‘Geek money’ perfectly legal tender

By Bryan McKenzie

Published: April 13, 2008

I made time stand still for the young teen behind the counter, shutting down his universe by paying my $3 tab with a bill and a coin that made exact change.
It was perfectly legal, American-made, Federal Reserve-approved tender, suitable and appropriate for purchasing any service and paying any debt: It was a $2 bill and $1 coin.
“It’s [expletive deleted] geek money,” said a friend of mine upon hearing my boast. “It’s money nobody wants. It screws up cash drawers, you can’t use it in vending machines and half the cashiers don’t know if it’s legal or not.”
According to the U.S. Treasury, both bits of geek money have storied histories. The dollar coin has been around in one form or another since 1794, featuring Lady Liberty in many guises: flowing hair, draped bust, seated, kneeling, seated holding an olive branch, profiled with crown and tiara and profiled with neither, disguised as Dwight D. Eisenhower, Susan B. Anthony and Sacagawea.
The latest stampings feature the presidents in order of election with the Statue of Liberty on the flip side.
The $2 bill has been about since 1862, featuring Thomas Jefferson on the front. It took a 10-year hiatus between 1966 and 1976 but has been around since. Although not currently in print, the U.S. Treasury keeps a supply and will order reprints when the stock is low. Monticello keeps a healthy stack of $2 bills on hand; last year, Jefferson’s home gave out 24,000 of them as change at the ticket office.
History, and lineage in circulation, don’t mean diddly in the world of economics.
“Not many people ask for these,” said the friendly teller at my bank when I asked for five $2 bills and five dollar coins with which to terrorize the wheels of commerce. “Most businesses turn them in as soon as they get them.”
For me they have a purpose. With twos and coins, I know the money I’m spending on doughnuts and joe isn’t coming from my food or gas funds. Of course, nowadays, those funds are primarily $20s and $50s, the latter of which was once geek money along with $100 bills until the onslaught of high gas and rising food prices.
Mostly I use geek money as entertainment. It stops and shocks folks out of their habitudes. Why, just last week, while I was downtown, a street camper politely inquired as to whether I had extraneous funds.
I handed him a dollar coin.
“What’s this?” he asked, gazing at its gold color and the portrait of James Monroe.
“It’s a dollar,” I said. “You can use it at almost every CVS store in town.”
Clearly he didn’t believe me.
“Have you got anything else?” he asked.
“Sure,” I said, swapping for a $2 bill.
He shook his head, looking at me as if I was crazy.
He did, however, put the bill in his pocket.