The Future of Money

There were several high-profile hearings in Congress yesterday. One that got less attention, but that may be of more consequence than others is one entitled “The Future of Money: Coins and Banknotes.”

Testimony from the director of the Bureau of Engraving and Printing

Testimony from the director the U.S. Mint

Things I found most interesting:

Going cashless is not seen as wise or viable for society and other countries.

Up to two thirds of the value of U.S. currency is held overseas. With a total value of $1.7 trillion, that could be up to $1.13 trillion in U.S. currency not in the U.S.

Due to the success of thwarting counterfeit $100 notes, the timetable for upgrading the $50 note has been accelerated because it has become an increased target.

A penny now costs more than twice what it is worth.

In 10 years the number of people purchasing collector coins has dropped from 1.2 million to 500,000. That number could go back up next year with the coin program for the 50th Anniversary of Apollo 11.