Money that lasts longer!
Money That Lasts Longer!
That is everyone's wish.
In 1933 the government will print $13 million of currency a day. The dollar bill has a hard life, lasting only 9 months in circulation.
On the other hand, a $10,000 bill may never wear out. Plenty of these big bills have been printed, but most people will never see one. It will take at least one hundred years to wear these large bills out.
The dollar bill constitutes 60% of the currency circulating. These bills are folded, curled, crumpled, and passed through many, many unclean hands - all shortening the life of the dollar bill.
Their replacement has kept the government printing presses running day and night.
The government is making constant tests, seeking durable paper. They are thinking of coating new money with a protective spray to give the surfaces more longevity.
The best solution for extending money's life is to make the money smaller. Smaller bills last longer.
It is believed that the automobile has change how money is used.
People drive their cars and spend money on upkeep. Now, with many people having automobiles, the car has become the most popular way spend money. Drivers exchange dollars for fuel, oil, grease, and service. Many bills are handled by greasy hands in the service stations.
The present dollar bill is printed on 75% linen and 25% cotton. Both are waste products of the garment-making trade.
The government tests new paper stock with a Rubbing Machine and a Repeating Folder. Tests are made in 5,000 cycles with constant rubs and creases.
Strength is tested using a Tugging Machine. A heavy pendulum swings, causing the paper to be pulled and stretched. At some point the paper tears and the number of swings is recorded.
Moisture Resistance is tested by a different process.
A satisfactory paper needs to survive for one minute in a bath of sugar and chemical dye. By this clever process, the porosity of the paper can be determined.
The bill floats on the top of the liquid. A glass sheet is placed on top of the bill. Once the sugar and dye solution passes upward through the bill, wetness shows up on the glass plate. The suitable lapsed time for this to happen is recorded. It has to exceed the one minute minimum to pass.
New Money For Old Money
Many banks and institutions have been issuing thir own form of money, and that is now stopping forever.
The Government is changing the currency to a new kind of money now that Franklin Delano Roosevelt has been sworn in as President.
Old silver certificates, gold notes, bank script, and other complicated currency forms are all becoming worthless starting May 1, 1933.
As for this old money, TURN IT IN!
There will be a fine and a potential prison sentence if a person does not turn in their old money for new.
A billion dollars of these earlier old-style bills are being destroyed this year.
In the past, six million pounds of paper currency has been worn out each year.
The Government has been issuing money for years, just not this new style money known as the 'greenback'.
This is a new world....
March 20, 1933