What would you do with a $10,000 24k carat gold bank note?
What a great gift! A real conversation starter on money.
Currently these gold bank notes are sold via the Internet in domestic and foreign currencies. This type of collectible is also commonly sold via coin dealers. It is marketed as having a lasting value as a collectible or for resale.
What if the bank note is not actually a collectible and the marketing claims that it is both rare and collectible is all hype?
Any statements about limited numbers cannot be checked. In fact, currency is a money maker – whether it’s a rare coin that is being sold or simply something that is out of circulation like a Susan B. Anthony $1 dollar coin or a $2 bill.
Beyond spending and saving money, it’s also fun to collect money in an unusual amount or form like this $10,000 gold bank note. It would be great to show it to my students and discuss money.
What is it? A banknote (often known as a bill, paper money, or simply a note) is a promissory note made by a bank, payable to the bearer on demand.
Due to the novelty aspect of the 24k carat gold bank note, and its marketability, it is likely that they are produced in whatever quantities will sell.
I will ask my financial literacy students the age old question “Is all that glitters – gold?”
Preying on people’s desire to have something in gold and their ignorance about what they are actually buying and its true worth is a conversation worth having.
Speaking of which, this item is something that is fun and useful in teaching good money management and the value of a dollar. It also looks really good in a frame or acrylic case. It feels like Willy Wonka’s golden ticket.
There are an estimated 140 million casual collectors of coins. 15 million to 20 million of them are serious and spend $15 billion to $20 billion according to the U.S. Mint. I will be on the lookout for the next collectible.
1.(of an item) worth collecting; of interest to a collector.
2.able to be collected.“a surplus collectible as rent by the landowner”