Payday loans fit in a certain niche in personal finance, but the abuse caused by short terms and high interest rates causes a huge impact on the poor. But what about kids? Pocket Money is a lender focused on giving children small “payday” loans — even though they don’t get paychecks — and teaches them the hard, painful truths about borrowing money. (It’s not real.)
Priceonomics has a brief history of fake movie money, and the problems that come with it.
It may look like Monopoly money, but local currencies are really growing today — Governing magazine takes a look at these non-money monies.
I remember when I was a kid we went to Fort Detroit and I bought a little envelope with artificially-aged reprints of old U.S. and Confederate money inside. I know a lot of other tourist-traps sold this stuff, and over the years it has apparently lost the connection to souvenir status and people think they’ve got the real thing. Check this list before getting excited about your Confederate money: it’s likely to be a souvenir reprint like mine.
For hundreds of years, pounding coins into trees for good luck has made some interesting trees in Scotland.
Just imagine, if you will, what the world would have thought if Bitcoins emerged during the early internet childhood of the internet: it would probably look something like this.
Writer Mayke Blok has a ten yuan banknote that he can’t spend. There’s an anti-Chinese government text stamped on it, making it poison to carry around with you.
This might look like a cardboard box full of thousands of dollars in cash, but it’s actually a work of art worth thousands of dollars. Fooled you! The artist’s website, more by him.
Artist John Chirillo has created a work of art that required almost 15,000 one-dollar bills. Chirillo took each dollar bill, carefullly cut out the all-seeing eyes from the reverse, until he had a whole jar-full of ‘em. The whole lot of them were then mounted in rows, creating a fast expanse of eyes.
According to the notes in the Imgur page, all bills were put back into circulation. Legal? Yes: the mutilation wasn’t done to devalue or otherwise falsify the bills, and well over 2/3 of the original bill was intact. This means that banks and businesses would have accepted them fine, but pretty much the instant they made it to a reserve bank they’d have gone into a shredder to be replaced by crisp new bills.
The all-seeing eye on the back of the dollar is one of the most controversial parts of our money. First, its connection to Freemasonry squicks out a lot of people right off the bat. Created in 1935, the designer of the new dollar, Henry Wallace, found the symbol relevant and did some due diligence by asking a Catholic if he thought there’d be any problem with it. That hasn’t stopped Christians from going off the deep-end over its symbolism, though. From the other end, the recent overwhelming evidence of all-seeing government surveillance has brought the the all-seeing eye out as a symbol of the fascist surveillance state. As a symbol, I think it worked, although maybe not as the original engraver intended. When a symbol loses value, it just becomes an image lacking definition. When it becomes a representation of an important concept, good or bad, then some Milwaukee artist feeds off that meaning and spend three years of his life cutting tiny triangles out of dollar bills.
The buzzword these days is “altered art”, where people take one thing and cut it up, making something else — ‘collage’, what they called it back in the seventies when I was in school. Artist Mark Wagner makes complicated, beautiful, and psychedelic works purely from cut-up dollar bills:
But – wait – if cutting pennies for art is legal, then this must be OK, right?
Let’s check out the law. 18 U.S.C. § 333 says that:
Whoever mutilates, cuts, defaces, disfigures, or perforates, or unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, or Federal Reserve bank, or the Federal Reserve System, with intent to render such bank bill, draft, note, or other evidence of debt unfit to be reissued, shall be fined under this title or imprisoned not more than six months, or both.
Now that’s somewhat vague: what is “unfit to be reissued”? According to ArtTechLaw, creative uses generally don’t incur the wrath of the Secret Service — if you’ll remember, people messing with paper money is the reason Lincoln created the Secret Service. Like the coin law, enforcement of this part of the United States Code is primarily focused on destruction designed to affect the value of the money or affect the monetary system as a whole. Even when the Joker burned a huge pile of money, because it’s fiat money, with no inherent physical value, the Treasury can just print up a bunch of new sawbucks to replace what was destroyed. Part of the Treasury’s job is figuring out what to do with badly damaged money; if Mr. Wagner ever falls on hard times, he could probably carry his art right up to the Treasury’s front doors and nicely ask to have the money converted back into circulating bills. Hopefully it won’t ever come to that.