tokens for funfairs and amusement arcades.
So a large portion of it isn't necessarily missing, it's just not being tracked because it's not intended to be anyway
A polymer £20 weights 0.905g if I remember correctly from when I hate to calibrate our note counting machine for it 0:49
It's probably being held by foreign goverments, since London banks are the largest producer of dollar bills in the world and a lot of countries want to do business with the big boys.
So trading with us for dollar bills mean you have a way to trade with America.
Not dollar bills, but USD-denominated assets. What you're talking about is the Eurocurrency capital Market, of which the Eurodollar Market is part of. It started out in the late 1950s in London as a means for banks to organize interbank borrowing and lending of US dollar deposits between a network of private banks based in London. This was needed because US Capital controls prevented USD leaving the US, which meant demand outstripped supply. And as it was circulating between private banks, nobody asked too many questions about where those dollars came from. But as it was the height of the first Cold War, it has been assumed that they came from Russia, to avoid US Sanctions.
Anyway, the people requiring USD were other sovereign governments and central banks to trade in international markets. They could have short-term loans if they pledged their sovereign debt securities as collateral. Accordingly, this so much a profitable trade, it extended the network to include brokers who could provide collateral, and American private banks and brokers came to London, and bought their dollars with them. In the mid 1960s, business became so brisk, they started offering OTC Eurodollar accounts with a minimum deposit of $100k, that paid far higher interest rates.
USD cash was important until the Big Bang, when the Eurocurrency Network quickly turned to ledger money. In the present, hardly any cash is used within the network now. It's all paper or computerized trading of the loans created, collateral, and derivatives now. So, there's not a lot of cash handled in the several major reserve currencies it covers. It is now trading purely assets, securities, and derivatives denominated in the currencies they trade. And their main customers are now sovereign national governments, central banks, and multinationals needing mostly financing or liquidity.
It is still a network of private banks, but it is now global, and it is offshore and unregulated by government. Not even the Bank of International Settlements (BIS), knows the exact value of the Eurocurrency market, as not every transaction requires clearing with them. So, cash is not relevant now, as money creation is mostly credit, and not cash.
Cash is a very small proportion of financial transactions everywhere. The most is done via the exchange of credits by computer. For instance, Jamie Dimon just sold $140 million worth of JPMorgan stock. Nobody gave him cash. It was credited to a nominated account minus fees. That's where the real money is, and that why Financialization in the developed countries is now a problem. But that's another story.
I’m in Argentina right now which has a largest denomination of 2000 pesos which is basically the equivalent to 2 dollars, and a cab driver yelled at me last night for using them because they’re new and harder for him to launder or something
The Swiss have a CHF 1000 note - thats like a single USD note of over $ 1000, imagine when you lose one by accident - sweat profusely at the thought! 😂
0:01 Nice try, I’m not telling you where I buried it. I mean, I didn’t bury it, it’s in a vault somewhere.
At 2:55 it looks like the man rowing the boat is heading to Denmark. However, Denmark has very high anti-laundering laws, so the bank will probably ask you more questions than the British.
You can not deposit money in the banks without showing where the money comes from, so I dont know why you made him head to Denmark and not France.
The missing cash is probably in the bankers' pockets.
1:30 “the British love the outdated” said a man from the only industrialised country that still uses imperial measurements for literally everything!
You can tell no one uses money anymore when the new King Charles coins have giant numbers on them to help kids learn to count, because they are the only ones using money.
The value of physical cash is it works when the power is off, it's easier to keep track of spending when you hand over a physical token to pay and you can't be locked out of access to your by anyone.
It's down the back of their sofas. 😆
Seriously though, us Brits used to have tiny decimal half pennies. I managed to mislay ten of them, that's 5 pence. I have actually found a five pound note and a twenty pound note, lost in the street sans a wallet, so that's another possibility. Some of it could be lost in a street or a rubbish dump. Who knows? I do know if you damage a bank note in the UK, like accidentally leave it a pocket of a piece of clothing in a washing machine, you can take the remains of your note, to a bank and after filling in some sort of form, they are obligated to replace it.
Sometimes when people die in the UK, their houses have been found to have money, coins and notes hidden in there home, so your joke is spot on and no doubt true for many countries, because some people just don't like banks. There is also the problem of money stuck in deceased people's bank accounts, that is legally mired in litigation, again true in many countries.
But money stuck in bank accounts, belonging either to deceased people or companies stuck in litigation, whatever, that wouldn't be considered lost cash, as that's digital money, so to speak. And if your grandma did deposit a 100 pound note and then died, the bank took the cash, added it to her bank account, and then gave the note to someone else, and maybe it then got lost, but it's no longer your granny's 100 pounds that got lost. It's whoever took that 100 pounds note out. Idk if what I'm trying to say is clear enough 😂😂
@@nahuelma97 But it sometimes cannot be turned back into cash, because of legal disputes. That's my point.
Random thought about Nando's: The first time I ever heard of them was in the context of someone talking about "some cheeky Nando's", which made me think, "oh, I guess that's British slang for 'silly people' or something?" Like, oh you're such a cheeky Nando!
The 500€ note is no longer being serviced or printed. German banks offer an exchange for any 500€ notes you might still have. Them being so incredibly easy to transport huge amounts of money in is the precise reason for why they were removed from circulation in the first place.
my small collection of british notes is probably helping this situation
A true moment of nerdom that I understood the opening reference without even having been alive during that time period.
I still have several pounds worth of coins here in the US from when I studied abroad in England in 2009. Still haven't been back yet :) Doing my part of this!
Darn, not only do I have a feeling exactly where Amy dropped that note, but I'm going to be in CT next week... unfortunately at a place that's a good two hours away from there.
Within the UK, if you in less than 1000 in a fiscal year (via PAYE) you do not need to report it, which may contribute to the total significantly as many go over that limit without reporting it.
It’s all on pleasure island. Only Jeff knows… knew where it was.
I am curious if there is a break down of what is missing by domination. In the UK 5, 10, and 20 pound notes are common. But 50 pound notes are extremely rare. They are almost exclusively associated with illegal activities like money laundering and drug dealing, and are often suspected of being counterfeit. Is the cash that is "missing" made up of largely 50 pound notes.
There is a £100 note issued by the bank of Scotland. I was confused when first seen that fact as I've came across a lot due to my work, didn't know the highest in England was £50 to be honest.
And if England start printing them, we're coming out with a £101 note
The £50 used to be comparable to the $100 lol. And a lot of places wont take 50s anyway in fear of fraud.
1:32 Currently laughing at the stock footage of someone swiping a card, We haven't done that in the UK for years now
My fault I have kept £5 in my wallet since 2017, sorry
Ngl, I'm tempted to find that envelope, but the $1 bill isn't enough to tempt me. I do however think I could find it
There is a small correction I have to say the highest note you can get in the UK is the £100 note but this is very rare and is produced by the Bank of Scotland so is hard to spend outside of the UK
Dont worry, Britain, I can relate.
I also heard that when they print money they take into account x amount will be lost and adjust for it. Example like cash or coins getting damaged or falling down a sewer drain, ect.
That happened in September of 2001 as well
Easily 50% of British cash is kept in wallets, for months on end, exclusively for the odd occasion you end up in a pub that doesn’t accept card
I know where it is: Caymans, Bahamas, Cook Islands, South Dakota, Panama.
wait what does your accounted do with the money when “scout girls season” starts?
Jeremy Hunt roles around naked, laughing maniacally in it every night
If I am buying from a retail franchise, for things over $100, I often ask "do you offer a discount for cash". I only ask if it is something I am actually going to buy right there and then. They have their own priority for cash, compared to an electronic transaction via their Franchisor account. Casinos love cash.
Slight correction: It's not 10 PM. It's actually 12:58 AM EST.
This video is why crypto being used for illegal stuff isn't unique to crypto. Cash is largely used for illegal stuff, so it should be expected that a close digital equivalent would be also.
Props to Amy for doing the legwork
I think M.Bison has them.
The rate is 5 pounds for 1 Bison dollar. So it took up ways less space than any currentcy to move around.
uk has a 50 pound note while the channel islands a part of the uk have a 100 pound note of the 100,000 made only 9000 are in circulation
I’m sure Prince Andrew just needed to borrow it for his trip to the island 💀
Theres a big difference between "not in circulation" and "missing".
Best guess for the rest stop dollar is the I-95 Darien NB service plaza. That's based on the shape of the building, of which I could only find three of that style, the tree line, and the placement of the street lamps. I couldn't find matches for the brown parking posts which should be unique to that service plaza seeing as none of plaza's in CT have those from best I can tell. I also could not find that street sign in the background. If you see that sign, I'd say you found the right plaza. Good hunting!
More confident I found the right one. Found a recent photo of the signage for the restaurants. You can see what looks like a subway logo out of focus in the background. That subway sign was recently installed at the plaza and is the only subway logo in that location on any of the rest stops.
Same guess here, I was looking for info about recent parking lot renovations to confirm but didn't see anything. Could call and ask the staff.
BRB, going to get a dollar after spending $40 in gas
@@PhillyMotoXTS wouldn't be the dumbest thing I've done this week
I thought that a part of the background music was a missile siren going off. scared the shut out of me
I'm going to Darien next week to claim that dollar
I feel like this one went over the line from "clever (harmless) clickbait" into deceptive wording, even in the video itself. The bank didn't lose that money because it's not theirs. It's like saying I lost the lug nuts on the car I sold because I don't know where they are. Now, if you had shown that their money went missing from the bank or their accounting records, that would be different.
Also, cash used to represent gold (I'm assuming it used to in the UK too), but it doesn't anymore.
If you weigh two same value bundles of 20 pound notes they never come out to the same weight for some reason. Maybe that's why they don't tell you their weight.
Ah yes 'traces' of white substance?
Fresh notes or circulated ones?
Every weight of 20 pound is personalized
New plastic ones@@mistermist634
i actually live in tennessee and went to the unclaimed property site, turns out i was owed over $300 in wages so thanks???? nice
Use the 1'000 CHF if you want save space :D
I took some of my UK money to Japan when I emigrated here and it's never going back in circulation lol
Trivia note: The U.S. game show The Amazing Race has been on for 35 Seasons, & they have traveled to United Kingdom for 8 of them; 3, 7, 17, 22, 24, 25, 31, & 33.
What's that? 😮
English me stumbles upon this hearing "usually outdated". Then equally getting angry.
The economy survives on cash. How else can I explain the fact that the other people living in my suburban street can afford to live there, drive good cars, get takeaways etc, and how else can I explain the year-round weekly ice cream van visit?
Well the point of cash is you can’t track it so it makes sense. You can never know when a specific note is
LOL, more psyops ask yourselfs: why does the government can track if you earn $10 selling lemonade, but they don't know where goes a nice chunk of their budget?
I have a couple paper fivers still, so there's ten quids worth of the missing figure...
Banks around the world lose track of billions of dollars worth of cash every year, with the whereabouts of £50bn ($63bn) of cash in the UK alone unknown as of 2020. Cash use in the UK has fallen dramatically in recent years, with Brits using cash in less than 13.3% of purchases by 2020. In 2018, over 70% of Nando's customers were paying by card. However, the amount of cash in circulation in the UK has risen from around £24.1bn in 2000 to over £81bn in 2020. While some of this cash may be used overseas or tied up in savings or unreported transactions, some may be attributable to criminal activity, with the UK's National Crime Agency believing that a lot of cash is leaving the country each year. The highest denomination of pound in circulation is the £50, while the €500 note and the US $100 note are more space-efficient for smuggling. The FED prints money for banks based on demand, rather than printing a set amount each year.
2:52 Hey, I didn't smuggle my 5000₽ notes out of Britain, I swear
US: those are rookie numbers
Have they looked down the side of the sofa?
The 1000 swiss francs note night be a better example, as the 500€ note becomes harder to get every year, while the 1000 CHF note is worth 1000€
Owe your mate £20? Well you’ve got notes lying around so need to go through the process of getting their card details and repeatedly telling the app ‘No I am not being scammed’. Bank account short? Check the sofa and random drawers. Spent years paying on card but collecting notes here and there and don’t want to look suspicious? Just keep the notes and spend at the store. Don’t want to answer questions on the source of your money at all? Don’t digitise it and run it off in cash. Not every reason is illegal but kebab/vape shops sure seem happy when you pay in cash lol
Time to book a flight to get that envelope of money.
cant believe sam actually stuffed underwear in some old shoes for this video
Liz Truss, next question please
Well, I'm part of the oversees problem. I have £24 and I may never spend it again
If it's pre 2016, sit on it and sell to a collector later on
My cash goes missing all the time. But great video anyway
Nando's is awesome, but its expensive here (Australia)
It's not "missing", it's where it's owners, who very likely won't be "Britain" have put it.
5:24 "cash is untraceable by design" ?? Maybe coins but bank notes have unique serial numbers. Doesn't that make it traceable?
He means the transactions are unable to be linked to the physical cash unless someone actively records the serial numbers.
Serial numbers let you trace a banknote to where and when it was printed, and maybe the first bank it was distributed to. They don't tell you where any particular note currently is, or what transactions it's been involved in.
Wow imagine printing 1000 dollars for 14 and selling it for 1000
As a Brit, the only time I've had to use cash in the past few years is at the seaside amusements.
One of my local restaurants here in London still only takes cash so the only time I ever get cash is if I want to go there. They get 100% of my cash.
That's because old people on fixed incomes keep donating to a criminal who watched Lethal Weapon 2 a few times too many and thinks saying "diplomatic immunity" works, so we have to keep giving those old people more money.
Now I'm curious about the U.S. Currency?