Introduction and overview
The early development of coins and paper currency
Size and composition of global currency supplies, and the share held abroad
Holdings of currency in domestic legal, tax-paying economy
Currency demand in the underground economy
Seigniorage
A plan for phasing out most paper currency
The cost of the zero bound constraint
Higher inflation targets, nominal GDP, escape clauses and fiscal policy
Other paths to negative interest rates
Other possible downsides to negative nominal policy rates
Negative interest rates as a violation of trust and a step away from rule-based systems
International dimensions to phasing out paper currency
Digital currencies and gold
Conclusions.