Of all the paper currency that's in demand in this economy would you believe it is the $100 bill?
MarketWatch is reporting that the US government printed 3 billion $100 bills in the 12 months ending on October 31. That's according to Nicholas Colas with ConvergEx Group, a chief market strategist.
Colas told MarketWatch, that's 100% more than the average production of $100 bills over the past 5 years, and 50% more C-notes than $1 bills printed in the same period!
Why you're probably asking? Hard cash holds a special place in global finance as the preferred mechanism for drug, illegal arms and tax evasion transactions which means $100 bills are the preferred denomination.
While the use of smaller denomination bills has fallen in recent years with increased use of credit and debit cards, demand for $100 bills appears to be growing.
Part of the sharp increase in the number of $100 bills may be because of delayed production of a newer version of the note, which has had technical problems. So a lot of the newly printed bills may not yet be in circulation.
And, as the , "Over 90 percent of the notes that the BEP delivers each year are used to replace notes already in, or taken out of circulation."
Click on Market Watch for more information and other financial news.
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