The community was established in the mid-1890s by Edward H.R. Green, president of the Texas Midland Railroad. Originally called Sylvia, the area developed into a farming center. An attempt by residents to change the settlement's name from Sylvia to Money after local store owner John A. Money was rejected by postal authorities and the name Cash was substituted. A post office branch opened in 1895 with John A. Money as postmaster.
As of 2000, there were approximately 56 residents living in Cash. The community has a small volunteer fire department. An attempt to incorporate Cash as a city proved unsuccessful. Of the 79 ballots cast in the November 3, 2009 election, 62 (78.48%) voted against incorporation with 17 (21.52%) in favor. A separate vote was held to select three members who would serve as commissioners had the incorporation measure been approved. The three candidates – Jeremy Williams, Jason B. Monroe, and Cody Baise – received 17, 13, and 11 votes, respectively. These results were voided since the incorporation vote failed.