Having a supply of cash makes sense for the simple fact you might not be able to get it when you need it most, but what could you possibly need cash for if you were a good prepper and have your fully stocked bug out bag and your BOV with a full tank of gas?
I can see situations where a cash bribe might get you past security or could buy your temporary safety. There could be checkpoint guards who could be swayed to let you past if you empty out your wallet and having some cash could facilitate your escape. What about being able to purchase a ticket on a train, plane or some other means of transportation out of a country that is collapsing? It happened all the time in Germany back before WWII. There isn’t any reason to think we in the US would be immune from needing to migrate ourselves if it got bad enough.
Cash could still be used to purchase supplies if you were out ahead of the panic or were prevented from leaving. If you needed to purchase additional fuel along the route for example and you found a gas station that was only accepting cash, you would be in luck. I think most people might not realize the effects of a currency collapse or revaluation of the dollar, but if you were on top of your game, you could find someone still accepting cash that could for all intents and purposes be worthless.
I try to keep as much cash as possible where I can access it relatively quickly without needing to go to the ATM or bank. If I had to bug out I would be taking all the cash I had with me. I don’t have tens of thousands of dollars or anything like that so weight isn’t really a consideration.
Money in smaller denominations will probably be better to take with you on one hand because people might be less likely to make change.
I don’t imagine anyone is going to worry about getting change for a dollar back but if you needed something that cost $5 and you only had a $100 bill that might hurt a little more. $20, $10 bills seem to make the most sense for regular day-to-day transactions where in a society like Greece, the stores are open but capital controls are keeping you from freely accessing your cash. You could use these small bills at stores to purchase food, pay for meals etc.
In a total collapse though, $100 bills might be needed or could be used more appropriately for extreme inflationary prices. If gas went to $100 a gallon, and you could find someone selling, that $100 bill could spend nicely. Flashing a $100 bill to buy your way through a checkpoint is instantly recognized and might get you through faster than a stack of $20s. I keep a mix of both, but the overwhelming majority is smaller bills ($20). I think if I had $1000 in my bug out bags that would cover me for most conceivable disasters so that is what I plan for.
I would not keep all your money in whatever form together. Store some in a shirt pocket maybe. Some in one pants pocket, some in the wallet, maybe more in a fake wallet, maybe a shoe or elsewhere. You don’t want to get robbed of all your cash in one instant. Diversifying where you have your money could allow you to act like you are giving a bad guy or even a someone driving a hard bargain that you have given them all you have.
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