The article challenges the idea of a cashless society by investigating how much U.S. currency is held overseas. By analyzing confidential data on cash shipments abroad, the researchers found that less than 25% of U.S. currency is actually held overseas, contrary to previous estimates of 65%. They also discovered flaws in indirect methods used to estimate overseas holdings. The decline in demand for U.S. cash abroad coincided with the rise of the Euro as a popular second currency. These findings have important implications for understanding the domestic money supply and monetary aggregates.