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U.S. consumer holdings and use of $1 Bills

Scott Fulford (), Claire Greene () and William Murdock

No 15-1, Research Data Report from Federal Reserve Bank of Boston

Abstract: Small denominations play a special role in a payments ecosystem because they facilitate exchange for small-value goods and services. This report examines the $1 bill holdings of adults in the United States using data from the Diary of Consumer Payments Choice (DCPC). Simply knowing the number of $1 bills in circulation is not useful for understanding consumers' actions, since many of these bills are held by merchants. The costs and benefits to the consumer of carrying $1 bills have been largely ignored in the policy discussion of the costs of switching from dollar notes to dollar coins. Knowing the facts about U.S. adult consumers' holdings of $1 bills represents a first step toward gaining an understanding of these costs and benefits to consumers.

Keywords: $1 bill; Diary of Consumer Payment Choice; currency denominations; money demand (search for similar items in EconPapers)
JEL-codes: D14 E41 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2015-01-01
New Economics Papers: this item is included in nep-mac and nep-mon
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