4 ms·

This is actually an interesting problem for collectors of old currency. The government will deposit the face value of the currency as opposed to its collectibl

This is actually an interesting problem for collectors of old currency. The government will deposit the face value of the currency as opposed to its collectible value. So someone who stored an old $1,000 bill doesn’t get the actual value of the bill (probably twice that on collectibles market)

HWR_14 4y ago
Actually, a $1,000 bill is likely to be destroyed. But that's the government's problem. Either they will have to pay the collectable value to the collector (if the property is to be returned to them) or not pay anything to the collector. Well, it's also a "destruction of historical artifacts" problem.
eesmith 4y ago
I remember hearing about one of those cases. https://www.cbsnews.com/news/the-odd-truth-jan-16-2004/ https://www.cbsnews.com/news/the-odd-truth-jan-16-2004/ > PINE LAWN, Missouri - Curtis Smith Senior wants his $1000 bill back. He carried the rare one-grand note in his pocket for 20 years. It was seized by police in the St. Louis suburb of Pine Lawn, when Smith was arrested during a traffic stop. Officials gave Smith a check last April in return, but he wants his really big bill. Now, the one-grand bill is in the City Hall safe of the mayor - who considers it novelty. Collectors say the bank note is worth much more than its face value. The $1000 bill was last printed in 1934 and was taken out of circulation in 1969. Officials say Smith can have the bill back, once it's no longer considered evidence. But they say he'll have to pay for it. While it isn't available to borrow, here's what the search text of https://archive.org/details/banknotereport32n6krau/page/n11/mode/2up?q=%22Pine+Lawn%22+%22Curtis+Smith%22 https://archive.org/details/banknotereport32n6krau/page/n11/... reports: > The article was from the Jan. 24 edition of the St. Louis Post- Dispatch, written by Heather Ratcliffe. It said that Pine Lawn, Mo., police had allowed Mayor Adrian Wright to “trade” $1,000 of his own money for a $1,000 note seized from Curtis Smith, who had been arrested on suspicion of dealing drugs and being intoxicated at the wheel of his pickup truck. Prosecutors did not file drug charges and ordered the money returned. Pine Lawn officials initially offered to pay Smith by check. They returned the-$ 1,000 note after a reporter inquired about the situation. Smith had carried the note around in his pocket for years as a novelty to show friends.

HWR_14 4y ago

Actually, a $1,000 bill is likely to be destroyed. But that's the government's problem. Either they will have to pay the collectable value to the collector (if the property is to be returned to them) or not pay anything to the collector. Well, it's also a "destruction of historical artifacts" problem.

eesmith 4y ago

I remember hearing about one of those cases. https://www.cbsnews.com/news/the-odd-truth-jan-16-2004/ https://www.cbsnews.com/news/the-odd-truth-jan-16-2004/ > PINE LAWN, Missouri - Curtis Smith Senior wants his $1000 bill back. He carried the rare one-grand note in his pocket for 20 years. It was seized by police in the St. Louis suburb of Pine Lawn, when Smith was arrested during a traffic stop. Officials gave Smith a check last April in return, but he wants his really big bill. Now, the one-grand bill is in the City Hall safe of the mayor - who considers it novelty. Collectors say the bank note is worth much more than its face value. The $1000 bill was last printed in 1934 and was taken out of circulation in 1969. Officials say Smith can have the bill back, once it's no longer considered evidence. But they say he'll have to pay for it. While it isn't available to borrow, here's what the search text of https://archive.org/details/banknotereport32n6krau/page/n11/mode/2up?q=%22Pine+Lawn%22+%22Curtis+Smith%22 https://archive.org/details/banknotereport32n6krau/page/n11/... reports: > The article was from the Jan. 24 edition of the St. Louis Post- Dispatch, written by Heather Ratcliffe. It said that Pine Lawn, Mo., police had allowed Mayor Adrian Wright to “trade” $1,000 of his own money for a $1,000 note seized from Curtis Smith, who had been arrested on suspicion of dealing drugs and being intoxicated at the wheel of his pickup truck. Prosecutors did not file drug charges and ordered the money returned. Pine Lawn officials initially offered to pay Smith by check. They returned the-$ 1,000 note after a reporter inquired about the situation. Smith had carried the note around in his pocket for years as a novelty to show friends.