My Madeleine moment: A 1965 penny
- January 13, 2020
- Bill Maurer, anthropology, Federal Reserve Bank of Atlanta
You may have childhood memories around the idea of money-as-more-than-money. An uncle who surreptitiously handed over a crisp bill, perhaps. Or adult memories—for example, the dry cleaner who refused to exchange two of my singles for one of his lucky $2 bills. Maurer link, an anthropologist at the University of California, Irvine, posits that such extra-monetary characteristics of money are important for financial product design going forward... There's something more to this than a medium of exchange, a unit of account, a store of value, as Maurer notes when he describes the use of money in rituals around the world. He writes that people do "all sorts of things with money besides earn it, pay with it, and save it."
For the full story, please visit https://www.frbatlanta.org/blogs/take-on-payments/2020/01/13/my-madeleine-moment-a-1965-penny.