Sunday, September 23, 2012

funny money honey


That’s not wampum. It’s a bag of shredded money. I’ll sell you one, but know you can get it free at the Money museum in Chicago. My wife and I visited this free museum and brought home a few bags of money. There you’ll see wampum on display there too. The New England colonies noticed the native Americans’ wampum and used it as a medium of exchange. The Dutch settlers start mass producing it.





As you know, we don't exchange wampum with fur traders anymore.  I suspect the number of fur traders peaked long ago.  The museum offers a short live presentation with a Q&A session.  Explaining the operation of Federal Reserve is the main focus.  They don't teach you counterfeiting but you do learn the various techniques they use to prevent it.

I was surprised to learn the Federal Reserve Bank system is less than a 100 years old.  It was established in 1913.  Before that regional banks printed their own money.

a million dollars in twenties

Besides learning about our currency and banking system a visitor gets to see lots of money.  In the museum you can see more than 3 million dollars (three piles of a million each are on display).  In telling the history of currency you see many old bills one of which recently sold for over 2 million dollars at auction.

a million dollars in $100 dollar bills

a million dollars in $1 dollar bills

The cube of a million dollars is about 4 feet on each side.  The $1 dollar bills inside appear to be old ones that were probably going to be shredded.  That's is one of the activities going on in the lower floors of the building we were in.  Hundreds of millions of bills travel through the place and the bills coming in are processed through a machine that detects worn-out and counterfeit bills.  Many millions in currency is shredded there every work day.  The building's vaults hold billions of dollars.

Quick question - What is the largest face value bill circulated in US currency?  (select/highlight the green box for the answer$100 bill

You can find your money's worth of pictures at Unknown Mami's blog (of course it's free)- click the button


Unknown Mami

16 comments:

Judy said...

I love money. This is fantastic.

Bearman Cartoons said...

How heavily guarded is that block of ones and how heavy??

Lilly said...

That was interesting Bill. Our largest bill is a $100 note too but all our notes $5, $10, $20, $50 and $100 are all in different colours not the same colour as yours. Its just money hey? So what kind of security do they have there as that million dollars sure looks tempting lol.

lisleman said...

I think it was 2000 lb. or so. I can't imagine anyone trying for the big cube. The other two piles at least were as large. I believe we were on one or more security cameras the whole time. There were multiple guards in the building.

lisleman said...

Yes I think most countries have more color than us. They are adding color to the new $100 which is due out in maybe a year. The security was like the airport. Empty pockets go through a metal detection and show a picture ID.

Single Mom in the South said...

I remember a similar experience on a field trip to the mint in Philadelphia in middle school. Fun Sunday Tour!

(I edited my Fragments post on Friday on behalf of you and Laurie of Honduras Gumbo~ you both had the same question!)

joanne said...

A company I worked for had a sales promotion with five hundred and one thousand dollar incentives. Paid in a real bill. I had to buy them from a coin dealer; don't know where he got them.

Kathy said...

I too like money....but it never hangs around long with me! My BIL is a dentist and still does trade for people that have little money but a skill or product. He is hunting right now with a guide with pearly whites!

lisleman said...

My post got you thinking of a middle school memory - cool. Thanks for decoding the LB and CB on your post.

lisleman said...

I believe 500 and 1000 bills were taken out of circulation in 1969. I think they stop printing new ones years before they are removed. So the coin dealer got more than face value for the bills then? Interesting sales promotion. thanks for sharing.

Secret Agentwoman said...

I actually find 100 dollar bills inconvenient - not many people like to have to break them for you. So when someone does hand me one I add it to the bank deposit of checks that I'm making.

Joanna Jenkins said...

Who knew?!? A bag of money-- even shredded-- is very cool. And the 4 foot money cube-- I'm putting that on my birthday wish list ;-)
Thanks for sharing this. I showed it to godson and his eyes grew wide-- Now he's googling it!
Happy SIMC, jj

lisleman said...

thanks - wow that would be some birthday present! I wonder if drug dealers give those types of gifts?

lisleman said...

the 100 dollar bills are the most popular outside of the US. It makes sense since they are probably converted to local currency anyway. It's most popular one to counterfeit too.

unknownmami said...

If you are going to give me money, it better not be shredded.

lisleman said...

you could paste it on your bag. Greenish hair? Other than giving it to the grandkids, I can't think of any use for it.

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