$100 currency sheets
The US had around 18.5 billion $100 notes in circulation in 2022, according to Federal Reserve data.
  • A majority of payments in the US are made through credit and debit cards, study showed.
  • Yet data going back to 2002 shows that notes in circulation have consistently increased.
  • An economics expert tells BI that cash still remains crucial for "certain segments of consumers."

When it comes to how Americans prefer to spend their money, cash is actually not king.