Wikinvest Wire

An odd choice of images for the new FDIC ad

Wednesday, July 02, 2008

The irony of this new FDIC ad amid soaring inflation around the world, rising gold prices, and hyper-inflation in Zimbabwe (where you see similar looking currency) is quite rich.

The bill shown above is actually the real deal, having come into existence around the time of the New Deal, as noted in this Wikipedia entry on large denomination U.S. currency:

The $100,000 is an odd bill, in that it was not generally issued, and printed only as a gold certificate of Series of 1934. These gold certificates (of denominations $100, $1,000, $10,000, and $100,000) were issued after the gold standard was repealed and gold was compulsorily purchased by presidential order of Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102), and thus were used only for intra-government transactions. They are printed in orange on the reverse. This series was discontinued in 1940.
The circled area in the enlarged image makes a bit more sense given that background.

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6 comments:

jesse said...

Read the top:
"THIS IS TO CERTIFY THAT THERE IS ON DEPOSIT IN THE TREASURY OF"
Oh there is, is there? Are you sure? I'll wait while you go look in the vault.

To be clear, the note, even today, will give you $100,000 in gold, just that it might be a bit less gold than you were hoping for.

Hilarious.

Anonymous said...

"It has been the habit of our people to speak of the enactment of the Federal Reserve law in December, 1913, as a piece of good luck for the country. ‘Luck’ it certainly was, when considered in the light of the possibility that without it the United States might have been swept along with Europe into depreciated paper money."

Guess who?

Tim said...

Dunno - The Maestro?

Anonymous said...

Isn't it funny that the penny has more inherent value than the $100,000 bill.

Boom2Bust.com said...

Nothing more comforting than seeing the words “insuring” and “protecting” next to the image of a U.S. gold certificate with the phrase “one hundred thousand dollars in gold payable to bearer on demand as authorized by law.”

"FDIC Ads: Should We Be Worried?"
http://www.boom2bust.com/2008/06/24/fdic-ads-should-we-be-worried/

Anonymous said...

Guess who?

Would that be Mr. Wilson???

I like the irony of Wilson being on a gold certificate of the highest denomination our country has ever had. Wilson was at least bright enough to know how bad he screwed up by signing the federal reserve into law. The Shrub doesn't have a clue, and you will never convince him he's wrong anyway.

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