The New York Times wants to get rid of the $100 bill

The New York Times has joined the chorus calling for the elimination of large-denomination bills.

In an editorial published Monday, the Times argued that "there is no need for large-denomination currency" and that big bills make it easier for criminals to conceal their business.

The editorial cited a Europol study that found that the 500 euro note is used disproportionately "in the various stages of criminal activity and money laundering." The 500 euro bill is known as the "Bin Laden" in underground circles, according to a paper on high-value bills and illicit activity written by Peter Sands, a senior fellow at Harvard's Mossavar-Rahmani Center for Business and Government.

The Times also mentioned the 1,000 Swiss franc note, the 1,000 Singapore dollar bill, in addition to U.S. $100 bill as currencies of choice for criminals.

Last Monday, the European Central Bank announced that it was considering eliminating the 500 euro note. The next day, former U.S. Treasury Secretary Larry Summers wrote in The Washington Post that the $100 bill should be abolished.

The Times said the Bank of England's largest bill, the 50 pound note, "has been perfectly sufficient."

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