High-value notes: default money for criminals?
Some experts say the notes are a boon for felons, and that central banks should stop issuing them
Within the ‘paradox of banknotes’ – fewer people than ever are using cash, yet the value of the notes in circulation has continued to rise – lies a second anomaly: while those still paying in cash tend to use small-value notes, the total value of the highest-denomination notes has been steadily rising too.
Take the US dollar, the world’s reserve currency. As of March 2026, the value of US banknotes in circulation was close to $2.4 trillion, up from $758 billion in 2005, according to the Federal
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