Should We Get Rid of Cash?

    Paper money was first invented in the 7th century in China. Before then, buying something was hard work. You had to carry around heavy gold coins or something to trade. (You might offer a fur or a few chickens!) Now all you needed were slips of paper that could easily fit in your pocket. 

    But today, cash can seem like a pain. Why count out change when you can quickly order a burrito on your phone? Plus, paper money is kind of gross. A 2017 study found hundreds of different germs on paper bills. It’s no wonder that nearly half of Americans would rather pay with apps than with cash.

    There’s an even bigger problem, though. Making money costs money. Right now, about 45 billion bills are in use in the U.S. Over time, they get damaged. They must be replaced. 

    Last year, the U.S. government set aside nearly $900 million for printing new bills.

    Doesn’t that seem like a waste?

    Paper money was first invented in the 7th century in China. Before then, buying things was hard. You had to carry heavy gold coins or something to trade. (You might offer a fur or some chickens!) Using paper was easier.

    But today, cash can be a pain. Why count out coins when you can order a burrito on your phone? Plus, cash is kind of gross. A 2017 study found hundreds of different germs on paper bills. No wonder nearly half of Americans would rather pay with apps than with cash.

    And that’s not all. Making money costs money. Right now, about 45 billion bills are in use in the U.S. Over time, they get damaged. They have to be replaced.

    Last year, the U.S. government set aside nearly $900 million for printing new bills. Doesn’t that seem like a waste?

    Paper money was first invented in the 7th century in China. To make a purchase before that time, you had to carry around heavy gold coins or something to trade, such as a fur or a few chickens. With slips of paper that could easily fit in your pocket, shopping became much easier.

    But nowadays, cash can seem inconvenient. Why count out change when you can quickly order a burrito on your phone? Plus, paper money is kind of gross. A 2017 study found hundreds of different germs on paper bills. It’s no wonder that nearly half of Americans would rather pay with apps than with cash.

    There’s a more serious consideration, though: the cost of creating money. Right now, about       45 billion bills are in circulation in the U.S. Over time, these bills become damaged and have to be replaced.

    Last year, the U.S. government set aside nearly $900 million for printing new bills. Doesn’t that seem like a waste?

    It may not be. First of all, getting rid of paper money could make things cost more. Why? When you buy something with an app or card, stores are charged a fee. To pay for that fee, stores may raise their prices.

    People are also more likely to spend too much when using cards and apps. Experts say that counting out real money makes us think twice about what we’re buying. 

    And finally, cash is popular. About 7.4 million people in the U.S. use only cash. They don’t have bank accounts for credit or debit cards. If we got rid of paper money, they would be left out. 

    So what do you think: Is cash here to stay? Or is there a better way to pay?

    It may not be. First, going cash-free could make things cost more. Why? When you pay with an app or card, stores are charged a fee. To pay for that fee, stores may raise prices.

    People are also more likely to spend too much when using cards and apps. Experts say that counting out real money makes us think twice about what we’re buying.

    Plus, cash is popular. Millions of people in the U.S. use only cash. They don’t have credit or debit cards. They can’t shop without cash.

    So what do you think? Should we stop using cash?

    It might not be. First of all, getting rid of paper money could make things more expensive. When you purchase something with an app or card, stores are charged a fee—and to cover that fee, stores may raise their prices.

    In addition, people are more likely to spend too much when using cards and apps. According to experts, counting out real money causes us to think more carefully about what we’re buying.

    And finally, cash is popular. Approximately 7.4 million people in the U.S. use only cash. They don’t have bank accounts for credit or debit cards, so they would struggle if we got rid of paper money.

    So what do you think: Is cash here to stay, or is there a better way to pay?