For release: June 25, 2003
Contact: Marilyn Wimp, media advisor, 215-574-4197
PHILADELPHIA -- Have you ever wanted to match wits against Philadelphia's famous adopted son Ben Franklin? "Money in Motion," the Philadelphia Federal Reserve's new financial and historical exhibit, gives you a chance to get in the game. This free, fun, interactive exhibit will open on July 3, 2003, on Independence Mall across from the new National Constitution Center and steps away from the Liberty Bell and Independence Hall.
“Money in Motion” pays tribute to the history of banking, money, and the Federal Reserve and underscores Philadelphia’s role as the birthplace of our nation’s first bank. Sixteen displays featuring interactive games, rare artifacts, and historical narrative trace the history of money and central banking in the U.S.
“It's a highly entertaining exhibit that can be enjoyed on many levels. It transforms complex concepts like monetary policy into games that are intriguing, not intimidating," said Faith P. Goldstein, vice president of Public Affairs, Federal Reserve Bank of Philadelphia.
Cutting-edge technology combined with the latest engineering concepts helped create the video effects, morphing computer images, and sophisticated response systems throughout the exhibit. One of the first effects visitors will see is Ben Franklin coming to life as he invites visitors to learn more about the Federal Reserve’s role in the nation’s payments system, regulation and supervision of banks, and the economy.
Distributing and destroying money is one of the Federal Reserve’s many responsibilities. A cash cart representing $1.7 million in new $5 notes is on display along with video footage providing an inside look at the vault where money is received, counted, and destroyed. Can’t imagine how much currency is destroyed at the Philadelphia Fed in an average week? Come see the 25-foot tower of shredded money.
The exhibit has an extensive collection of currency from colonial days to the present, including rare wampum and the largest note ever issued in the U.S., a genuine $100,000 gold certificate.
It takes skill to determine genuine notes - “Real or Fake” is one display where visitors learn to spot security features on today’s money. “Change for America” is sure to be a hit for state quarter collectors, who will be able to drop their old quarter into a machine and receive the newest of the 50 State Quarters series. This display also features a map detailing when each of the state quarters will be released.
Another popular display informs consumers how they can protect themselves against credit card fraud and identity theft. “Check It Out” may surprise visitors with how checks are cleared today and in the future. Besides handling checks, the Federal Reserve also transfers trillions of dollars in electronic funds in a single day – an electronic ticker tallies the dollars second by second.
Timing is critical in a crisis and the Federal Reserve needs to act swiftly to secure our country’s financial system. This was especially important in the hours and days following the September 11 attacks. The “Crisis Management” display describing the Fed’s vital role is shown on one of the largest plasma screens available today.
Before leaving, visitors will want to “Match Wits with Ben,” a timed interactive game featuring seven different levels of questions about money, banking, and the Fed.
“Money in Motion" is open from 9:30 to 4:30 p.m. Monday through Friday and from 10 a.m. to 4 p.m. Saturday and Sunday through August. From September to May, the exhibit is open Monday through Friday. The exhibit will be closed July 4.
The Federal Reserve Bank of Philadelphia is one of 12 regional Reserve Banks that together with the Board of Governors in Washington, D.C., make up the Federal Reserve System - the nation's central Bank. The System's primary role is to ensure a sound financial system and healthy economy. The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy; supervises and regulates banks and bank holding companies; and provides financial services to financial institutions and the federal government. The Philadelphia Fed serves the Third District, which includes eastern Pennsylvania, southern New Jersey, and Delaware.