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Posted: 3/9/2006 4:27:23 AM EDT

$10,000 bill sent to N.Y. for safe keeping
http://www.boston.com/news/nation/articles/2006/03/09/10000_bill_sent_to_ny_for_safe_keeping/
March 9, 2006

GREEN BAY, Wis. --A rare $10,000 bill is getting a new home. The bill -- one of 15 large-denomination bills at a Chase Bank branch in Green Bay -- was shipped to the bank's corporate archives in New York for safe keeping.



The $10,000 bill bears the likeness of Salmon P. Chase, for whom the bank was named. Chase was a U.S. senator who served as treasury secretary under President Lincoln.

The large bill was discovered in a bank customer's safety deposit box after the owner died 20 years ago. The woman's family exchanged the currency at face value, and the bank stored the bill in a plastic sleeve for protection.

But bank officials decided the bills would be safer at the JP Morgan Chase & Co. corporate office in New York. The bank sent the bills there last month by armored truck.

The government stopped printing bills larger than $100 in 1945 and hasn't issued any since 1969. The Green Bay bills were printed in 1934.

"The bills had been in our vault so long that many of us were sad to see them go, but we're glad to know that historic bills will be properly preserved," said Green Bay branch manager Carrie Liebhauser.
Link Posted: 3/9/2006 4:28:29 AM EDT
Don't worry, once run away inflation hits, the new ones they print will be used to buy a soda
Link Posted: 3/9/2006 4:32:44 AM EDT

Originally Posted By fight4yourrights:
Don't worry, once run away inflation hits, the new ones they print will be used to buy a soda



Two words: Weimar Republic.


From the inflationary period. 1000 mark note, with one billion marks overprinted in red. You had to at various points use a wheelbarrow of them to buy a loaf of bread.
Link Posted: 3/9/2006 4:36:13 AM EDT
[Last Edit: 3/9/2006 4:36:46 AM EDT by -M60_Gunner-]
Correct me if I'm wrong but since our monay is no longer based off the gold standard we could litteraly print however much of it we want because technically it's not worth a damned thing right?

ETA: Just what is it based on now???
Link Posted: 3/9/2006 4:40:03 AM EDT
The dead persons family exchanged it for face value ???

Seems to me a rare piece of currency like that would fetch at least twice the face value,especially from the bank who's founder is on the face of it.

Link Posted: 3/9/2006 4:42:53 AM EDT
I'd use it.
Link Posted: 3/9/2006 4:46:54 AM EDT

Originally Posted By -M60_Gunner-:
Correct me if I'm wrong but since our monay is no longer based off the gold standard we could litteraly print however much of it we want because technically it's not worth a damned thing right?

ETA: Just what is it based on now???




It's based on the "full faith & credit of the USA"


IE: We will take everything you own to pay that debt



Google "Fiat Money", or better yet, get the book "Creature from Jekyll Island" for an explanation of the 'Federal Reserve' (which is neither Federal, nor a Reserve)
Link Posted: 3/9/2006 4:49:02 AM EDT
The woman's family exchanged the currency at face value

WTF?

They must be loaded and justed wanted the bills to be safe.
Link Posted: 3/9/2006 4:49:31 AM EDT

Originally Posted By -M60_Gunner-:
Correct me if I'm wrong but since our monay is no longer based off the gold standard we could litteraly print however much of it we want because technically it's not worth a damned thing right?

ETA: Just what is it based on now???

"full faith and credit"
Link Posted: 3/9/2006 4:49:54 AM EDT

Originally Posted By fight4yourrights:

Originally Posted By -M60_Gunner-:
Correct me if I'm wrong but since our monay is no longer based off the gold standard we could litteraly print however much of it we want because technically it's not worth a damned thing right?

ETA: Just what is it based on now???




It's based on the "full faith & credit of the USA"


IE: We will take everything you own to pay that debt



Google "Fiat Money", or better yet, get the book "Creature from Jekyll Island" for an explanation of the 'Federal Reserve' (which is neither Federal, nor a Reserve)



+1,000 on the book!!
Link Posted: 3/9/2006 4:49:54 AM EDT
A $10,000 bill with serial number 1.

It would have taken way more than $10,000 to get it from my greedy ass.
Link Posted: 3/9/2006 4:51:09 AM EDT

Originally Posted By TrijiCog:
The dead persons family exchanged it for face value ???

Seems to me a rare piece of currency like that would fetch at least twice the face value,especially from the bank who's founder is on the face of it.




Probably 100 times more than face value. Put that thing up on Ebay and see how rediculous it could really get.
Link Posted: 3/9/2006 5:11:00 AM EDT

Originally Posted By -M60_Gunner-:
Correct me if I'm wrong but since our monay is no longer based off the gold standard we could litteraly print however much of it we want because technically it's not worth a damned thing right?

ETA: Just what is it based on now???



It's based on "what its worth" to put it simply.

If you printed more money, the "Economy" would realize their was more money available, so prices would go up because there are only so many goods and so many dollars. Milk would cost $10.00/gallon. Houses would suddenly cost $750,000 in the midwest.

Rush Limbaugh occasionally discusses something similar when discussing minimum wage. If $7.50 is a good wage, $10.00 is probably better. And $100/hour is even better. But, with minimum skill workers making $4000/week, the cost of everything will rise because there will quite suddenly be a higher demand for these items because of the large amount of cash in the economy.

Just remember, nothing occurs without affecting something else.
Link Posted: 3/9/2006 5:14:43 AM EDT

Originally Posted By ARDOC:
The woman's family exchanged the currency at face value

WTF?

They must be loaded and justed wanted the bills to be safe.




Exactly what I was thinking, they got seriously ripped off. I thought that bill was worth in the neighborhood of 50k or more
Link Posted: 3/9/2006 5:19:23 AM EDT

Originally Posted By ARDOC:
The woman's family exchanged the currency at face value

WTF?

They must be loaded and justed wanted the bills to be safe.



+1 Morons
Link Posted: 3/9/2006 5:26:01 AM EDT
I'd love to take one of those to buy a cup of coffee. "Got change for a 10,000?"
Link Posted: 3/9/2006 5:26:23 AM EDT

Originally Posted By UH_SALT_RIFLE:

Originally Posted By ARDOC:
The woman's family exchanged the currency at face value

WTF?

They must be loaded and justed wanted the bills to be safe.



+1 Morons




No kidding, just think of the guns and ammo
Link Posted: 3/9/2006 5:29:46 AM EDT

Originally Posted By fight4yourrights:
Don't worry, once run away inflation hits, the new ones they print will be used to buy a soda

Time-value concept of money, few people understand it. Imagine the worth of that bill when it was actually printed.
Link Posted: 3/9/2006 5:35:31 AM EDT

Originally Posted By fight4yourrights:

Originally Posted By -M60_Gunner-:
Correct me if I'm wrong but since our monay is no longer based off the gold standard we could litteraly print however much of it we want because technically it's not worth a damned thing right?

ETA: Just what is it based on now???




It's based on the "full faith & credit of the USA"


IE: We will take everything you own to pay that debt

+1



Google "Fiat Money", or better yet, get the book "Creature from Jekyll Island" for an explanation of the 'Federal Reserve' (which is neither Federal, nor a Reserve)

Link Posted: 3/9/2006 5:43:08 AM EDT
Most likley the big nuts at headquarters want it in their grubby little hands rather than the people in the branch
Link Posted: 3/9/2006 5:44:41 AM EDT

Originally Posted By -Absolut-:

Originally Posted By -M60_Gunner-:
Correct me if I'm wrong but since our monay is no longer based off the gold standard we could litteraly print however much of it we want because technically it's not worth a damned thing right?

ETA: Just what is it based on now???

"full faith and credit"



Is this a good thing or bad, and just why did we leave the god standard anyhow??
Link Posted: 3/9/2006 5:46:32 AM EDT
Link Posted: 3/9/2006 5:50:55 AM EDT

Originally Posted By Wave:
invest in gold



Yeah I figure even if civilization falls apart those with gold will be far better off.

What about silver and platinum, are they as good as gold to invest in?
Link Posted: 3/9/2006 5:51:01 AM EDT

Originally Posted By txgp17:

Originally Posted By fight4yourrights:
Don't worry, once run away inflation hits, the new ones they print will be used to buy a soda

Time-value concept of money, few people understand it. Imagine the worth of that bill when it was actually printed.



Yup, about $143K in today's dollars.
Link Posted: 3/9/2006 5:52:11 AM EDT
Link Posted: 3/9/2006 5:52:51 AM EDT

Originally Posted By dolanp:

Originally Posted By txgp17:

Originally Posted By fight4yourrights:
Don't worry, once run away inflation hits, the new ones they print will be used to buy a soda

Time-value concept of money, few people understand it. Imagine the worth of that bill when it was actually printed.



Yup, about $143K in today's dollars.



And those dumbasses traded it for face value... I don't care how rich you are that's just stoopid!
Link Posted: 3/9/2006 5:58:33 AM EDT

Originally Posted By fight4yourrights:
WATCH THIS VIDEO ABOUT THE 'FEDERAL RESERVE'



Link Posted: 3/9/2006 6:02:15 AM EDT

Originally Posted By -M60_Gunner-:


And those dumbasses traded it for face value... I don't care how rich you are that's just stoopid!



i'd love to do some tpe of website about stuff like that...with thoughts from the people involved about how they made their decisions. 'did you know the bill might bring 10x face value at auction? did anyone from chase offer more?' etc. and track the stories over time.

would be nice to include the guy who found a minty thompson in his wall and turned it into police. and see what he has to say if an amnesty is ever granted again.

Link Posted: 3/9/2006 6:04:46 AM EDT

Originally Posted By TrijiCog:
The dead persons family exchanged it for face value ???

Seems to me a rare piece of currency like that would fetch at least twice the face value,especially from the bank who's founder is on the face of it.



+1
Link Posted: 3/9/2006 6:05:29 AM EDT

Originally Posted By -M60_Gunner-:

Originally Posted By fight4yourrights:
WATCH THIS VIDEO ABOUT THE 'FEDERAL RESERVE'






He who has the money makes the rules.
Link Posted: 3/9/2006 6:06:55 AM EDT

Originally Posted By -RotorDemon-:

Originally Posted By -M60_Gunner-:

Originally Posted By fight4yourrights:
WATCH THIS VIDEO ABOUT THE 'FEDERAL RESERVE'






He who has the money makes the rules.




Link Posted: 3/9/2006 6:14:01 AM EDT

Originally Posted By TrijiCog:
The dead persons family exchanged it for face value ???

Seems to me a rare piece of currency like that would fetch at least twice the face value,especially from the bank who's founder is on the face of it.




I agree. What the fuck were they thinking? "Historical Significance" my ass.
Link Posted: 3/9/2006 6:44:43 AM EDT

Originally Posted By -M60_Gunner-:
Correct me if I'm wrong but since our monay is no longer based off the gold standard we could litteraly print however much of it we want because technically it's not worth a damned thing right?

ETA: Just what is it based on now???



That is exactly what they are doing.
"Hey Jack - President Bush just pledge a billion dollars for hurricane relief. Crank up the printing press!"

What is our currency based on now?
Without sugarcoating it - Faith.
Link Posted: 3/9/2006 6:50:22 AM EDT

Originally Posted By thedoctors308:

"Hey Jack - President Bush just pledge a billion dollars for hurricane relief. Crank up the printing press!"




Actually, someone from the Treasury gets authorization for debt. They walk over to the Federal Reserve, hand them the authorization. Fed Res guy pulls out a check book, writes a check for $1,000,000,000. That check is deposited, and the money goes into the system. MOst of it will be electronic.


Due to the money multiiplier effect, that one billion will become about 100 billion in the marketplace.


Now, the Fed wrote a check, right? Well the check is just that - there is no account, no money, no anything - that $1 billion came from thin air, and is multiplied into $100 billion - from nothingness.
Link Posted: 3/9/2006 7:00:50 AM EDT

Originally Posted By fight4yourrights:

Originally Posted By thedoctors308:

"Hey Jack - President Bush just pledge a billion dollars for hurricane relief. Crank up the printing press!"




Actually, someone from the Treasury gets authorization for debt. They walk over to the Federal Reserve, hand them the authorization. Fed Res guy pulls out a check book, writes a check for $1,000,000,000. That check is deposited, and the money goes into the system. MOst of it will be electronic.


Due to the money multiiplier effect, that one billion will become about 100 billion in the marketplace.


Now, the Fed wrote a check, right? Well the check is just that - there is no account, no money, no anything - that $1 billion came from thin air, and is multiplied into $100 billion - from nothingness.



Scary...
Link Posted: 3/9/2006 9:40:33 AM EDT
If I am remembering right, the last $10K bill that got public-auctioned went for $47,000.
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