I know, and you rarely see a $50 (in fact many places will refuse to take notes larger than $20) despite the fact that $20 notes were common in the 80s and a $50 is similarly valued now.
Naturally. My grandfater did business meetings in NYC, and a lot of restaurants even didn't take charge cards (credit cards weren't even a blip on the radar). He would probably bring a few thousand dollars in cash with him on those trips.
I can't imagine carrying that much cash, even before the bump for inflation!
* or Eftpos cards, if you're in Australia or New Zealand.