Freshly cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing's Western Currency Facility in Fort Worth in 2013.
Freshly cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing's Western Currency Facility in Fort Worth in 2013.
The Benjamin Franklin-faced currency has been the largest U.S. bill since the $500, $1,000 and $5,000 were axed in 1969, but it’s not very popular for day-to-day transactions. The average American carries about $60 in cash, according to a 2017 study from the Federal Reserve Bank of Atlanta. A December study from Pew Research Center found that about 30 percent of Americans use no cash at all on a weekly basis, suggesting that, in the digital age, cash is going out of style altogether.
“We think that the significance of foreign demand is unique to the dollar,” Ruth Judson, an economist at the Fed Board of Governors, said in a 2018 paper from the Federal Reserve Bank of Richmond. “Other currencies are also used outside their home countries, but as far as we can tell, the dollar has the largest share of notes held outside the country."
Though exact figures aren’t available, the amount of cash that criminals launder each year could range from hundreds of billions of dollars to $1 trillion, the Financial Action Task Force, an intergovernmental body that combats illicit finance, said in a 2015 report. The U.S. dollar, the euro, the British pound and the Swiss franc are among criminals’ preferred currencies.
Tougher banking controls against money laundering may be driving criminals to rely more on cash, the report said. Plenty of law-abiding people still depend on cash. As of 2015, there were 2 billion adults worldwide who didn’t have access to banking services, making cash their only means of buying goods and services. Many of these people live in the world’s poorest countries.
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