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