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Wednesday, April 23, 2014

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Update Newsletter: Summer 2003

"Money in Motion"

July 4, 2003 marked the opening of Philadelphia's new Constitution Center. The Federal Reserve Bank of Philadelphia is located across the street from this new facility and is near a number of other historic destinations, including Independence Hall. Coinciding with the opening of the Constitution Center was the opening of the Federal Reserve Bank of Philadelphia's new exhibit "Money in Motion." A year in the making, "Money in Motion" is dedicated to the story of money and central banking in the United States. It focuses on the Federal Reserve System, with special attention to Philadelphia's Third District. The exhibit occupies 4,500 square feet on the Bank's ground floor.

The exhibit employs the latest in interactive and presentation technology intended to make the visitor's experience entertaining while offering rich story content in its examination of the evolution of money and central banking in the United States. Major sections of the exhibit tell the story of monetary policy, bank supervision and regulation, and the payments system. A historical timeline illustrates the history of central banking in the U.S.

Of special interest to the Payment Cards Center is the section of the exhibit devoted to payment cards. Called "Swipe It," this interactive display is designed to educate the public about the use of payment cards. "Questions on Credit Cards" provides consumer-friendly answers to somewhat technical issues such as interest rate calculations, balance transfer fees, and credit reports. A "Debt Calculator" allows visitors to determine the length of time it will take to pay off their own credit card balances based on minimum or specific payment amounts. Using touch-screen displays, visitors can find useful information on how to protect themselves against credit card fraud and identity theft.

The Payment Cards Center hopes "Swipe It" will be entertaining as well as educational and will provide real benefit to the public.