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by Fred C. Wilson III
August 1, 2012
“Wine makes merry but money answers all things.”
-Ecclesiastes, 10: 19-
Last Thursday I took a self-guided tour of the Money Museum. Once inside, I felt like in miser’s Heaven. I was surrounded by money of every denomination. Near the entrance there’s a glass covered vat filled with thousands of coins. Several exhibits trace the origins of money from the barter system to contemporary times. There are exhibits that show visitors how to combat counterfeiting. On display are counterfeit bills placed alongside authentic ones. There are instructions on how to determine real money from fake bills and how the government disposes contraband. On one wall there is a machine where visitors can exchange old bills for new ones.
‘The Federal Reserve Bank of Chicago believes that economic and financial literacy serves critical roles in helping consumers make better decisions with their money. The path towards economic and financial understanding can begin as early as elementary school.’ (Source: www.chicagofed.org) The Chicago Federal Reserve Bank is one of several branches of the ‘Fed.’ If you want to learn more about the inner working of the Federal Reserve banking system, consumer economics, on becoming financially literate take a trip to the Fed. The bank is located at 230 South La Salle Street (La Salle at Jackson Streets). Admission is free with photo ID. The Fed is open Mondays through Fridays from 8:30 am until 5:00 pm and is a terminus for several CTA bus and ‘L’ lines. Before you enter the museum you must undergo a body scan similar to TSA airport inspection.
The Money Museum have shelves stocked with free facts on what visitors should know about the Fed and copies of the July and August editions of the ‘Chicago Fed Letter’ the official newsletter with periodic updates of what’s happening any particular month at the Federal Reserve. The July edition reviews the recent ‘Automotive Outlook Symposium’ and the Fed’s predictions on the nation’s economic growth from now through 2013. The August edition is mostly about the recent Risk Management Conference hosted by De Paul University’s Center for Financial Services. The newsletter describes stress tests given to banks conducted by federal regulators, the impact of the Dodd-Frank Wall Street Reform and the Consumer Protection Act (DFA). The letter makes mention of the present housing risks taken by property owners. If you want free copies call the Fed or best yet go there.
Other resource materials you may find helpful is the ‘Money Matters and Credit Guide’ booklets. These booklets contain a history of our money. The second letter gives guidelines on how consumers can better manage credit. ‘The Case for More Accommodation’ is the Fed’s annual review. There are plenty of other free materials on display racks throughout this museum.
After my walk-through I joined with other visitors in the small auditorium for the lecture/video segment of my tour. The video/lecture was underway when I entered the hall and sat down. The video portion was primarily about how money is made, stored in U.S. mints, and the day-to-day operations of the Federal Reserve. After the movie there was a question and answer session. The lecturer was pleasant and very knowledgeable. He had to be. In every group there’s always one person who thinks he knows more about the topic than the presenter. The ‘know-it-all’ in our group was a ’20something’ (young adult) tourist who quizzed our presenter. Our speaker knew his stuff. He explained how the fall of the infamous Lehman Brothers investment firm came about. He praised the private sector (That’s us.) as being the only productive element in U.S. society. Our speaker pointed out that the Fed’s policy of printing too much money inadvertently encourages deficient spending, there’s no cap on printing U.S. money so long as there’s a demand and cited over use of ATM machines by cash craving customers necessitates printing of additional currency. Our lecturer listed some examples of consumer fraud.
Did you know that 57% of the United States is owned by foreign countries! Our lecturer listed the main ones in order. I apologize for forgetting which country came in second though the rest of them are China, OPEC, South Korea, Japan, the United Kingdom in that order. To creditor nations the U.S. is a financial safe haven and they’re buying up this country with incredible speed! Other nations own ¾ of our combined stock markets! The speaker spoke in length about the Federal Reserve Bank’s security systems and that only a mad person would contemplate robbing a Federal Reserve branch.
After I left the lecture hall I continued my walking tour and came face-to-face with a metal attaché case containing $1,000,000.00 in fresh crisp Jackson head twenty dollar bills! I posed for a photo with my hands outstretched and pretended that I was going to take the money and run. Since it was a tourist picture I knew I wasn’t going anywhere. The money was covered with a Plexiglas shield with the attaché case bolted firmly to the floor. A ceiling camera snapped my picture while I posed. After a short wait I retrieved my souvenir seconds before another visitor took my place also pretended to make a grab for all that cash.
I got a kick out of the money shredding machine. Here’s how it works you press a button and old tattered bills of varying denominations come coursing through a thick transparent plastic tube. The money is shredded before your very eyes. I felt kind of sad seeing all that legal tender being tenderized. The process complete the museum gave me a free plastic bag with almost $400.00 in shredded money. If seeing all that government money gives you cash craving there’s an ATM machine nearby to satisfy your money fix.
Then there’s the large dollar bill on a stand with a hollow where the head should be so visitors could pose for pictures. Another exhibit explains ways to check a bills authenticity. Here’s how; you examine the portrait, watermark, security thread, fine line printing pattern, micro printing, and the bill’s ink shift. I don’t have page space to properly explain the process. You’ll have to come and see for yourself. I particularly enjoyed the many old bills and coins on display. There were paper bills dating from 1918 to 1945. There’s a story of how counterfeiters mint fake coins to fool rare coin collectors/sellers. Coin crooks do this to help stimulate the lucrative rare coin market. To learn more about America’s bank of banks search U.S. Federal Reserve Bank. Individual tours are self-guided though there’s a guided tour starting at 1:00 pm starting in the auditorium. If you have a group of 15 or more please call 312-322-2400 to register your group; GOD bless.