By Carl Dombek
One of the most novel museums in Chicago, a city known for its museums, is the Federal Reserve Bank’s Currency Museum. A “museum of money,” if you will.
Maybe that sounds boring but ask yourself: Have you ever actually seen a million dollars? What about THREE million dollars? This museum, which is on the first floor of the Chicago Federal Reserve Bank, has displays of a million dollars in singles (the bankers' name for $1 bills), $20 bills and $100 bills.
But there’s so much more to see … and DO … in this little museum.
There are displays showing the history of modern currency from around the world. These include Deutsch Marks, French Francs, Italian Lire, and others that were replaced by the Euro. There are also examples showing how currencies have evolved within different countries. Vietnamese currency, for instance, changed several times between the end of World War II and the end of the Vietnam war.
The North Vietnam government introduced its currency, called đồng, in 1946. The word “đồng” implies money in Vietnamese. The đồng replaced the French Indochinese piastre. Similarly, the South Vietnam currency was also dominated by piastre notes, which was replaced by đồng in 1953. The capture of Saigon in 1975 led to the change in the name of the South Vietnam currency to "liberation đồng."
The display that dominates the room is a huge cube containing one million $1 bills!
The ones are bundled in packs of $50 each. The cube contains packages in 19 rows by eight columns by about 132 layers. That means about 20,064 packages of $50 each, or $1,003,200. My guess is that the Fed took the extra 64 packs from the last couple of layers, just to make the math work.
Ever seen a movie where some bad guy is demanding several million dollars in ransom or some other payment and a courier with a small briefcase is dispatched to deliver it? The display of one million dollars is $100 bills blows that unrealistic scenario out of the water.
$1 million in hundreds is 10,000 notes (another word for bills). Bundled in packages of 100 bills, or $10,000 per package, that means 100 packages. Easy enough to fit $1 million into a three-inch deep briefcase, but not much more.
In between those denominations, there is also a display of $1 million in $20 bills.
Other interactive exhibits test visitors’ knowledge about the Federal Reserve, good financial planning and budgeting practices. Another presents a skills test to see if a visitor has what it takes to become a successful banker. As a former loan officer, I’m pleased to report I did quite well, but it could be a challenge for those without banking or lending experience.
One exhibit shows how the Fed deals with currency that is too worn out to continue using. Visitors are invited to help themselves to “Fed Shreds,” money that has been taken out of circulation and finely shredded. And before you ask, these are the only "free samples" on offer.
Maybe that sounds boring but ask yourself: Have you ever actually seen a million dollars? What about THREE million dollars? This museum, which is on the first floor of the Chicago Federal Reserve Bank, has displays of a million dollars in singles (the bankers' name for $1 bills), $20 bills and $100 bills.
But there’s so much more to see … and DO … in this little museum.
There are displays showing the history of modern currency from around the world. These include Deutsch Marks, French Francs, Italian Lire, and others that were replaced by the Euro. There are also examples showing how currencies have evolved within different countries. Vietnamese currency, for instance, changed several times between the end of World War II and the end of the Vietnam war.
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| Vietnamese đồng (Credit: Corporate Finance Institute) |
The North Vietnam government introduced its currency, called đồng, in 1946. The word “đồng” implies money in Vietnamese. The đồng replaced the French Indochinese piastre. Similarly, the South Vietnam currency was also dominated by piastre notes, which was replaced by đồng in 1953. The capture of Saigon in 1975 led to the change in the name of the South Vietnam currency to "liberation đồng."
The museum also features a variety of exhibits focused on economics, money, and the roles of the Federal Reserve. One hands-on exhibit encourages visitors to try their hand at detecting counterfeit notes.
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| Telling the genuine from the counterfeit |
But back to the million dollar displays.
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| One million $1 bills |
The display that dominates the room is a huge cube containing one million $1 bills!
The ones are bundled in packs of $50 each. The cube contains packages in 19 rows by eight columns by about 132 layers. That means about 20,064 packages of $50 each, or $1,003,200. My guess is that the Fed took the extra 64 packs from the last couple of layers, just to make the math work.
Ever seen a movie where some bad guy is demanding several million dollars in ransom or some other payment and a courier with a small briefcase is dispatched to deliver it? The display of one million dollars is $100 bills blows that unrealistic scenario out of the water.
 |
| $1 million in $100s |
$1 million in hundreds is 10,000 notes (another word for bills). Bundled in packages of 100 bills, or $10,000 per package, that means 100 packages. Easy enough to fit $1 million into a three-inch deep briefcase, but not much more.
In between those denominations, there is also a display of $1 million in $20 bills.
 |
| $1 million in $20 bills |
Other interactive exhibits test visitors’ knowledge about the Federal Reserve, good financial planning and budgeting practices. Another presents a skills test to see if a visitor has what it takes to become a successful banker. As a former loan officer, I’m pleased to report I did quite well, but it could be a challenge for those without banking or lending experience.
 |
| Shredded money to go! |
One exhibit shows how the Fed deals with currency that is too worn out to continue using. Visitors are invited to help themselves to “Fed Shreds,” money that has been taken out of circulation and finely shredded. And before you ask, these are the only "free samples" on offer.
 |
On the way out, visitors walk over the Money Pit, a large glass-covered pit filled with coins illuminated by constantly changing colored lights. A fun way to end a visit.
The museum is located at 230 S. LaSalle St. about two blocks west of the Jackson Station on the “L’s” Blue Line. It's open from 10 a.m. to 5 p.m. Monday through Friday, except for Federal holidays. Admission is free but guests must show a REAL-ID compliant identification and pass through a metal detector.
Visit my main page at TheTravelPro.us for more news, reviews, and personal observations on the world of upmarket travel.
Photos by Carl Dombek unless otherwise indicated
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