ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They give it away to the poor.
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Banks loan it citizens.
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They shred it.
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Recycle it to make notebook paper.
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Detailed explanation-1: -But that was discontinued since burning was a pollutant. They have since experimented with composting, with apparently positive results on soil. The US Federal Reserve uses shredded currency as landfill and a small quantity is cut and used as souvenirs.
Detailed explanation-2: -If a bill is counterfeit, it is sent to the Secret Service. But if it’s merely unfit by the Fed’s standards, then the machine shreds it. Those shredded notes are sent to landfills or packaged and provided as souvenirs to the public on Federal Reserve Bank tours.
Detailed explanation-3: -When enough old bills have been collected, the Federal Reserve Banks will shred them. If you take a tour of a Federal Reserve Bank, you can sometimes take home your very own unique souvenir: a bag of shredded paper money!
Detailed explanation-4: -Non-payable banknotes are retained by the receiving banks and sent to the Reserve Bank where they are destroyed.
Detailed explanation-5: -It’s used to make compost, potting soil, housing insulation or cement. Recycling plants in Los Angeles, Philadelphia and Seattle burn the shredded currency to generate electricity.