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Orange
PostPosted: Sat Aug 07, 2010 2:37 pm 
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The Central Bank will be issuing some 30 million notes in the economy.

Are they planning on taking out an equal amount in old notes from circulation when they introduce these notes or are they just going to print money without replacement?
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Paco
PostPosted: Sat Aug 07, 2010 4:11 pm 
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Speaking of the older colon notes, anyone know if any of the older 5, 50 colon bills are worth anything? Is there a collector market in CR?

I still have a couple of those older ones in my collection, just held them from years ago after never using them.
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JazzboCR
PostPosted: Sat Aug 07, 2010 9:07 pm 
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Orange wrote:
Quote:
The Central Bank will be issuing some 30 million notes in the economy.

Are they planning on taking out an equal amount in old notes from circulation when they introduce these notes or are they just going to print money without replacement?

Now wouldn't that be damned cute and (from what little I know) muy Tico? Instant inflation without having to take responsibility. "Senor we are a poor country who can't possibly take all the old notes out of circulation at once." It should be a 1-for-1 replacement (an old note comes in for destruction, a new one goes out)--somebody's gonna scam this, you betcha. Can I be on the Destruction Committee please please?

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Mongeral
PostPosted: Mon Aug 09, 2010 8:06 pm 
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well, the bigger bills will be handy for paying chicas and big bar and restaurant tabs, but good luck trying to spend 'em in stores for smaller purchases.

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Irish Drifter
PostPosted: Tue Aug 10, 2010 11:21 am 
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According to an article in Inside Costa Rica this morning the introduction of the bills was delayed because some of them lacked one of the security features.

Quote:
Security Error Reason For Delay Of New ¢20.000 Bills

An error in the "security map" on the new ¢20.000 colones bills is the reason for the delay in tomorrow's introduction to the market. The Banco Central said the error was detected on at least 150 bills and as such decided to suspend the distribution that was to have occurred on August 11.

Marvin Alvarado of the Banco Central, said the bills are being examined to determine how many have the error.

The bills are produced by the French firm, Oberthur Technologies.

Alvarado said that company officials immediately came to Costa Rica when the mistake was noticed and notified to the manufacturer.

The error is small mark that crossed the Gulf of Nicory on the security map, that is made with optical variable ink, which changes color depending on the angle it observed.

Alvarado said there was no certainty of when the new bills will be released.

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Orange
PostPosted: Tue Aug 10, 2010 11:44 am 
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I spoke to my wife (who's in CR right now) last night, and they are under the impression that there will also be a 100,000 bill, in addition to the 20k and 50k.

Has anybody heard about this? (Frankly, it'd be overkill. I think the 50k is a bit of a stretch. The 20k bill is a great idea though, no more gangster rolls of 10k to carry around when you exchange a few hundreds dollars.)
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Irish Drifter
PostPosted: Tue Aug 10, 2010 2:09 pm 
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Orange wrote:
I spoke to my wife (who's in CR right now) last night, and they are under the impression that there will also be a 100,000 bill, in addition to the 20k and 50k.


First I have heard of that ir really does not seem very practical.

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JazzboCR
PostPosted: Tue Aug 10, 2010 2:36 pm 
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Well, like the US $1000 bill and up, it may be designed for interbank transfers of cash. Or so the drug gangs can move big wads of cash without unduly straining their backs. Who can read the Tico mindset that well to know?

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DiegoC
PostPosted: Tue Aug 10, 2010 8:47 pm 
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I think there are a lot of good reasons for the government not to offer any bill larger than $100 for public circulation.

At today's exchange rate that would be approximately a 50,000 colone note.

Carrying too much cash makes me nervous especially down here.
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Orange
PostPosted: Sun Aug 22, 2010 10:10 am 
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Have the new bills hit the streets yet?
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Irish Drifter
PostPosted: Sun Aug 22, 2010 10:19 am 
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Orange wrote:
Have the new bills hit the streets yet?


The first will be the 20 mil note. Last I heard that will be around September 20 under the current plan.

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