Find out what Lawrence W. Reed of the Foundation for Economic Education has to say about Rethinking the Dollar…
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Currency Note shown:
1928 One Thousand Dollar Federal Reserve Note
It should go without saying that at the time when most $1,000 bills were printed that they were virtually unobtainable for the average American citizen. We are specifically talking about 1928 and 1934 notes. You can only imagine what kind of purchasing power a $1,000 bill had during the great depression. What is really amazing is that $1,000 bills were first issued during the 1860s. You would have to be extremely wealthy to ever even see a one thousand dollar bank note issued before 1900. That is why large size $1,000 bills are so rare today. If you were rich enough to see one, you were smart enough to not keep it. Currency didn’t really become collectible until the 1950s. There was no reason to save a $1,000 bill. You were just losing out on the interest it could be earning.
Watch full interview here:
RTD Ep:18 “Government Is An Inflation Factory” – Lawrence W. Reed (FEE) https://youtu.be/OwZ6apGuJQQ
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