Will paper money become obsolete? The question triggered a memory of something I saw while standing in line at McDonald's. A man in biker shorts at the front of the line reached into his pants (not the pockets mind you) and pulled out a wad of bills.

The poor kid behind the cash register didn't know what to do. He just stood there with a sick look on his face, not reaching out for the cash. Finally taking it, he placed it in the cash register and those in line behind him received it as change.

That memory alone is a good argument for eliminating cash from our society. And if you only knew how many times a bank teller washes his hands because of dirty, gummy fingers from counting out his dollar bills.

But it isn't going to be up to us. Cash is already slowly being eliminated.

I just pulled out a dollar bill to make sure I got the wording right. It says, "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS PUBLIC AND PRIVATE." However, when was the last time your rental company allowed you to pay the rent with cash? Many rental agreements state that cash will not be accepted, stating security risk to be the reason.

I received a letter from my trash hauling company saying after January they no longer would be able to accept cash payments. Then they listed other options such as paying online, by check or credit/debit card.

It's common to see limits placed on cash acceptance as well. We used to see small placards by a cash register that said, no $100 bills accepted. Then gas stations put out a sign letting customers (and robbers) know that the safe is time-locked and none of the employees can open it.

Now it's common to see a notices of "no bills over $20 accepted."

Cash is on the down slide.

Plastic is the preferred vehicle for purchases. Both debit and credit cards have built in processes that guarantee payment to the merchant. Even if a stolen card is used, the merchant will be paid. Cash, on the other hand, can be counterfeited. If a merchant receives a counterfeit bill, he is obligated to surrender it rather than have it replaced by the banking system.

In the old days, merchants had a printout from the credit card company letting them know which cards were stolen or over the limit. Today, a stolen or over-the-limit card is blocked instantly by computer.

With debit and credit card purchases being regulated by the card issuing company, plastic is fast becoming more reliable than good old fashioned cash which can be counterfeited.

Learn more about this author, Lana Stockton.
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