WEBVTT - 9 Fascinating Facts about Money

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<v Speaker 1>Guess what, mango, what's that will? So did you know

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<v Speaker 1>that when Abe Lincoln created the Secret Service, they actually

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<v Speaker 1>weren't meant to be presidential bodyguards. Then why were they created? Well,

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<v Speaker 1>their whole reason was to suppress counterfeiters, which is of

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<v Speaker 1>course ironic. It was actually the day of his assassination,

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<v Speaker 1>or that morning that Lincoln signed the legislation to create

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<v Speaker 1>this department. But the Secret Services job was actually to

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<v Speaker 1>go after all the fake money that was in circulation,

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<v Speaker 1>and in the process of this, they were targeting groups

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<v Speaker 1>like the KKK. You know, these guys were perpetrating financial

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<v Speaker 1>frauds against the government just left and right. And they'd

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<v Speaker 1>also go around training law officials and educating consumers about

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<v Speaker 1>things like fake bills. That's pretty crazy. So their focus

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<v Speaker 1>actually shifted over time. Yeah, so their duties changed when

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<v Speaker 1>McKinley was shot and there was this clear need to

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<v Speaker 1>protect the president, so Congress asked them to take that on.

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<v Speaker 1>But you know, for decades, the Secret Service was actually

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<v Speaker 1>part of the Treasury Department. In fact, at the time

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<v Speaker 1>they launched, it's estimated that between one third to one

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<v Speaker 1>half of the American money in circulation was counterfeit so

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<v Speaker 1>it's obviously one huge problem. Yeah yeah, But anyway, that's

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<v Speaker 1>just the first of nine facts we've got today about money.

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<v Speaker 1>So let's dive in. Y Hey, their podcast listeners, welcome

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<v Speaker 1>to Part Time Genius. I'm Will Pearson, and as always

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<v Speaker 1>I'm joined by my good friend Manges Ticketer and sitting

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<v Speaker 1>behind that soundproof glass, organizing his monopoly money, but organizing

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<v Speaker 1>it in a billful that I don't know if you've

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<v Speaker 1>ever played monopoly with Tristan. He honestly thinks the only

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<v Speaker 1>way to carry around and organize his monopoly money is

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<v Speaker 1>with this fancy billful that he has. But anyway, that's

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<v Speaker 1>our friend, then produce her Tristan McNeil, So I go.

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<v Speaker 1>I know we're talking about strange currencies and and things

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<v Speaker 1>that are tangentially related to cash. But when we were

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<v Speaker 1>talking earlier about how we were trying to raise money

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<v Speaker 1>as kids, I forgot to ask you, did you actually

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<v Speaker 1>collect an allowance as a kid? I didn't. It wasn't

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<v Speaker 1>how like my family functioned. And I don't know if

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<v Speaker 1>that many Indian families and and kids that got allowance

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<v Speaker 1>growing up, but I do know that my friends were

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<v Speaker 1>always interested in like money, making schemes, which doesn't surprise

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<v Speaker 1>me or I can imagine you doing this, but I'm curious, like, what,

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<v Speaker 1>what are some examples of your your get ridge schemes?

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<v Speaker 1>I mean, there were so many bad ideas that dog

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<v Speaker 1>magazine newspaper. I started with one of them. I remember,

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<v Speaker 1>like when I was in second grade, my cousins and

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<v Speaker 1>I always used to write plays and we'd force our

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<v Speaker 1>parents to sit and wash them. But then we'd also

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<v Speaker 1>ask for like money for the tickets, and that just

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<v Speaker 1>feels like doubly bad for the parents who had to

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<v Speaker 1>sit through these awful plays and I had to give

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<v Speaker 1>us a quarter to watch or whatever. But you know,

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<v Speaker 1>my friend Howard and I had the ski and this

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<v Speaker 1>is later, when we were in sixth grade, we saw

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<v Speaker 1>that um Reader's Digest used to pay like fifty dollars

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<v Speaker 1>or hundred dollars for jokes that they published, and we

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<v Speaker 1>had this whole idea that, you know, we're these sophisticated

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<v Speaker 1>sixth graders. Our jokes were far too good. But you know,

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<v Speaker 1>maybe if we appirst the fourth graders got them to

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<v Speaker 1>tell us their best jokes, then we could just turn

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<v Speaker 1>around and sell those direaders Digestros and Men's Profit. You know,

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<v Speaker 1>we're kind of too wazy to actually enact it. But

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<v Speaker 1>you know, when you think about it, it's not like

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<v Speaker 1>Reader's Digest was just thinking, you know, we really need

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<v Speaker 1>a lot of jokes about underwear and broccoli, and people

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<v Speaker 1>submitted will just pay for all of them. So it

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<v Speaker 1>really wasn't a well thought out scheme. Yeah, but pretty

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<v Speaker 1>funny actually. You know, our our friend Joe did that

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<v Speaker 1>episode of Committed where the stories about this woman who

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<v Speaker 1>falls in love and marries this homeless gentleman, and it's

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<v Speaker 1>a great story, but you know, one of the parts

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<v Speaker 1>I found most memorable was that he was always on

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<v Speaker 1>the hunt for loose change. I remember them talking about

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<v Speaker 1>this in the episode, that when they'd go on the walks,

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<v Speaker 1>he'd always be looking down or looking around in different places,

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<v Speaker 1>and that's because he was always hunting for money. And

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<v Speaker 1>he said he'd find something like eighty euros a week

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<v Speaker 1>that way. So I was actually looking up a fact

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<v Speaker 1>about this, and Americans actually throw out over sixty million

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<v Speaker 1>dollars in coins every single year, which is staggering, Like,

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<v Speaker 1>I can't imagine how rich we'd all be if we

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<v Speaker 1>went home and searched our couches today, no kidding, Well

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<v Speaker 1>that is my second fact this morning. So I think

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<v Speaker 1>it's time to give you a turn. So what do

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<v Speaker 1>you want to kick things off with? Well, how about

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<v Speaker 1>sticking with your counterfeit idea, and let's talk a little

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<v Speaker 1>bit about super notes, which are a series of counterfeit

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<v Speaker 1>fifty and more often hundred dollar notes. And these are

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<v Speaker 1>super impressive. They're printed on this cotton fiber so they

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<v Speaker 1>feel like money, and according to Slate, they have just

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<v Speaker 1>the right amount of blue and red fibers in it.

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<v Speaker 1>These are the features that the government uses for security,

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<v Speaker 1>so it ends up being really hard to spot in

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<v Speaker 1>the wild. And you know, the government now has ways

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<v Speaker 1>of detecting these, but for a while in the nineties

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<v Speaker 1>and two thousand's it caused a lot of chaos, and

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<v Speaker 1>the reason there in exist stince has been debated. So

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<v Speaker 1>some people actually think it goes back to some printing

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<v Speaker 1>equipment that the Shah of Iran bought from the US

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<v Speaker 1>in the nineties seventies, and somehow that equipment was sold

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<v Speaker 1>off to a different country and then duplicated elsewhere and

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<v Speaker 1>the government isn't sure where this started. But what we

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<v Speaker 1>do know is who profited from the supernotes, and clearly

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<v Speaker 1>that's North Korea. Officials actually believed that the rogue nation

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<v Speaker 1>has made over twenty five million dollars by printing and

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<v Speaker 1>circulating the fake currency. And in fact, just last year

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<v Speaker 1>there were these newly printed notes discovered at a South

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<v Speaker 1>Korean bank and it's made authorities nervous that the North

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<v Speaker 1>Koreans are added again, Well, I'm gonna stick with that theme. Actually,

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<v Speaker 1>just read this an article about this that Adobe Photoshop

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<v Speaker 1>actually detects if you're trying to edit an image of

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<v Speaker 1>currency and it won't let you manipulate it or or

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<v Speaker 1>print it, which is, you know, actually pretty smart. And

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<v Speaker 1>apparently the website hyper Allergic discovered that when they tried

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<v Speaker 1>to scan a Canadian five dollar bill into the system.

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<v Speaker 1>This was a few years ago, they did this story.

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<v Speaker 1>They even detect the bill where a minister on the

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<v Speaker 1>note was altered to look like spock and so it

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<v Speaker 1>wouldn't let the author pull the image in And actually

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<v Speaker 1>this is true for a lot of international currencies. That's

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<v Speaker 1>really cool, Like, I don't think I realized that that

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<v Speaker 1>software in particular was capable of deciphering what you're working on.

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<v Speaker 1>But I do feel like if you're a dumb criminal,

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<v Speaker 1>like photoshop and Xerox machines are the first place you're

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<v Speaker 1>gonna go, right, Definitely, definitely. So speaking of international currency,

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<v Speaker 1>here's a cute one. So a couple of years ago,

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<v Speaker 1>there was this petition online that was circulated to rename

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<v Speaker 1>the Australian dollar and people wanted to call it the

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<v Speaker 1>dollar we do, which I can is based on a

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<v Speaker 1>Simpsons just Simpsons, yeah, and I love it, but you know,

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<v Speaker 1>the Australian site nine dot com pointed out that this

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<v Speaker 1>actually isn't the first time that the Australian government has

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<v Speaker 1>ignored suggestions for renaming the money, even though they got

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<v Speaker 1>fifty signatures. So way back in the sixties, Australia stopped

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<v Speaker 1>using the pound and they switched to a new currency

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<v Speaker 1>and at the time, the government decided to crowdsource ideas

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<v Speaker 1>a currency name, and the public came up with a

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<v Speaker 1>lot of ideas and here's part of the list. They

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<v Speaker 1>wanted to call it the oz, the koala, the emu,

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<v Speaker 1>the boomer, the kanga, the rue of course, the dinkum,

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<v Speaker 1>which is my personal favorite, and the quid spelled k

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<v Speaker 1>w I d for some reason. I guess that's Australian

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<v Speaker 1>for Quinn. But the government, of course, in the end

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<v Speaker 1>just settled on Australian dollar. I'm glad they did such

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<v Speaker 1>a big brainstorm to come up with the Australian dollar.

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<v Speaker 1>But all right, well, I gotta really gross one here.

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<v Speaker 1>You know, I'm kind of a germophoe. But this was

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<v Speaker 1>a two thousand seventeen study and researchers were taking these

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<v Speaker 1>one dollar notes and they would swab them, and they

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<v Speaker 1>got these from a bank in New York City, and

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<v Speaker 1>what they were trying to do was just to see

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<v Speaker 1>what was living on these bills. And they found hundreds

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<v Speaker 1>of species of micro organisms, which isn't that shocking, But

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<v Speaker 1>they found things like E. Coole I, Salmonella bacteria from

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<v Speaker 1>people's private which is I don't really know exactly all this,

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<v Speaker 1>the clubs all these one time, I don't I don't

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<v Speaker 1>know where they're coming from. But anyway, one of the

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<v Speaker 1>most abundant was actually the strain that causes acne. Oh

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<v Speaker 1>that's so gross. Also, money is so dirty. I think

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<v Speaker 1>about this all the time because, uh, you know, I

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<v Speaker 1>used to work as a cleric and video store and

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<v Speaker 1>and people are always hand you change and I remember

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<v Speaker 1>just counting quarters. At the end of it, my hands

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<v Speaker 1>would be filthy. It was so gross. Yeah, it's pretty

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<v Speaker 1>it's pretty gross. So you know, the research shows that

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<v Speaker 1>bank notes that use plastic polymers, and these are like

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<v Speaker 1>the ones they use in Canada and also Australia. I

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<v Speaker 1>think they end up being much cleaner than the US bills,

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<v Speaker 1>which is really interesting. I I do wonder if people

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<v Speaker 1>have clearer skin in those countries as a result, if

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<v Speaker 1>they're not typing, don't have to conduct a study. Well,

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<v Speaker 1>here's the fact that I like, have you ever heard

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<v Speaker 1>of brook shares burke shares? So this was a currency

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<v Speaker 1>that got started in the Berkshires in Massachusetts, and this

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<v Speaker 1>was in two thousand and six, and the idea was

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<v Speaker 1>that they wanted to have their own regional currency to

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<v Speaker 1>encourage people to buy locally. So you can actually take

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<v Speaker 1>your federal currency, which is U S dollars and and

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<v Speaker 1>then go to one of the five regional banks there

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<v Speaker 1>that supports this and exchange for one Berkshire and the

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<v Speaker 1>idea is that you'll spend more in one of the

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<v Speaker 1>four local shops that accepts it. The idea is to

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<v Speaker 1>promote I don't know, like like buying from your local

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<v Speaker 1>toy store over Amazon, or supporting like the farmers markets

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<v Speaker 1>or whatever, and then foster community in the process. And

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<v Speaker 1>I don't know, it's a really fun idea. But another

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<v Speaker 1>aspect of it that's interesting is because the money's new, Uh,

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<v Speaker 1>you can put whatever you want on it. So some

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<v Speaker 1>of the bills have Mohicans on them. Uh, they've got

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<v Speaker 1>a W. E. B. Du Bois, Norman Rockwell is on

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<v Speaker 1>the bill. I don't know, I haven't seen these, but

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<v Speaker 1>but they seem really fun. Huh. All right, Well, I

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<v Speaker 1>know we've got a couple more facts to go, but

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<v Speaker 1>why don't we take a little break first. You know,

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<v Speaker 1>during the break you and I were talking about how

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<v Speaker 1>we both have so many one line facts that belong

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<v Speaker 1>in this category. So I feel like we should change

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<v Speaker 1>the format a little bit here. I hope it doesn't

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<v Speaker 1>make listeners too dizzy if we do this, but we're

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<v Speaker 1>gonna abandon that commitment to just nine facts and maybe

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<v Speaker 1>do a little rapid fire back and forth. What do

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<v Speaker 1>you say? Yeah, I'm totally for this, So why don't

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<v Speaker 1>I kick it off? Do you know that Teddy Roosevelt

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<v Speaker 1>hated putting the phrase in God we trust on money.

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<v Speaker 1>He actually thought it was sacrilegious. Well. Ben Franklin, I know,

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<v Speaker 1>would agree because the first coins he printed were engraved

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<v Speaker 1>with the phrase mind your business. I love the idea

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<v Speaker 1>of mind your business, our money. So some of the

0:10:46.920 --> 0:10:50.360
<v Speaker 1>first American coins, known as half times a k Nichols,

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<v Speaker 1>were made from Georgie and Martha Washington's recycled silverware. Isn't

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<v Speaker 1>that amazing? That's pretty cool? Yeah, do you know you

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<v Speaker 1>can actually help reduce the national debt by donating money

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<v Speaker 1>to the US Department of the Treasury. They actually accept donations,

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<v Speaker 1>and every year, believe it or not, a lot of

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<v Speaker 1>people actually donate. Do we do We need to like

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<v Speaker 1>link to a ghost fund me so that people can

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<v Speaker 1>know how to donate to the to the Treasury. I'm

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<v Speaker 1>sure people will be racing to give money to the Yeah.

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<v Speaker 1>So US bills used to be considerably larger, and people

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<v Speaker 1>often referred to them as horse blankets. So I know

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<v Speaker 1>you're probably curious about this. If you want to use

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<v Speaker 1>in a sentence, you might say something like, do you

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<v Speaker 1>have any horse blankets on you? I need to get

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<v Speaker 1>some fredos from the vending machine. Yeah, I'm pretty sure

0:11:30.679 --> 0:11:33.920
<v Speaker 1>that's that's exactly what you would say. But all right, Well,

0:11:33.960 --> 0:11:37.400
<v Speaker 1>the highest denomination of US currency that's ever been produced

0:11:37.520 --> 0:11:40.720
<v Speaker 1>is the one hundred thousand dollar gold certificate, and they

0:11:40.760 --> 0:11:43.680
<v Speaker 1>made it for a very short time in the nineteen thirties,

0:11:43.720 --> 0:11:45.880
<v Speaker 1>you know, around the time of the Great Depression. Seems

0:11:45.880 --> 0:11:47.800
<v Speaker 1>like a great time to make a one hundred thousand

0:11:47.800 --> 0:11:51.600
<v Speaker 1>dollar gold certificate. So Larry Summers, who used to be

0:11:51.679 --> 0:11:53.680
<v Speaker 1>the Treasury Secretary, I'm sure you remember him from his

0:11:53.679 --> 0:11:56.640
<v Speaker 1>work at Harvard, He's pushed this idea that the government

0:11:56.679 --> 0:12:00.200
<v Speaker 1>should discontinue the hundred dollar bill because it makes agal

0:12:00.320 --> 0:12:04.040
<v Speaker 1>transactions so much easier. So there's people pushing for removing

0:12:04.080 --> 0:12:08.520
<v Speaker 1>the penny from circulation and the bill. That's interesting, all right, Well,

0:12:08.520 --> 0:12:11.800
<v Speaker 1>apparently the bill with the shortest lifespan of any denomination

0:12:12.080 --> 0:12:14.520
<v Speaker 1>is the ten dollar bill, and that's because it gets

0:12:14.559 --> 0:12:17.600
<v Speaker 1>handled the most. So a typical ten dollar bill will

0:12:17.640 --> 0:12:20.319
<v Speaker 1>only stay in circulation for about four and a half years.

0:12:20.559 --> 0:12:22.520
<v Speaker 1>That's crazy. I've actually read that it takes something like

0:12:22.720 --> 0:12:25.920
<v Speaker 1>four thousand double folds on a bill for it to tear.

0:12:26.120 --> 0:12:29.040
<v Speaker 1>But uh, how's that compared to other bills, which is

0:12:29.120 --> 0:12:31.400
<v Speaker 1>actually just think about that. That's one more reminder of

0:12:31.559 --> 0:12:34.000
<v Speaker 1>just how many people are touching a bill over some

0:12:34.280 --> 0:12:36.600
<v Speaker 1>period of time. You know, it surprised me a little

0:12:36.600 --> 0:12:39.240
<v Speaker 1>bit because I didn't realize that the ten dollar bill

0:12:39.320 --> 0:12:41.960
<v Speaker 1>was the most handled until I saw that fact recently,

0:12:42.200 --> 0:12:44.280
<v Speaker 1>or you know, passed around the most. I would have

0:12:44.280 --> 0:12:45.800
<v Speaker 1>thought it would have been the one, but the one

0:12:45.960 --> 0:12:49.040
<v Speaker 1>last for about a year long or so, about five

0:12:49.080 --> 0:12:51.960
<v Speaker 1>and a half years in circulation. Uh. Well, here's what

0:12:52.000 --> 0:12:54.840
<v Speaker 1>I like about Rembrandt and how gullible he was. Apparently

0:12:54.840 --> 0:12:57.520
<v Speaker 1>his students used to regularly punk him by painting fake

0:12:57.559 --> 0:12:59.599
<v Speaker 1>coins on the floor just to watch him try to

0:12:59.640 --> 0:13:02.959
<v Speaker 1>pick them off. I have to wonder, like how long

0:13:03.040 --> 0:13:05.280
<v Speaker 1>did this work for? I mean, I understand being gullible

0:13:05.280 --> 0:13:08.040
<v Speaker 1>and falling for it once maybe twice, but then you

0:13:08.080 --> 0:13:11.000
<v Speaker 1>start to get in there like why are you still

0:13:11.000 --> 0:13:14.440
<v Speaker 1>falling for this territory? But anyway, that's an amusing fact.

0:13:14.520 --> 0:13:16.199
<v Speaker 1>So I feel like I want to give this round

0:13:16.240 --> 0:13:19.000
<v Speaker 1>to you terrific. And actually I was gonna ask for

0:13:19.080 --> 0:13:21.960
<v Speaker 1>more money facts from our listeners, and we just got

0:13:21.960 --> 0:13:25.440
<v Speaker 1>one yesterday by coincidence from the wonderful Beverly Macintosh, and

0:13:25.480 --> 0:13:28.160
<v Speaker 1>this is what you wrote in In Britain, wealthy people

0:13:28.160 --> 0:13:31.000
<v Speaker 1>were usually buried inside the church under the stone floor.

0:13:31.280 --> 0:13:33.760
<v Speaker 1>As the bodies gassed off, the smell would come up

0:13:33.760 --> 0:13:38.080
<v Speaker 1>through the floor, thus instigating the phrase stinking rich. So

0:13:38.720 --> 0:13:41.240
<v Speaker 1>I love that. I feel like phrase origins are always

0:13:41.280 --> 0:13:44.439
<v Speaker 1>a little murky to to, you know, decipher, but I

0:13:44.880 --> 0:13:47.280
<v Speaker 1>really like that story and just how disgusting it is.

0:13:47.440 --> 0:13:49.960
<v Speaker 1>So that's a great story. Everly check your mail because

0:13:50.000 --> 0:13:52.160
<v Speaker 1>we want a pony express you something fun And for

0:13:52.200 --> 0:13:54.120
<v Speaker 1>the rest of you out there, keep sending in those

0:13:54.160 --> 0:13:56.520
<v Speaker 1>facts from Will Tristan, me and the rest of us

0:13:56.520 --> 0:14:02.600
<v Speaker 1>a part time genius. Thank you so much for listening

0:14:08.760 --> 0:14:10.800
<v Speaker 1>to the