The Global War on Cash: Is the Era of the $100 Bill Coming to an End?
A Worldwide Shift
Across the globe, a concerted war on physical cash is intensifying. The convenience of digital payments and a growing aversion to carrying high-value banknotes are driving a significant financial transformation. This trend is most evident in the phasing out of large-denomination bills, a movement that is reshaping the world’s monetary landscape.
The Disappearing High-Value Note
In the United States, the $500, $1,000, $10,000, and even the $100,000 bills have already been discontinued. The momentum continues, with recent discussions focusing on the potential removal of the popular $100 bill from circulation. The situation in Europe is even more advanced. The 500-euro note, a symbol of high-value cash, was officially discontinued in the “Europa series” as of April 2019. While it remains legal tender, it is no longer being printed or circulated, signaling a clear policy direction.
The Rise of Digital Sovereign Currency
This global movement against cash is closely linked to the introduction of Central Bank Digital Currencies (CBDCs). The rise of unstoppable digital banking and the growth of private digital assets have paved the way for CBDCs to potentially inaugurate a new global financial era. This new system envisions the gradual phasing out of physical cash in exchange for a government-supervised digital currency framework. Currently, CBDCs are under research or have already been launched as official currency in over 130 countries, with major economies like the United States, the Eurozone, and China actively developing their own digital versions.
The World’s Largest Circulating Banknotes
As the role of cash evolves, here is a look at some of the highest-value physical banknotes still in circulation around the world, according to a report by Nomad Capitalist:
- 10,000 Singapore dollars (Value: ~$7,400 USD)
- 10,000 Brunei dollars (Value: ~$7,404 USD)
- 1,000 Swiss francs (Value: ~$1,102 USD)
- 1,000 Singapore dollars (Value: ~$740 USD)
- 1,000 UAE dirhams (Value: ~$272 USD)
- 100,000 Armenian drams (Value: ~$256 USD)
- 1,000 Hong Kong dollars (Value: ~$128 USD)
It is worth noting that, while Zimbabwe once printed a 100 trillion dollar note, it is not considered a viable “large” banknote due to the hyperinflation that rendered its value to less than 50 US cents.