How many dollar bills are in circulation in the US?
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Assumptions:
Only bills in circulation and not the ones bank's will have.
This is my thought process but if there is a better way please comment/feedback
Equation:
Avg per capita spend * % of actual hard currency used in the transaction * Denomination split (assumption)
Avg per capita spend is 26,000$ approx. This is for the whole population
% hard currency used : I read somewhere that US predominantly uses plastic currency (cards, online, checks, stamps) and that accounts currently for 70% of the transactions
= 26,000 * 320000000 * (30/100) = 250 Billion
= Weighted split of 1$ bills, is higher as more 1$ than 10,20,100
= 30% 1$, 20% 5$ 20% 10$, 20% 20$, 10% 100$
= 250 Billion * .30 = 75 Billion $1 Bills.
Only bills in circulation and not the ones bank's will have.
This is my thought process but if there is a better way please comment/feedback
Equation:
Avg per capita spend * % of actual hard currency used in the transaction * Denomination split (assumption)
Avg per capita spend is 26,000$ approx. This is for the whole population
% hard currency used : I read somewhere that US predominantly uses plastic currency (cards, online, checks, stamps) and that accounts currently for 70% of the transactions
= 26,000 * 320000000 * (30/100) = 250 Billion
= Weighted split of 1$ bills, is higher as more 1$ than 10,20,100
= 30% 1$, 20% 5$ 20% 10$, 20% 20$, 10% 100$
= 250 Billion * .30 = 75 Billion $1 Bills.
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