The Federal Reserve will spend $931.4 million to print bills in 2023 — but there's a problem with U.S. cash.
Physical currency has been updated around the world but not in the U.S., and while an increasing number of Americans are ditching cash for electronic payments, experts say cash isn't going away.
In 2017, the $100 bill surpassed the $1 bill as the most popular currency denomination.
Some speculate that the rise in $100 bills in circulation may be to avoid taxes or for illegal activity.
… In the 1960s, the half dollar lost its place because it wasn't included in the use of parking meters," said Mudd.
Persons:
Aaron Klein, Douglas Mudd, Franklin Noll, Mudd
Organizations:
Federal Reserve, Brookings Institute, CNBC, American Numismatic Association, Federal Reserve Bank of Kansas City Payments, U.S
Locations:
U.S