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Before bitcoin, how could you swap digital money for cash, and what limits?

Research question: Before bitcoin, how could a user of a digital money service turn its units back into real cash, and what daily or monthly limits applied to that cash-out?

The records show that E-gold customers could ask the operation to exchange their units for national currency, or have it sell precious metals to do the same, once approval was received ¹. Exchangers were typically the only route to national currency short of taking physical precious metal ², and each set its own limits on the currency types and amounts it accepted, with some taking cash and money orders ³. The OmniPay bill-payment service let a customer cash out by having a check sent to a named individual or creditor ⁴. The records do not state any daily or monthly cash-out limits; they show only that E-gold earned a 'spend' fee on each exchanger conversion ⁵.

Checked 2026-10-18. Only documented and supported facts are used.

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Sources

[1] documented

E-Gold customers could ask the E-Gold operation to exchange their E-Gold units into national currency, and the operation could also sell precious metals to accomplish the same, once approval was received.

"The restraining order does not limit the E-Gold operation’s ability to use its existing funds to satisfy requests to exchange E-Gold into national currency for customers of non-seized accounts, or its ability to sell precious metals to accomplish the same, once approval has been received."

PDF Digital Currency Business E-gold Indicted for Money Laundering and ...

[2] documented

Exchangers were typically the only way users could convert e-gold back into national currency, short of taking possession of the physical precious metal.

"Exchangers also exchanged “e-gold” back into national currency and were typically the only method by which users could obtain the value out of an E-GOLD account"

PDF United States District Court for The District of Columbia

[3] documented

Each exchanger set its own terms on the types and amounts of national currency it would accept, and some exchangers accepted cash and money orders.

"Each exchanger set its own terms and conditions on the types and amounts of national currency that would be accepted for exchange. Some only accepted transfers from banks or credit card accounts. Others accepted cash and money orders."

PDF United States District Court for The District of Columbia

[4] documented

E-gold's OmniPay bill payment service let a customer cash out e-gold by having a check sent to any individual or creditor the customer named.

"Through this service, a customer could place an order with OmniPay requesting to cash out his or her “e-gold” via check made payable to any individual or creditor specified by the customer."

PDF United States District Court for The District of Columbia

[5] supported

E-gold earned a 'spend' fee on every exchanger conversion of e-gold back into national currency performed for its customers.

"In every transaction where an “e-gold” exchanger converted national currency to “e-gold,” or “e-gold” back to national currency for the benefit of its own customers, the E-GOLD operation earned a “spend” fee."

PDF United States District Court for The District of Columbia