Even in today's supposedly cashless society where everyone pays with credit cards or mobile payments, cash is still king. In fact, it's more popular than ever.
Dan Kopf of Quartz explains why it's (still) all about the Benjamins:
In 2017, for the first time ever, the one hundred dollar bill became the most popular US bill in circulation, beating out the one dollar bill. It is quite the turn of events for Benjamin Franklin-faced banknote. Just 10 years ago, it was less common than both the $20 and the $1.
Why are hundreds so much more common these days? It’s not because more people are using them for day-to-day spending. The vast majority of cash transactions are still made in small bills.
According to a recent report from the Federal Reserve Bank of Richmond, the $100 bill is on the rise as a form of savings ...
The Fed researchers suggest that people across the world are stashing hundreds under their beds as an alternative in case their local currency takes a dive.
Image: Atlas, with data from the Federal Reserve Board
I wonder how one could find an estimate of the number of 100 dollar bills in other countries of the world? Hmmm...
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Just did a haphazard search, and the Russian Central Bank estimates $15 BILLION! in US currency circulating in Russia! WOW
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Well in 2006 the Fed stopped publishing the M1 data because it was no longer a reliable number in the estimation of monetary growth since cash is an ever shrinking part of the number of transactions. At the time the M1 was 1.2 trillion. Estimates are that between 1/2 and 1/3 that number is held outside the US.
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Not to mention their use in illegal transactions.
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On a personal note, I can't recall the last time I had a $100 bill in my possession, let alone a $50 bill. When we were in Las Vegas in 1994, the casino ATMs only gave out $100s. When I was in college one year I paid my bill with 7 $100 bills just for the hell of it. I seldom carry more than $20 in cash these days.
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Or maybe this chart shows how printer technology has improved in the past 10 years. Therefore, more people around the world have been printing their own 100 dollar bills.
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