U.S. Cash Is Due for a Major Overhaul | by The Good Men Project | Change Becomes You | Jan, 2024
The future of cash is uncertain, with some experts suggesting linking cash to the blockchain and the ongoing debate about whether to stick with paper or move towards more modern solutions.
By Viral Chatter and Martha A. Lavallie
In 2023, the Federal Reserve is shelling out a whopping $931.4 million ¹ on printing bills. That’s a lot of dough for something that’s increasingly looking like a relic in our digital age.
While the rest of the world is moving towards more modern forms of currency like polymer notes and digital transactions, the US seems to be stuck in the past with its paper money.
Here’s a fun fact: according to the Pew Research Center, about 41% of Americans in 2022 didn’t use cash at all in a typical week ². That’s up from 29% in 2018. It seems like more and more of us are leaving our bills and coins at home.
Despite this, there’s actually more cash floating around than ever before, with a steady increase in circulation each year.
Once upon a time, the $1 bill was king in the US. But times have changed. Now, the $100 bill is the new star, exceeding $8.5 billion of them out there.
The popularity of the $100 bill is partly because it’s a global currency, but there’s also some speculation about its use in tax evasion and illegal activities, thanks to the anonymity of cash.
Remember the $2 bill and the half dollar coin? They’re not as common as they used to be, mainly because they weren’t included in everyday things like vending machines and parking meters.
Back in the day, the US even stopped making certain denominations, like the half cent and larger bills over $100, as checks and credit cards became more popular.
