A $1.00 bill in 1971 has the purchasing power of only 18¢ today. A £1 bill in Great Britain has the purchasing power of only £0.09. That is, if you put money in a coffee can in 1971 and buried it in the back yard, you’ve lost 82% of your purchasing power in the United States and 91% in Great Britain. Don’t you love our governments printing money?
The correlation is that a $1 bill in 1971 would be the equivalent of a $5.24 bill today. Why haven’t we scrapped the lower currency bills and replaced them with higher currency levels? It is idiotic to have a $1 bill anymore. Likewise, there should be a $250 and $500 bill.