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Why Is a $100,000 Bill on a Billboard in New York?

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Photo by Friends of the High Line, Courtesy of John Baldessari and Marian Goodman Gallery

There's a big $100,000 bill plastered on a billboard near the High Line in New York. This raises several questions, which we'll try to answer here.

Who plastered a big $100,000 bill on a billboard near the High Line in New York?

"The First $100,000 I Ever Made" is the work of John Baldessari. The 25'-by-75' billboard is next to the High Line at West 18th Street. According to Cecilia Alemani, Curator and Director of High Line Art, it's the first in a new series called High Line Billboard.

Was there ever really a $100,000 bill?

Yes — the Series 1934 $100,000 gold certificate. The Bureau of Engraving and Printing only made these notes during a three-week stretch during December 1934 and January 1935. Even the few plutocrats who had that much cash during the Depression couldn't carry one of the $100K bills, though. They were only used for official transactions between Federal Reserve Banks, and the Treasurer of the United States only issued them to Fed banks that had an equal amount of gold in the Treasury. The note featured a picture of Woodrow Wilson.

What other big bills has the U.S. issued?

high-denomination-currency

In 1928, the federal government overhauled its system of printing banknotes. It shaved about an inch of length and just under a half of an inch in width off of the bills and issued the new smaller bills in the $1 to $100 denominations with which we're familiar. However, the Treasury also issued larger denominations. They featured William McKinley ($500), Grover Cleveland ($1,000), James Madison ($5,000), and Salmon P. Chase ($10,000).

Who the heck was Salmon P. Chase?

chase-10000

His name might not be as familiar as those of the Presidents featured on the other big bills, but once upon a time Chase was a big wheel in American politics. Chase, a mid-19th century politician, served as Chief Justice of the United States, spent stints as Ohio's governor and senator, and was Lincoln's first Secretary of the Treasury.

Nice resume. But how did Chase end up on the $10,000 bill?

He was in the right place at the right time. When the federal government started issuing greenback notes in 1861, Chase, as Secretary of the Treasury, was in charge of designing and popularizing the new currency. The politically ambitious Chase had to pick a portrait subject for the first $1 bill, and he chose ... Salmon P. Chase.

Although putting his face in everyone's pocketbooks never propelled Chase to the presidency, when the Treasury started issuing the new $10,000 bills in 1928 they put Chase's portrait on the obverse to honor the man who helped introduce modern banknotes.

Even if you don't have a $10,000 bill Chase's name might still be in your wallet. Chase National Bank, the forerunner to Chase Manhattan Bank, was named in his honor.

Why on earth was the government printing such giant bills in the first place?

Believe it or not, it wasn't just to save space in fatcats' wallets. When the Treasury started printing these giant bills, their main purpose was making transfer payments between banks and other financial institutions. Before sophisticated wire transfer systems were fully developed, it was apparently easier and safer just to fork over a $5,000 bill to settle up with a fellow bank. Once transfer technology became safer and more secure, there really wasn't much need for the big bills anymore.

Are any of these bills left in circulation?

There are, but don't expect to find a $500 bill the next time you make an ATM withdrawal. The Treasury announced on July 14, 1969, that it would quit issuing the $500, $1,000, $5,000, and $10,000 notes immediately, since the bills were so sparsely circulated. It's not like the Bureau of Engraving and Printing had to stop the presses, either; the bills hadn't seen an actual print run since 1945.

When the Treasury discontinued the bills, they rapidly fell out of circulation. However, a few are still lingering; as of May 2009, there were still 336 $10,000 bills at large. At the same time, Slate reported that there were also 342 $5,000 bills and 165,732 $1,000 bills still floating around.

If they're out of circulation, can you still spend them?

Although the Treasury is no longer issuing these bills, according to the Fed they're still legal tender. So yes, although it would probably raise some eyebrows, you could walk into Best Buy and plunk down a $1,000 bill to pay for a new plasma TV.

That wouldn't be the smartest move, though. Most of the high-denomination bills that are left in circulation are in collectors' safes, and at auction the bills tend to fetch prices that far exceed their face values. For instance, a pristine $10,000 bill can command a price as high as $140,000 on the open market.

What happens if you bring one of these big bills to a bank?

If you put it in your safety deposit box, your bill will be safe. Chase Bank actually acquired one of the $10,000 bills in its currency collection when a deceased customer's family found the bill in her deposit box and traded it for $10,000 in cash. Deposit the historical loot into your checking account, though, and it's bad news for the bill. You'll get the cash deposited in your account, but since the 1969 order to stop distributing these bills, Fed banks have been pulling the notes from circulation and destroying them whenever they are received.

Of course, there are other potential pitfalls to depositing a big bill, like blowing your cover when you're on the lam. Last February, three teenagers in Texas Township, Michigan, swiped one of their parents' safes and drove to Birmingham, Alabama, with their booty. Their downfall came when they tried to change an antique $1,000 bill from the safe at a bank. The police nabbed the thieves after a call from a suspicious teller.

So there was never a real $1 million bill?

million-dollar-billNope, but that doesn't mean that people haven't tried to make one. In 2004, a woman in Covington, Georgia, tried to pick up a $1,675 tab at a local Wal-Mart with a forged $1 million bill featuring a picture of the Statue of Liberty. Police quickly arrested her. It's hard to say what's more ludicrous: trying to pass off a million-dollar bill or thinking that Wal-Mart would just fork over $998,325 in change.

Someone gave me a fake $1 million bill as a joke"¦was that illegal?

As long as you don't try to spend it or deposit it, you're in the clear. Gag makers and some religious and political groups have printed novelty $1 million bills for decades. In 1982, these novelty bills came to the attention of the Secret Service, which ruled that since there wasn't a real $1 million bill, these joke versions weren't technically forgeries or violations of any laws.

Where can I find out more about that billboard and the artist?

Try here.

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11 Popular Quotes Commonly Misattributed to F. Scott Fitzgerald
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F. Scott Fitzgerald wrote a lot of famous lines, from musings on failure in Tender is the Night to “so we beat on, boats against the current” from The Great Gatsby. Yet even with a seemingly never-ending well of words and beautiful quotations, many popular idioms and phrases are wrongly attributed to the famous Jazz Age author, who was born on this day in 1896. Here are 11 popular phrases that are often misattributed to Fitzgerald. (You may need to update your Pinterest boards.)

1. “WRITE DRUNK, EDIT SOBER.”

This quote is often attributed to either Fitzgerald or his contemporary, Ernest Hemingway, who died in 1961. There is no evidence in the collected works of either writer to support that attribution; the idea was first associated with Fitzgerald in a 1996 Associated Press story, and later in Stephen Fry’s memoir More Fool Me. In actuality, humorist Peter De Vries coined an early version of the phrase in a 1964 novel titled Reuben, Reuben.

2. “FOR WHAT IT’S WORTH: IT’S NEVER TOO LATE OR, IN MY CASE, TOO EARLY TO BE WHOEVER YOU WANT TO BE.”

It’s easy to see where the mistake could be made regarding this quote: Fitzgerald wrote the short story “The Curious Case of Benjamin Button” in 1922 for Collier's Magazine, and it was adapted into a movie of the same name, directed by David Fincher and starring Brad Pitt and Cate Blanchett, in 2008. Eric Roth wrote the screenplay, in which that quotation appears.

3. “OUR LIVES ARE DEFINED BY OPPORTUNITIES, EVEN THE ONES WE MISS.”

This is a similar case to the previous quotation; this quote is attributed to Benjamin Button’s character in the film adaptation. It’s found in the script, but not in the original short story.

4. “YOU’LL UNDERSTAND WHY STORMS ARE NAMED AFTER PEOPLE.”

There is no evidence that Fitzgerald penned this line in any of his known works. In this Pinterest pin, it is attributed to his novel The Beautiful and Damned. However, nothing like that appears in the book; additionally, according to the National Atmospheric and Oceanic Association, although there were a few storms named after saints, and an Australian meteorologist was giving storms names in the 19th century, the practice didn’t become widespread until after 1941. Fitzgerald died in 1940.

5. “A SENTIMENTAL PERSON THINKS THINGS WILL LAST. A ROMANTIC PERSON HAS A DESPERATE CONFIDENCE THAT THEY WON’T.”

This exact quote does not appear in Fitzgerald’s work—though a version of it does, in his 1920 novel This Side of Paradise:

“No, I’m romantic—a sentimental person thinks things will last—a romantic person hopes against hope that they won’t. Sentiment is emotional.” The incorrect version is widely circulated and requoted.

6. “IT’S A FUNNY THING ABOUT COMING HOME. NOTHING CHANGES. EVERYTHING LOOKS THE SAME, FEELS THE SAME, EVEN SMELLS THE SAME. YOU REALIZE WHAT’S CHANGED IS YOU.”

This quote also appears in the 2008 The Curious Case of Benjamin Button script, but not in the original short story.

7. “GREAT BOOKS WRITE THEMSELVES; ONLY BAD BOOKS HAVE TO BE WRITTEN.”

There is no evidence of this quote in any of Fitzgerald’s writings; it mostly seems to circulate on websites like qotd.org, quotefancy.com and azquotes.com with no clarification as to where it originated.

8. “SHE WAS BEAUTIFUL, BUT NOT LIKE THOSE GIRLS IN THE MAGAZINES. SHE WAS BEAUTIFUL FOR THE WAY SHE THOUGHT. SHE WAS BEAUTIFUL FOR THE SPARKLE IN HER EYES WHEN SHE TALKED ABOUT SOMETHING SHE LOVED. SHE WAS BEAUTIFUL FOR HER ABILITY TO MAKE OTHER PEOPLE SMILE, EVEN IF SHE WAS SAD. NO, SHE WASN’T BEAUTIFUL FOR SOMETHING AS TEMPORARY AS HER LOOKS. SHE WAS BEAUTIFUL, DEEP DOWN TO HER SOUL.”

This quote may have originated in a memoir/advice book published in 2011 by Natalie Newman titled Butterflies and Bullshit, where it appears in its entirety. It was attributed to Fitzgerald in a January 2015 Thought Catalog article, and was quoted as written by an unknown source in Hello, Beauty Full: Seeing Yourself as God Sees You by Elisa Morgan, published in September 2015. However, there’s no evidence that Fitzgerald said or wrote anything like it.

9. “AND IN THE END, WE WERE ALL JUST HUMANS, DRUNK ON THE IDEA THAT LOVE, ONLY LOVE, COULD HEAL OUR BROKENNESS.”

Christopher Poindexter, the successful Instagram poet, wrote this as part of a cycle of poems called “the blooming of madness” in 2013. After a Twitter account called @SirJayGatsby tweeted the phrase with no attribution, it went viral as being attributed to Fitzgerald. Poindexter has addressed its origin on several occasions.

10. “YOU NEED CHAOS IN YOUR SOUL TO GIVE BIRTH TO A DANCING STAR.”

This poetic phrase is actually derived from the work of philosopher Friedrich Nietzsche, who died in 1900, just four years after Fitzgerald was born in 1896. In his book Thus Spake ZarathustraNietzsche wrote the phrase, “One must have chaos within to enable one to give birth to a dancing star.” Over time, it’s been truncated and modernized into the currently popular version, which was included in the 2009 book You Majored in What?: Designing Your Path from College to Career by Katharine Brooks.

11. “FOR THE GIRLS WITH MESSY HAIR AND THIRSTY HEARTS.”

This quote is the dedication in Jodi Lynn Anderson’s book Tiger Lily, a reimagining of the classic story of Peter Pan. While it is often attributed to Anderson, many Tumblr pages and online posts cite Fitzgerald as its author.

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Fumbled: The Story of the United States Football League
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There were supposed to be 44 players marching to the field when the visiting Los Angeles Express played their final regular season game against the Orlando Renegades in June 1985.

Thirty-six of them showed up. The team couldn’t afford more.

“We didn’t even have money for tape,” Express quarterback Steve Young said in 1986. “Or ice.” The squad was so poor that Young played fullback during the game. They only had one, and he was injured.

Other teams had ridden school buses to practice, driven three hours for “home games,” or shared dressing room space with the local rodeo. In August 1986, the cash-strapped United States Football League called off the coming season. The league itself would soon vaporize entirely after gambling its future on an antitrust lawsuit against the National Football League. The USFL argued the NFL was monopolizing television time; the NFL countered that the USFL—once seen as a promising upstart—was being victimized by its own reckless expansion and the wild spending of team owners like Donald Trump.

They were both right.

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Spring football. That was David Dixon’s pitch. The New Orleans businessman and football advocate—he helped get the Saints in his state—was a fan of college ball and noticed that spring scrimmages at Tulane University led to a little more excitement in the air. With a fiscally responsible salary cap in place and a 12-team roster, he figured his idea could be profitable. Market research agreed: a hired broadcast research firm asserted 76 percent of fans would watch what Dixon had planned.

He had no intention of grappling with the NFL for viewers. That league’s season aired from September through January, leaving a football drought March through July. And in 1982, a players’ strike led to a shortened NFL season, making the idea of an alternative even more appealing to networks. Along with investors for each team region, Dixon got ABC and the recently-formed ESPN signed to broadcast deals worth a combined $35 million over two years.

When the Chicago Blitz faced the Washington Federals on the USFL’s opening day March 6, 1983, over 39,000 fans braved rain at RFK Stadium in Washington to see it. The Federals lost 28-7, foreshadowing their overall performance as one of the league’s worst. Owner Berl Bernhard would later complain the team played like “untrained gerbils.”

Anything more coordinated might have been too expensive. The USFL had instituted a strict $1.8 million salary cap that first year to avoid franchise overspending, but there were allowances made so each team could grab one or two standout rookies. In 1983, the big acquisition was Heisman Trophy winner Herschel Walker, who opted out of his senior year at Georgia to turn pro. Walker signed with the New Jersey Generals in a three-year, $5 million deal.

Jim Kelly and Steve Young followed. Stan White left the Detroit Lions. Marcus Dupree left college. The rosters were built up from scratch using NFL cast-offs or prospects from nearby colleges, where teams had rights to “territorial” drafts.

To draw a line in the sand, the USFL had advertising play up the differences between the NFL’s product and their own. Their slogan, “When Football Was Fun,” was a swipe at the NFL’s increasingly draconian rules regarding players having any personality. They also advised teams to run a series of marketable halftime attractions. The Denver Gold once offered a money-back guarantee for attendees who weren’t satisfied. During one Houston Gamblers game, boxer George Foreman officiated a wedding. Cars were given away at Tampa Bay Bandits games. The NFL, the upstart argued, stood for the No Fun League.

For a while, it appeared to be working. The Panthers, which had invaded the city occupied by the Detroit Lions, averaged 60,000 fans per game, higher than their NFL counterparts. ABC was pleased with steady ratings. The league was still conservative in their spending.

That would change—many would argue for the worse—with the arrival of Donald Trump.

Despite Walker’s abilities on the field, his New Jersey Generals ended the inaugural 1983 season at 6-12, one of the worst records in the league. The excitement having worn off, owner J. Walter Duncan decided to sell the team to real estate investor Trump for a reported $5-9 million.

A fixture of New York media who was putting the finishing touches on Trump Tower, Trump introduced two extremes to the USFL. His presence gave the league far more press attention than it had ever received, but his bombastic approach to business guaranteed he wouldn’t be satisfied with an informal salary cap. Trump spent and spent some more, recruiting players to improve the Generals. Another Heisman winner, quarterback Doug Flutie, was signed to a five-year, $7 million contract, the largest in pro football at the time. Trump even pursued Lawrence Taylor, then a player for the New York Giants, who signed a contract saying that, after his Giants contract expired, he’d join Trump’s team. The Giants wound up buying out the Taylor/Trump contract for $750,000 and quadrupled Taylor’s salary, and Trump wound up with pages of publicity.

Trump’s approach was effective: the Generals improved to 14-4 in their sophomore season. But it also had a domino effect. In order to compete with the elevated bar of talent, other team owners began spending more, too. In a race to defray costs, the USFL approved six expansion teams that paid a buy-in of $6 million each to the league.

It did little to patch the seams. Teams were so cash-strapped that simple amenities became luxuries. The Michigan Panthers dined on burnt spaghetti and took yellow school buses to training camp; players would race to cash checks knowing the last in line stood a chance of having one bounce. When losses became too great, teams began to merge with one another: The Washington Federals became the Orlando Renegades. By the 1985 season, the USFL was down to 14 teams. And because the ABC contract required the league to have teams in certain top TV markets, ABC started withholding checks.

Trump was unmoved. Since taking over the Generals, he had been petitioning behind the scenes for the other owners to pursue a shift to a fall season, where they would compete with the NFL head on. A few owners countered that fans had already voiced their preference for a spring schedule. Some thought it would be tantamount to league suicide.

Trump continued to push. By the end of the 1984 season, he had swayed opinion enough for the USFL to plan on one final spring block in 1985 before making the move to fall in 1986.

In order to make that transition, they would have to win a massive lawsuit against the NFL.

In the mid-1980s, three major networks meant that three major broadcast contracts would be up for grabs—and the NFL owned all three. To Trump and the USFL, this constituted a monopoly. They filed suit in October 1984. By the time it went to trial in May 1986, the league had shrunk from 18 teams to 14, hadn’t hosted a game since July 1985, kept only threadbare rosters, and was losing what existing television deals it had by migrating to smaller markets (a major part of the NFL’s case was that the real reason for the lawsuit, and the moves to smaller markets, was to make the league an attractive takeover prospect for the NFL). The ruling—which could have forced the NFL to drop one of the three network deals—would effectively become the deciding factor of whether the USFL would continue operations.

They came close. A New York jury deliberated for 31 hours over five days. After the verdict, jurors told press that half believed the NFL was guilty of being a monopoly and were prepared to offer the USFL up to $300 million in damages; the other half thought the USFL had been crippled by its own irresponsible expansion efforts. Neither side would budge.

To avoid a hung jury, it was decided they would find in favor of the USFL but only award damages in the amount of $1. One juror told the Los Angeles Times that she thought it would be an indication for the judge to calculate proper damages.

He didn’t. The USFL was awarded treble damages for $3 in total, an amount that grew slightly with interest after time for appeal. The NFL sent them a payment of $3.76. (Less famously, the NFL was also ordered to pay $5.5 million in legal fees.)

Rudy Shiffer, vice-president of the Memphis Showboats, summed up the USFL's fate shortly after the ruling was handed down. “We’re dead,” he said.

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