WEBVTT - 9 Things Hiding on Your Money

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<v Speaker 1>Guess what, mango?

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<v Speaker 2>What's that?

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<v Speaker 1>Well, so you may have heard this before, but did

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<v Speaker 1>you know there's actually a law that states that only

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<v Speaker 1>dead people can appear on us currency.

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<v Speaker 2>You know, I had heard that before. But what's funny

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<v Speaker 2>is like why did that become a law? Like why

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<v Speaker 2>was that important enough to put into writing?

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<v Speaker 1>It really is, it's weird, And I was wondering the

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<v Speaker 1>same thing. So I decided to look back at this,

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<v Speaker 1>and I'm glad that I did because it's it's kind

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<v Speaker 1>of a weird and fun story. But it goes back

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<v Speaker 1>to this superintendent of the National Currency Bureau, and it

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<v Speaker 1>was a guy named Spencer Clark, and this was back

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<v Speaker 1>in eighteen sixty six, so a long time ago, and

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<v Speaker 1>he oversaw the creation of what we're called fractional bills.

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<v Speaker 1>And I didn't remember a whole lot about these, but

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<v Speaker 1>these were bills that were not as big as regular ones.

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<v Speaker 1>They were five cent, ten cent, twenty five cent, and

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<v Speaker 1>these other denominations. But they were actually made because the

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<v Speaker 1>nation was dealing with a coin shortage. This was just

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<v Speaker 1>after the Civil War, and so Congress had asked the

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<v Speaker 1>Bureau to make a new fractional bill in honor of

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<v Speaker 1>William Clark. Now this is the Clark from Lewis and

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<v Speaker 1>Clark fame. But the document that was passed along to

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<v Speaker 1>Spencer Clark only said Clark. Now you may notice that

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<v Speaker 1>he had the same last name. So as a joke,

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<v Speaker 1>Spencer Clark decided to interpret that as being about himself,

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<v Speaker 1>and so he actually had the five cent bill made

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<v Speaker 1>with his own mug on it.

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<v Speaker 2>This is not a joke, Spency. That's pretty gutsy. How

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<v Speaker 2>did this joke go over well? About as well as

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<v Speaker 2>you could imagine. Congress was not at all please.

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<v Speaker 1>So Congressman Russell Thayer successfully pushed to have a law

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<v Speaker 1>passed that stated that hereafter, no portrait or likeness of

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<v Speaker 1>any living person shall be engraved or placed on any bond, securities, notes,

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<v Speaker 1>or postal currency of the United States. So that is

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<v Speaker 1>why only dead people can appear on money for now.

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<v Speaker 2>Because of Frank, I kind of love that.

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<v Speaker 1>I do too. And you know, that's really just one

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<v Speaker 1>of many fun facts about the things that we see

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<v Speaker 1>on our money, and that's exactly what we're talking about today.

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

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<v Speaker 1>part time Genius. I'm Will Pearson and as always, I'm

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<v Speaker 1>joined by my good friend mangesh Hot Ticketer and on

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<v Speaker 1>the other side of the soundproof glass showing off one

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<v Speaker 1>of the world's weirdest piggy bangs. It's this green pig

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<v Speaker 1>and for some reason it says dill piggle on it.

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<v Speaker 1>I don't really, I don't get it.

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<v Speaker 2>Yeah, I don't get it either, And apparently he isn't

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<v Speaker 2>alone in this. Like you can actually buy these on eBay.

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<v Speaker 2>They're marketed as the perfect piggybangs for foodies. For some reason.

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<v Speaker 1>That's another weird one from our friends and producer Tristan McNeil. So, Mango,

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<v Speaker 1>are you ready to talk money?

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<v Speaker 2>I am. I was thinking about money this week and

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<v Speaker 2>I immediately started thinking about Alex p. Keaton from Family Ties.

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<v Speaker 2>You over him, of course more than like Scrooge McDuck

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<v Speaker 2>or Richie rich or Gordon Gecko from Wall Street, Like,

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<v Speaker 2>this is the character I associate with money. And it's

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<v Speaker 2>all because of one scene that's somehow like stuck in

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<v Speaker 2>my head. It's uh. He was talking about how much

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<v Speaker 2>he loved money, and some other character would throw a

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<v Speaker 2>coin into a jar and he'd just identify it by

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<v Speaker 2>the sounds, so he'd be like nickel Quarter doing an

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<v Speaker 2>episode on money made me think of that, plus saying

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<v Speaker 2>Kristen's dill pickle bank.

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<v Speaker 1>Yeah.

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<v Speaker 2>Anyway, I do want to pick up where you left off,

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<v Speaker 2>and that's what people we find on our dollar bills

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<v Speaker 2>and specifically presidents. To me, it's pretty interesting that the

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<v Speaker 2>earliest coins and bills didn't actually have any presidents on them,

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<v Speaker 2>and that was partially because of George Washington and who

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<v Speaker 2>he was. He made it clear he didn't want his

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<v Speaker 2>image on any currency, despite other people pushing for it,

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<v Speaker 2>and this actually made sense because the US had obviously

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<v Speaker 2>been rebelling against the country that liked putting their heads

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<v Speaker 2>of states on their money, and instead the founding fathers

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<v Speaker 2>decided to use imagery that they felt symbolized the type

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<v Speaker 2>of government that they were aiming to build. So they

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<v Speaker 2>used things like an American eagle on one side and

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<v Speaker 2>then a Goddess of Liberty on the other, which is

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<v Speaker 2>super interesting because you know, while men and mostly white

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<v Speaker 2>men are on faces of money right now, like at

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<v Speaker 2>one point, women were better represented on some of our

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<v Speaker 2>earliest currencies.

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<v Speaker 1>So when exactly did president start appearing on our money?

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<v Speaker 2>If I tell you this does account as one of

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<v Speaker 2>my facts.

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<v Speaker 1>You know, it's interesting. I'm looking over Tristan and he

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<v Speaker 1>is nodding pretty aggressively, and he sets the rules around here,

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<v Speaker 1>so I guess it has to but I feel like

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<v Speaker 1>it's worth sharing anyway.

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<v Speaker 2>So the first president didn't appear on US currency until

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<v Speaker 2>nineteen oh nine, and that's one hundred and thirty three

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<v Speaker 2>years after the country was created, and right around one

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<v Speaker 2>hundred years after Lincoln was born. And that's actually how

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<v Speaker 2>it all got started. So Teddy Roosevelt was president at

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<v Speaker 2>the time, and he wanted to find a way to

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<v Speaker 2>celebrate that anniversary. He'd actually always a close connection to Lincoln.

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<v Speaker 2>I don't know if you remember this, but he'd attended

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<v Speaker 2>Lincoln's funeral procession as it moved through New York City

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<v Speaker 2>when he was a boy. I think he was six

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<v Speaker 2>years old at the time. When he became president, he

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<v Speaker 2>wore a ring that had strands of Lincoln's hair in it.

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<v Speaker 2>So when he actually had the power to do so,

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<v Speaker 2>he had a series of commemorative pennies made in Lincoln's honor,

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<v Speaker 2>twenty two million of them in fact, and the American

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<v Speaker 2>public seemed to like them so much that they just

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<v Speaker 2>stuck around and everyone kept making.

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<v Speaker 1>Them, and so that's what started at all, and presidents

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<v Speaker 1>just started showing up left and right on these coins

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<v Speaker 1>or what you know.

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<v Speaker 2>Surprisingly, it wasn't the floodgate you might imagine. It was

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<v Speaker 2>actually another twenty three years before another president appeared, and

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<v Speaker 2>that was Washington on a commemorative quarter in nineteen thirty two,

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<v Speaker 2>which of course was also a big hit. So the

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<v Speaker 2>mint just kept making them.

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<v Speaker 1>Oh that's interesting, all right, Well, I want to talk

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<v Speaker 1>for a minute about the ridges on our coins, you know,

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<v Speaker 1>the ones along the kind of the edge of the coin.

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<v Speaker 1>And I think most of us have heard that they're

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<v Speaker 1>there to help prevent counterfeiting, and you know, because it

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<v Speaker 1>makes it that much more detailed and hard to reproduce.

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<v Speaker 1>But there's actually a slightly different origin to these ridges

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<v Speaker 1>that I've never heard about. So in the earliest days,

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<v Speaker 1>the US meant coins were actually made of their actual

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<v Speaker 1>value in gold or silver or whatever precious metal, and

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<v Speaker 1>so that meant that a five dollars coin was actually

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<v Speaker 1>made of five dollars in gold. The problem was that

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<v Speaker 1>this metal was so valuable that people started just kind

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<v Speaker 1>of filing it down on the smooth edges of these coins,

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<v Speaker 1>and then they would sell off the shavings, and this

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<v Speaker 1>became known as clipping, and so those who were really

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<v Speaker 1>good at this could actually shave off just enough where

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<v Speaker 1>people wouldn't notice, and then they could still use those coins.

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<v Speaker 1>But that became much harder to pull off as the

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<v Speaker 1>ridges were put into place, because you know, if somebody

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<v Speaker 1>shaved off any coin, it would no longer have those ridges.

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<v Speaker 1>And so you know, even though those coins are no

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<v Speaker 1>longer made of these same precious metals, some still have

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<v Speaker 1>these ridges. And it actually turns out that preventing counterfeiting

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<v Speaker 1>isn't the only reason for that.

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<v Speaker 2>Is it just tradition then?

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<v Speaker 1>I mean, that's definitely one reason, because it was something

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<v Speaker 1>that was put in place a long time ago. But

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<v Speaker 1>one of the others is that it's actually another helpful

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<v Speaker 1>way for the visually impaired to tell what coin they're holding,

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<v Speaker 1>because some coins have the ridges and others don't, So

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<v Speaker 1>for example, you know, dimes have reeds, pennies don't, so

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<v Speaker 1>it you know, it makes a lot of sense when

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<v Speaker 1>you think about it, all right, Mengo, So what do

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<v Speaker 1>you want to talk about next?

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<v Speaker 2>Well, I do feel like we have to address the

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<v Speaker 2>fact that pretty much every bill we get our hands

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<v Speaker 2>on is disgusting.

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<v Speaker 1>And oh, so we do. We have to address this.

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<v Speaker 2>So there's this one two thousand and two report in

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<v Speaker 2>the Southern Medical Journal, and it showed that more than

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<v Speaker 2>ninety percent of bills tested have some form of a

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<v Speaker 2>harmful pathogen on them. So we're talking about stuff like

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<v Speaker 2>staphylococcus and other gross things. And the same study actually

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<v Speaker 2>showed that most bills have at least trace amounts of

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<v Speaker 2>fecal matter on them, which is also wonderful.

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<v Speaker 1>I'm never using anything but a credit card ever.

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<v Speaker 2>Again, it feels like it whised to like wash your

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<v Speaker 2>hands after using dollar bills. But that's not all it's

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<v Speaker 2>it's wild that one study back in the late nineties

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<v Speaker 2>found that somewhere around eighty percent of bills in circulation,

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<v Speaker 2>eighty percent had trace amounts of cocaine on them.

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<v Speaker 1>Oh that is wild. So of like all bills they

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<v Speaker 1>have this. That's so disgusting.

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<v Speaker 2>It is, but you know, it's definitely more some types

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<v Speaker 2>of bills than others. It turns out, if you really

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<v Speaker 2>want to avoid a hint of cocaine on your bills.

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<v Speaker 2>It's best to use ones and fives over tens and twenties.

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<v Speaker 1>Okay, well, that's something I'll keep in mind. Right. Well,

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<v Speaker 1>here's something I hadn't paid much attention to. But have

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<v Speaker 1>you seen the spiky circle that's on the right side

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<v Speaker 1>of Washington on the one dollar bill. Yeah, this is

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<v Speaker 1>actually the seal of the Treasury, and it's one part

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<v Speaker 1>of the dollar bill that has actually had to change

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<v Speaker 1>a little bit over the years because the number of

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<v Speaker 1>spikes is intended to match the number of states in

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<v Speaker 1>the Union. So they're now, of course fifty there. But

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<v Speaker 1>this is definitely not the number you find most represented

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<v Speaker 1>on our bills. So have you noticed that there is

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<v Speaker 1>a bit of an obsession with the number thirteen? So

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<v Speaker 1>the shield and the Treasury seal that I just mentioned

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<v Speaker 1>has thirteen stars to represent the thirteen original colonies, but

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<v Speaker 1>there are so many more reminders that we have these

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<v Speaker 1>thirteen original colonies. There are thirteen stars above the eagles head,

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<v Speaker 1>thirteen stripes on the shield in front of the eagle,

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<v Speaker 1>thirteen arrows in one of the eagles talons, thirteen leaves

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<v Speaker 1>with thirteen olive branches, and something I had not heard before,

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<v Speaker 1>and that's the fact that there are thirteen letters in

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<v Speaker 1>Eploribus Unham.

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<v Speaker 2>That is strange. You know, as soon as you said

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<v Speaker 2>the number thirteen, I wasn't thinking thirteen colonies. I was

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<v Speaker 2>just thinking, like, how unlucky the number thirteen is. And

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<v Speaker 2>it is funny that it's just like blasted all over

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<v Speaker 2>our bills. That's crazy. So here's a weird one. We

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<v Speaker 2>all know. Andrew Jackson is on the twenty dollars bill.

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<v Speaker 2>There's been all this hubbub whether he should be there,

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<v Speaker 2>like or whether we can take him off. I know

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<v Speaker 2>we've talked about replacing him with Harriet Tubman recently, or

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<v Speaker 2>someone just less horrible than he is. But there's this

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<v Speaker 2>weird thing about having Jackson on the bill, and also

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<v Speaker 2>that people are fighting to keep him there. And it's

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<v Speaker 2>that Jackson didn't believe in paper money, Like, yeah, he

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<v Speaker 2>actually used his farewell address as president to blast the

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<v Speaker 2>idea of paper currency, claiming it had no intrinsic value

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<v Speaker 2>and that it would quote render property insecure and wages

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<v Speaker 2>unsteady and uncertain. So, you know, having him on the

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<v Speaker 2>twenties almost like having Richard Nixon on your soup labels,

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<v Speaker 2>which I know is a weird reference, but he didn't

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<v Speaker 2>believe in soup and he had a band from the

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<v Speaker 2>White House. Wow.

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<v Speaker 1>I wasn't expecting you to bring soup into this. But

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<v Speaker 1>all right, well we've each got one more fact to share,

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<v Speaker 1>but before we get to those, let's take a quick break.

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<v Speaker 2>Welcome back part time Genius, where we're talking about things

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<v Speaker 2>we find on our money. So far, we found cocaine,

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<v Speaker 2>we found the number thirteen a lot. But yeah, I know,

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<v Speaker 2>during the break you mentioned that you had a fact

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<v Speaker 2>about that Latin motto e pluribus unham, which I think

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<v Speaker 2>we all learned in school means out of many one.

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<v Speaker 2>But that wasn't your last factor, was it.

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<v Speaker 1>Well, no, mago, come on, I got better stuff than that.

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<v Speaker 1>But all right, well this is just one more reference

0:11:26.120 --> 0:11:29.240
<v Speaker 1>to the original thirteen colonies, as we mentioned. But what

0:11:29.400 --> 0:11:32.079
<v Speaker 1>I found funny was that the founding fathers may have

0:11:32.240 --> 0:11:35.800
<v Speaker 1>actually borrowed this phrase from a popular magazine. It wasn't

0:11:35.840 --> 0:11:39.040
<v Speaker 1>something that they actually came up with themselves. So there

0:11:39.120 --> 0:11:41.920
<v Speaker 1>was this British periodical that started back in seventeen thirty

0:11:41.960 --> 0:11:44.959
<v Speaker 1>two and it ran for nearly two centuries, and it

0:11:45.080 --> 0:11:48.920
<v Speaker 1>was called gentleman's magazine, and it's not as dirty as

0:11:48.960 --> 0:11:52.920
<v Speaker 1>it sounds. So anyway, on every issue was this phrase

0:11:53.000 --> 0:11:56.160
<v Speaker 1>e pluribus unham. But in this case, this was actually

0:11:56.240 --> 0:11:58.920
<v Speaker 1>referring to the fact that so many articles were coming

0:11:59.000 --> 0:12:02.720
<v Speaker 1>from so many different sources but all brought together into

0:12:02.960 --> 0:12:05.600
<v Speaker 1>one publication. So it kind of makes sense why they

0:12:05.600 --> 0:12:09.120
<v Speaker 1>would say this. So as gentlemen's magazines started gaining popularity

0:12:09.160 --> 0:12:12.120
<v Speaker 1>in the colonies, it seems very possible that they were

0:12:12.160 --> 0:12:15.160
<v Speaker 1>actually inspired by this phrase, and so that may be

0:12:15.280 --> 0:12:17.880
<v Speaker 1>where it came from. Anyway. All right, mango, so what

0:12:18.000 --> 0:12:19.080
<v Speaker 1>is your last factor of the day.

0:12:19.920 --> 0:12:23.000
<v Speaker 2>Well, I like that you spotted plagiarism basically on our

0:12:23.080 --> 0:12:26.480
<v Speaker 2>bellor bills. That's pretty amazing. So I think I'm gonna

0:12:26.559 --> 0:12:28.679
<v Speaker 2>end with the fact about the two signatures you see

0:12:28.720 --> 0:12:31.199
<v Speaker 2>on every print bill here in the US. One is

0:12:31.280 --> 0:12:33.679
<v Speaker 2>from the treasurer of the United States and one's from

0:12:33.720 --> 0:12:35.120
<v Speaker 2>the Secretary of the Treasury.

0:12:36.080 --> 0:12:37.640
<v Speaker 1>Wait, so those aren't the same thing.

0:12:38.120 --> 0:12:41.280
<v Speaker 2>No, So the treasure actually advises the Secretary about various

0:12:41.320 --> 0:12:44.360
<v Speaker 2>currency but it's the Secretary that makes the final calls.

0:12:44.400 --> 0:12:47.480
<v Speaker 2>And the current Secretary of the Treasury is Steve Munuchian,

0:12:48.040 --> 0:12:50.760
<v Speaker 2>He's actually the seventy seventh person to hold this title,

0:12:50.840 --> 0:12:53.160
<v Speaker 2>and every one of them has been a man. But

0:12:54.120 --> 0:12:56.920
<v Speaker 2>this is the more interesting part. The current treasure is

0:12:57.160 --> 0:13:01.319
<v Speaker 2>Jovita Kranza or Jovita Karanza. I might be pronouncing that wrong,

0:13:01.440 --> 0:13:04.680
<v Speaker 2>but she's actually the forty fourth person in this position,

0:13:04.880 --> 0:13:07.559
<v Speaker 2>and it's actually only been held by women for the

0:13:07.600 --> 0:13:11.079
<v Speaker 2>past seven decades, dating back to Harry Truman appointing the

0:13:11.120 --> 0:13:12.360
<v Speaker 2>first female in this role.

0:13:13.080 --> 0:13:15.240
<v Speaker 1>That's so weird. So only men in one role and

0:13:15.440 --> 0:13:17.920
<v Speaker 1>only women for the past seven decades. It feels like

0:13:18.040 --> 0:13:22.000
<v Speaker 1>just another reminder of how weird people are about gender stuff,

0:13:22.080 --> 0:13:22.319
<v Speaker 1>isn't it.

0:13:22.880 --> 0:13:26.000
<v Speaker 2>Yeah. In fact, Jennifer Lawless, who's the director of the

0:13:26.040 --> 0:13:29.000
<v Speaker 2>Women in Politics and Student at American University, she actually

0:13:29.040 --> 0:13:32.400
<v Speaker 2>said this about it quote. Once there's a woman appointed

0:13:32.440 --> 0:13:35.120
<v Speaker 2>in a position, it's easy to assume that position is

0:13:35.240 --> 0:13:37.679
<v Speaker 2>one that could be filled by a woman. Once an

0:13:37.720 --> 0:13:40.760
<v Speaker 2>initial ceiling is broken, once an initial piece of progress

0:13:40.880 --> 0:13:43.600
<v Speaker 2>is made, there's a tendency to continue down that path.

0:13:44.120 --> 0:13:46.320
<v Speaker 1>All right, Well, here's to a woman holding the position

0:13:46.400 --> 0:13:48.719
<v Speaker 1>of Secretary of Treasury at some point in the not

0:13:48.840 --> 0:13:51.640
<v Speaker 1>too distant future. I feel like mego for that little

0:13:51.679 --> 0:13:54.439
<v Speaker 1>reminder of just how weird people are. I feel like

0:13:54.480 --> 0:13:55.800
<v Speaker 1>I need to give you today's trophy.

0:13:56.760 --> 0:13:58.520
<v Speaker 2>Well I will take it because I feel like I

0:13:58.600 --> 0:14:00.960
<v Speaker 2>haven't earned a trophy in a little bit. But from

0:14:01.200 --> 0:14:04.800
<v Speaker 2>Tristan Gabe Wilhelmy, thank you so much for listening.