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The One Dollar Counterfeiter

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Re: The One Dollar Counterfeiter

#21

Post by noduerme »

kristianp wrote: post #11

One dollar in 1943 is worth about $19 today's dollars. He started in 1938 and was arrested in 1948: 1938 23.42 1943 19.09 1948 13.70 Enough to buy some supplies, but how did he pay the rent? Perhaps he owned his apartment. https://www.in2013dollars.com/us/inflation/1948?amount=1

Would owning his apartment disqualify him from being a folk hero? If he was a renter, does he deserve to be a hero? Just wondering. If he'd gotten rich from printing fake currency and become a right wing dictator would you think the same as if he was just a broke tenant? Why or why not?

Re: The One Dollar Counterfeiter

#23

Post by dnnddidiej »

kristianp wrote: post #11

One dollar in 1943 is worth about $19 today's dollars. He started in 1938 and was arrested in 1948: 1938 23.42 1943 19.09 1948 13.70 Enough to buy some supplies, but how did he pay the rent? Perhaps he owned his apartment. https://www.in2013dollars.com/us/inflation/1948?amount=1

If $1 is $19 I am suprised more people didnt check that their $1 notes are legit back then. Story makes it sound like $1 was chump change.

Re: The One Dollar Counterfeiter

#25

Post by rz2k »

kristianp wrote: post #11

One dollar in 1943 is worth about $19 today's dollars. He started in 1938 and was arrested in 1948: 1938 23.42 1943 19.09 1948 13.70 Enough to buy some supplies, but how did he pay the rent? Perhaps he owned his apartment. https://www.in2013dollars.com/us/inflation/1948?amount=1

Since they were silver certificates he could have redeemed them for a 26.73g coin composed of 90% silver and 10% copper. In 2026, the value of the silver has fluctuated between about $46 and $94 (and the value of the copper content has stayed a little over 3 cents).

Re: The One Dollar Counterfeiter

#26

Post by gradschool »

seabass-labrax wrote: post #13

> 10 years went by and the search for Mister 880 turned into the largest and most expensive counterfeit investigation in Secret Service history. The article doesn't explain why the Secret Service made this their biggest case, and it doesn't make much sense to me. If the dollars were accepted by the general population, it would cause an infinitesimal increase in inflation of no consequence to others. And if shopkeeper…

A small leak can sink a ship. The fake dollars weren't knowingly accepted. If public confidence in the value of money is lost, we're all in big trouble. The Secret Service was right to pursue the case zealously.

Re: The One Dollar Counterfeiter

#27

Post by tux3 »

seabass-labrax wrote: post #13

> 10 years went by and the search for Mister 880 turned into the largest and most expensive counterfeit investigation in Secret Service history. The article doesn't explain why the Secret Service made this their biggest case, and it doesn't make much sense to me. If the dollars were accepted by the general population, it would cause an infinitesimal increase in inflation of no consequence to others. And if shopkeeper…

The state reserves some of the harshest punishments for counterfeiters, since large scale counterfeit operations is one of the few crimes that is an attack on the state itself.

The US secret service was originally created specifically to combat counterfeit money, it's no surprise that they would keep tracking this man for a decade.

This man is unusual because he did the tiniest amount of one the most severely punished crime.

Re: The One Dollar Counterfeiter

#28

Post by spwa4 »

These days it is much more effective to pay employees to swap payment terminals (or just employees doing it themselves), changing where the money ends up, and banks don't really know what to do about it.

Re: The One Dollar Counterfeiter

#29

Post by miksuko »

noduerme wrote: post #21
kristianp wrote: post #11

One dollar in 1943 is worth about $19 today's dollars. He started in 1938 and was arrested in 1948: 1938 23.42 1943 19.09 1948 13.70 Enough to buy some supplies, but how did he pay the rent? Perhaps he owned his apartment. https://www.in2013dollars.com/us/inflation/1948?amount=1

Would owning his apartment disqualify him from being a folk hero? If he was a renter, does he deserve to be a hero? Just wondering. If he'd gotten rich from printing fake currency and become a right wing dictator would you think the same as if he was just a broke tenant? Why or why not?

The hell are you talking about?

Re: The One Dollar Counterfeiter

#30

Post by spwa4 »

rz2k wrote: post #25
kristianp wrote: post #11

One dollar in 1943 is worth about $19 today's dollars. He started in 1938 and was arrested in 1948: 1938 23.42 1943 19.09 1948 13.70 Enough to buy some supplies, but how did he pay the rent? Perhaps he owned his apartment. https://www.in2013dollars.com/us/inflation/1948?amount=1

Since they were silver certificates he could have redeemed them for a 26.73g coin composed of 90% silver and 10% copper. In 2026, the value of the silver has fluctuated between about $46 and $94 (and the value of the copper content has stayed a little over 3 cents).

If you swap them in stores, maybe. But taking counterfeit bills to the national bank is just stupid, even if very well made.
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