Nowadays the media is full of stories saying cash is dead now everyone is going wireless or digital. That digital wallets on your phone, tap & go credit card kiosks or NFC-enabled shopping carts or that cryptocurrency like Bitcoin will totally replace cash. Ask any person under 25 in the US or Europe, and they will claim they have no physical cash on them. However recent banknote issuing and notes in circulation tell a different story. Read along to learn
Globally the estimated number of all banknotes in circulation is 719 BILLION, a 40% increase over the last 10 years so cash is not dead. That is 95 notes per person. This is even in the environment where banknotes are becoming more durable and last longer. Is this all driven by inflation or just specific countries?
The answer is no. The US Federal Reserve recently published their order for new banknotes in 2024 is 17% higher than 2023 to 5.3 to 6.9 billion banknotes. It is true that more small value transactions are being paid with non-cash options, and that e-commerce is growing fast, but it is also clear that cash is not dead- not even close. The role of cash is evolving as other payment systems are introduced and become more pervasive. But the growth of these payment systems do not need to result in the death of cash. Look here for a continuing series of articles on the evolving role of cash and why cash has a long and healthy future.
Since we don’t see cash going extinct anytime soon, we don’t have to worry about the numismatic industry going out of business 🙂 Lets look at some of this years best numismatic releases. Fiji 100 Cent, 2023 This commemorative banknote celebrate the Chinese Lunar Year of the Dragon. It is a red and yellow polymer banknote and its obverse side features a hibiscus flower, the national coat of arms, and a hibiscus flower in gold-to-green OVI. Its reverse side shows a stylized dragon with clouds and a red lantern and the bank logo.
Another notable mention from this year is the Pakistan 75 Rupees, 2023 that celebrates the 75th anniversary of the State Bank of Pakistan. It is a blue and green banknote and its obverse side features the State Bank of Pakistan building in Karachi and a portrait of Mohammed Ali Jinnah. Its reverse side shows wind turbines and a portrait of Mohtrama Fatima Jinnah.