Coworker with money to burn.

JPSloan · Post by **JPSloan** » Thu Apr 28, 2005 7:37 am

Yeah, technically, we don't own the paper specie in our wallets. It's a security loaned to us by the federal government to represent the value of our wage, goods, and services. It simply represents value against our federal reserve... hence the terms "Federal Reserve Note". But at all times, it is still the property of the federal government.

Printing too much specie will relatively devaluate the federal reserve. At one time, there was an equal amount of real commodity to match all of the paper specie out there, but that has not been the case for a long time, which means the paper in your wallet represents a commodity with value that doesn't actually exist. It's all on faith.

Kind of harrowing when you think on it too much.

Which I shall now cease doing.

Rkolter · Post by **Rkolter** » Thu Apr 28, 2005 7:45 am

Side note - if you still have a "Gold note" - one backed by the US based on how much gold the government has, it is no longer backed by gold, even if the note continues to say it is. The technical answer for this is that the government gave everyone plenty of time to turn in their old money.

Technically, it's not even a valid bill anymore. However, I've never known anyone to turn one down. When they show up at banks, they are destroyed and returned with other damaged notes for valid currency.

Another side note - if you pull the little strip out of your 5, 10, 20, 50, or 100 dollar bill, it is no longer a valid form of currency.

Final side note - if you have a bill and it's torn apart, you must have at least 60% of the bill remaining to exchange it at a bank.

TheLoserHero · Post by **TheLoserHero** » Thu Apr 28, 2005 8:18 am

...I would have flying-side-kicked that guy to save the $100.

I got bus passes to buy, dangit!

BrownEyedCat · Post by **BrownEyedCat** » Thu Apr 28, 2005 9:38 am

rkolter wrote:Side note - if you still have a "Gold note" - one backed by the US based on how much gold the government has, it is no longer backed by gold, even if the note continues to say it is. The technical answer for this is that the government gave everyone plenty of time to turn in their old money.

Those still exist? Do they look the same/similar to newer money? Shoot, now I want one for my collection of not-so-rare money!

Rkolter · Post by **Rkolter** » Thu Apr 28, 2005 10:31 am

They exist. They look like modern US currency (well, small portraits). Except they say Gold Certificate on the back.

I've got a few, I think.

... incentive for you to come to the cookout this year... *waves gold certificate in front of BEC*

Warren · Post by **Warren** » Thu Apr 28, 2005 10:39 am

Smight wrote:If He's fired I'll take his job!

I'm in the market!

And I hear they pay REALLY well!

Rkolter · Post by **Rkolter** » Thu Apr 28, 2005 12:06 pm

Warren wrote:
Smight wrote:If He's fired I'll take his job!

I'm in the market!
And I hear they pay REALLY well!

... actually, they do. It's not hard to hit five figures in his position here. But, he's here still. Tonight I plan to rearrange his desk. He hates that.

War · Post by **War** » Thu Apr 28, 2005 12:48 pm

Our currency has the picture of the queen on it, so you're not allowed to destroy it because it counts as defacing an image of the queen. Again it's something that's not enforced.

If you're collecting money, go for limited edition prints. I don't know if other countries do this, or even if ours still does, but the Royal Mint used to produce limited edition notes. My dad used to collect money, we have the rarer stuff (I believe one of the notes is from a 100 run) framed on the wall in the computer room. Denominational value is

Warren · Post by **Warren** » Thu Apr 28, 2005 1:58 pm

rkolter wrote:
Warren wrote:
Smight wrote:If He's fired I'll take his job!

I'm in the market!
And I hear they pay REALLY well!
... actually, they do. It's not hard to hit five figures in his position here. But, he's here still. Tonight I plan to rearrange his desk. He hates that.

A little scotch tape over the optical sensor of his mouse also works wonders. It still works- mostly.