| 00:00:09 |
Unidentified Speaker, -
FOR DELIVERY TO THE FEDERAL RESERVE SYSTEM THROUGHOUT THE NATION. THE BUREAU IS PART OF THE U.S. DEPARTMENT OF TREASURY AND HAS CURRENCY PRODUCTION...
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| 00:00:40 |
Unidentified Speaker, -
HISTORICAL PRINTING CENTER WHICH IS THE ANNEX OF THE BUREAU DOWN AN 14th STREET. THIS CENTER HOUSES THE BUREAU'S COLLECTION OF VARIOUS OBJECTS, AND...
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| 00:03:46 |
Unidentified Speaker, -
MILLION WORTH OF THEM. WHERE DID THE 150 MILLION COME FROM? WHAT THIS D THEY REPRESENT? >> THE UNITED STATES NOTES OR THE GREENBACKS WERE VERY CONTROVERSIAL....
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| 00:03:57 |
Unidentified Speaker, -
NOTES, THESE WERE THE FIRST NOTES THAT WERE CONSIDERED FIAT NOTES WHICH MEANT THEY HAD NO GOLD OR SILVER BACKING. THEY WERE THE BACKING OF CURRENCY...
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| 00:05:21 |
Unidentified Speaker, -
WERE DEMONSTRATION MODELS. IF A SHEET WAS SENT DOWN FROM NEW YORK,
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| 00:05:28 |
Unidentified Speaker, -
HERE THE SERIAL NUMBER IS ALL ZEROS, THIS WAS NEVER SIGNED OR NEVER ISSUED BECAUSE THE PRINTERS IN NEW YORK WENT TO SHOW WHAT THEY ARE PRODUCING, AND...
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| 00:05:54 |
Unidentified Speaker, -
WHO DID IT UNDER WAR POWERS OR WAS IT CONGRESS? >> YES. IT WAS A PIECE OF LEGISLATION THAT WAS PASSED BY CONGRESS. I CAN'T TELL YOU THE NAME OR THE DATE...
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| 00:06:02 |
Unidentified Speaker, -
THIS LEGISLATION, BUT AS CONGRESS IS IN CHARGE OF THE PURSE, IT HAD AUTHORITY. >> AND THIS WAS A VERY BIG CHANGE, WASN'T IT, FOR THE COUNTRY? >> IT...
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| 00:06:15 |
Unidentified Speaker, -
WAS CHALLENGED IN THE SUPREME COURT MAYBE A DECADE LATER AND
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| 00:06:20 |
Unidentified Speaker, -
THE SUPREME COURT EVENTUALLY UPHELD THE ABILITY OF THE UNITED STATES GOVERNMENT TO ISSUE A PAPER CURRENCY. DURING THE CIVIL WAR, GOLD DISAPPEARED...
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| 00:08:31 |
Unidentified Speaker, -
COMPLICATED. DURING THE CIVIL WAR, SECRETARY OF THE TREASURY SALMON CHASE
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| 00:08:37 |
Unidentified Speaker, -
PROMOTED AN IDEA TO CREATE A SYSTEM OF NATIONAL BANKS WHICH WOULD THEN ISSUE KURANI THEMSELVES. BECAUSE OF THIS CONSTITUTIONAL ISSUE THE CONGRESS AND...
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| 00:09:50 |
Unidentified Speaker, -
PROBLEM IS BEFORE THE FEDERAL RESERVE THERE WAS NO CENTRAL AUTHORITY TO DEAL WITH
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| 00:09:55 |
Unidentified Speaker, -
CURRENCY, AND SO CONGRESS WOULD INITIATE DIFFERENT KINDS OF CURRENCY WHEN IT FELT THE NEED TO DO SO, SO AT ANY ONE TIME A PERSON COULD BE DEALING...
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| 00:11:34 |
Unidentified Speaker, -
DEFINITION. CURRENCY IS AT THE SAME TIME A
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| 00:11:38 |
Unidentified Speaker, -
MEDIUM OF EXCHANGE AND A STORE OF VALUE, AND IT'S ALSO A MEASURE OF VALUE. YOU KNOW HOW MUCH YOUR ASSETS ARE WORTH BECAUSE YOU CALCULATE THEM IN DOLLARS,...
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| 00:15:02 |
Unidentified Speaker, -
THE PLATES FOR THEM, BUT I CAN'T SEE US EVER PRINTING A GREAT DEAL OF THEM. AS OUR HIGHEST DENOMINATION IS NOW 100 AND THAT, WE -- WE LIMITED OURSELVES...
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| 00:20:00 |
Unidentified Speaker, -
WERE STARTED? >> THESE CAME OUT IN 1914 OR '15.
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| 00:20:03 |
Unidentified Speaker, -
IT TOOK ABOUT A YEAR FOR THE FEDERAL RESERVE SYSTEM TO BE
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| 00:20:06 |
Unidentified Speaker, -
ESTABLISHED, EVERYBODY TO GET APPOINTED,
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| 00:20:08 |
Unidentified Speaker, -
THE RIGHT CITIES TO BE FOUND. I THINK EVERYBODY WAS ON BOARD IN THAT THE OLD SYSTEM OF NATIONAL BANKS DID NOT WORK BECAUSE YOU WOULD STILL HAVE PANICS....
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| 00:22:45 |
Unidentified Speaker, -
ARE BOUGHT
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| 00:22:50 |
Unidentified Speaker, -
AND SOLD. BRING THEM TO THE TREASURY AND THEY WILL GIVE YOU $10 FOR THEM. THEY MAY BE WORTH MORE TO A COLLECTOR BUT BE ASSURED THE TREASURY WILL GIVE...
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| 00:23:10 |
Unidentified Speaker, -
DEMAND NOTE, CAN YOU BRING IT IN AND GET $5 FOR IT, THOUGH THERE ARE MANY PEOPLE WHO CLAIM TO HAVE A $100,000
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| 00:23:16 |
Unidentified Speaker, -
NOTE AND WANTED TO GET 100,000 FOR IT, BUT THE TREASURY DOESN'T FIND THAT AMUSING. THIS IS BASICALLY THE ICONIC NOTE OF OUR TIME, THE MODERN $1 FEDERAL...
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| 00:23:46 |
Unidentified Speaker, -
DISAPPEARED, THESE LOW DENOMINATIONS FEDERAL RESERVE NOTES
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| 00:23:49 |
Unidentified Speaker, -
HAD TO BE PRINTED TO FILL THEIR GAP, AND IT WOULDN'T BE UNTIL '76 THAT THE $2 FEDERAL RESERVE NOTE SHOWS UP. AT LEAST IN '63 AND MAYBE BACK INTO...
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| 00:24:47 |
Unidentified Speaker, -
TO SERVE AS A REFERENCE SOURCE FOR DESIGNERS AND ENGRAVERS AS THEY PRODUCE NEW FORMS OF CURRENCY AND OTHER PRODUCTS THAT WE CREATE AT
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| 00:24:56 |
Unidentified Speaker, -
THE BUREAU OF ENGRAVING AND PRINTING. WE ALSO DEAL WITH QUERIES FROM THE PUBLIC. WE DO OUR OWN RESEARCH ON THE ITEMS AND ON THE HISTORY OF THE BUREAU....
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| 00:25:16 |
Unidentified Speaker, -
VAULT. THAT'S THE VAULT WITHIN THIS VAULT. WE WORK INSIDE A VAULT, AND
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| 00:25:22 |
Unidentified Speaker, -
THIS IS THE ADDITIONAL SECURE LOCATION WITHIN IT, AND THIS IS THE CLIMATE-CONTROLLED AREA. THIS IS THE SHELVING FOR MUCH OF THE COLLECTION. THERE...
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| 00:26:23 |
Unidentified Speaker, -
I NEED A CERTAIN
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| 00:26:25 |
Unidentified Speaker, -
PERSON, YOU KNOW. YOU GO THROUGH THE
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| 00:26:27 |
Unidentified Speaker, -
BACK AND FIND HIS NUMBER, AND YOU'D GO PULL THE ACTUAL PIECE OF STEEL WHICH WOULD PRODUCE THIS IMAGE. JAMES BUCHANAN, THESE ARE THE NAMES OF THE ENGRAVERS...
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| 00:27:39 |
Unidentified Speaker, -
HAVE SEALS WHICH NEED TO BE BROKEN AND RECORDED WHO DID IT AND WHEN, UNLOCK
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| 00:27:44 |
Unidentified Speaker, -
IT OR OTHERWISE KNOW THE COMBINATION TO GET IT OPEN, AND IT'S ALL TRACKED, AND THERE ARE -- THERE'S AN OFFICE OF COMPLIANCE WHICH CHECKS UP PERIODICALLY...
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| 00:28:12 |
Unidentified Speaker, -
1963
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| 00:28:14 |
Unidentified Speaker, -
TO SERIES 2006. THESE ARE FINISHED THINGS THAT COULD GO OUT INTO CIRCULATION, AND, THEREFORE, THEY HAVE TO BE CLOSELY WATCHED TO MAKE SURE THAT THEY...
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| 00:29:37 |
Unidentified Speaker, -
MONEYFACTORY.GOV. >>> ON THE 150th ANNIVERSARY OF THE ELECTION OF THE 16th
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.