> $20 in 1900 is equivalent in purchasing power to about $718.66 today, an increase of $698.66 over 123 years. The dollar had an average inflation rate of 2.95% per year between 1900 and today, producing a cumulative price increase of 3,493.29%.
We'd need a denomination like a $5k bill just to be able to put as much cash in your pocket as a person could a century ago.
https://en.wikipedia.org/wiki/Large_denominations_of_United_...
Cash is terribly inconvenient to the powers that be. In addition to the irritating ability for me to transfer value to other people or companies without an overt trace, it puts a reasonable lower bound on the effective interest rate - you can't go much below 0% without people just paying to hold cash. It's not relevant right now, but a few years back, the noises about how awesome negative interest rates would be to properly stimulate demand were rather loud. There are a few books written as cover fire for this concept as well. If you put $1000 in your bank account today and will have $995 next year, may as well spend it to stimulate the consumer economy instead of "hoarding" it, right?
I know plenty of people, some I'm related to, who are full in on what amounts to "Well, they know everything anyway, why shouldn't I use the most convenient payment option?"