Little-known facts about big money and holiday spending
On the Money From the December 7, 2003 print edition At this time of year when excess spending is the norm, here are some monetary facts that might brighten your spirits, or at least enlighten you during those holiday spending sprees: How much cash is there in America? In November 2003, the “M1” money supply (which includes all coins, currency held by the public, traveler’s checks, checking/savings account balances, NOW accounts, automatic transfer service accounts and balances in credit unions) was $1.25 trillion. That is on the order of $4,257 for each of us. The U.S. Secret Service was originated in 1865 to combat counterfeit money. There was a time when as much as one-third of all the money in America was counterfeit. The Secret Service estimates there is currently about $32 million of counterfeit currency in circulation in the United States. U.S. currency is not printed on paper, but on cloth: three-quarters cotton and one-quarter linen. A mile of pennies laid out is $844.80. By this standard, America is about $2.5...
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