The Death of Cash?

Imagine walking into your favourite café, ordering a latte, and being politely turned away because you only have cash. Sound absurd? It’s quickly becoming reality. Major retailers and restaurants are going cash-free, igniting a debate: Should businesses legally be required to accept cash?

To understand how we went from trading cows to tapping our phones for coffee, we need to look at the past.

The concept of "money" dates to around 9000 BCE, when humans domesticated animals and began exchanging them for goods. This was classic quid pro quo—Latin for "something for something." You give me one cow, I give you 10 kilograms of wheat. Simple, right?

But as societies grew more complex, so did the problems with this system. What if you didn’t want my wheat? What if a cow was too valuable for small trades, and I only needed a couple apples? Barter relied on a double coincidence of wants—both parties needing exactly what the other had at the same time. Clearly, this wasn’t scalable.

By 1300 BCE, people across Europe, Asia, and Oceania were using seashells as currency. The Chinese took it up a notch around 1000 BCE, crafting imitation shells out of bronze and copper. Then, in 700 BCE, Lydia (modern-day Turkey) minted the world’s first coins, made from a gold-silver alloy called electrum. These shiny little discs spread through trade routes and eventually reached Britain by 200 BCE, brought by Celtic traders. By 43 AD, during the Roman occupation, Britain had adopted Roman coins, which standardised commerce across the Empire.

China was the first country to use paper money, introducing banknotes in the 7th century. Europe caught up centuries later, with Sweden issuing its first notes in 1661.

Meanwhile, in England, The Bank of England was established under the Tonnage Act 1694. When customers would deposit at the Bank of England, they would get a receipt. These receipts for deposited gold coins carried a ‘promise to pay’ the bearer on demand. The Promissory Notes Act 1704 soon made the ‘promise to pay’ legally enforceable, boosting public confidence in paper money.

Fast-forward to 1797, and the Bank of England introduced its first ever one pound note. By the 19th century, as the Industrial Revolution roared ahead, banknotes became indispensable. The Bank Charter Act 1844 cemented the Bank of England’s monopoly on issuing banknotes in England and Wales. Backed by the gold reserves, this system ensured that anyone could exchange a troy ounce of gold (worth £4.25 at the time) for a bank note, and vice versa. However, during World War I, the Currency and Bank Notes Act 1914 suspended the gold standard, as the government needed to cover wartime expenditures.

After the war, the gold standard was reintroduced with the British Gold Standard Act 1925, but economic realities made it unsustainable. By 1928, smaller denominations were introduced, and the Bank of England took full control of issuing notes. Then, on September 21 1931, Britain abandoned the gold standard altogether, severing the link between money and gold. This was made possible through a suspension of Section 1(2) of the Gold Standard Act 1925, which required the Bank of England to sell gold at a fixed price. From then on, the pound’s value rested on the credibility of the government and the Bank of England.

So, we’ve gone from trading cows and seashells, to precious metals, and then paper notes.

Then, in 1966, something revolutionary was introduced in the UK. You could enter a store, sway a shiny plastic card around, and walk out with your goods. Credit Cards marked the beginning of a new era in consumer finance. However, rules were needed, and the Consumer Credit Act 1974 was enacted to keep this brave new world in check. It gave vital protections, ensuring clear terms, limiting liability for fraud, and other guarantees. Then the Financial Services and Markets Act 2000 established the Financial Authority Conduct (FCA) to oversee this increasingly complex financial system. The FCA became the referee, ensuring fair play, market integrity and healthy competition.

But the innovations did not stop there. In 2004, Chip & Pin made card payments more secure. In 2007, Contactless payments entered the scene. Buying your morning coffee with just a tap became possible, at least in theory, as the technology was not widespread yet. Meanwhile, the Payment Services Regulations 2009 opened the door for non-banks like PayPal to join the payment market, boosting transparency and consumer confidence. Coincidentally, Bitcoin emerged the same year. By 2014, Apple announced Apple Pay, and things really started moving. Shortly after, Transport for London (TFL) began accepting contactless payments.

Now, in 2025, the cashless revolution is well underway. Big names like Nando’s, Pret a Manger, M&S Cafes, Gail’s, and Pizza Hut are already cash-free. Although cash is a rare sight, many are still not ready to let it go. This is a growing trend that sparked a heated debate. In fact, over 33,000 people signed a petition to make it unlawful for shops to refuse cash payments.

Why the pushback? Well, when people pay electronically, a small fee goes to the payment provider. That money is then spent elsewhere, incurring another fee, and so on, until the original amount dwindles away. On top of that, every electronic transaction leaves a digital footprint, creating a trail that can be tracked and monitored.

Even with all the convenience and security that cashless payments offer, the pushback reminds us that cash still holds value for many people. It’s private, tangible, and doesn’t rely on tech or systems that might fail or exclude the vulnerable.

The big question is: Are we giving up too much for convenience?

From cows to seashells, precious metals to paper, and now digital wallets, the journey of money shows just how adaptable we are as a society. We cannot be sure what will come next, but the balance tips in favour of digital payments.

And whatever the future holds, two things are certain: the story of money is far from over, and legislation will continue to shape these changes.