> 10 years went by and the search for Mister 880 turned into the largest and most expensive counterfeit investigation in Secret Service history.
The article doesn't explain why the Secret Service made this their biggest case, and it doesn't make much sense to me. If the dollars were accepted by the general population, it would cause an infinitesimal increase in inflation of no consequence to others. And if shopkeepers wised up to the false dollars and rejected them, at worst he was defrauding the public by a few hundred dollars a year. In either eventuality, surely the Secret Service had more notorious counterfeiters to track down?
Under ordinary circumstances, a federal counterfeiting arrest would have generated little sympathy. But the story of Emerich Juettner struck the public imagination immediately. Here was an old man surviving in poverty by printing crude one-dollar bills one at a time. He was not violent, greedy, or glamorous.
At trial, Juettner admitted his activities openly. The judge sentenced him to only a year and a day in prison, and he was paroled after 4 months. He was also made to pay a fine of $1. It has been agreed that Juettner’s complete lack of greed was the rationale behind the light sentence. …
Juettner returned to a life of normalcy, and lived out the rest of his days in the suburbs of Long Island, where he died in 1955, at the age of 79.
After his release, Juettner briefly achieved celebrity status. His notoriety became so widespread that Hollywood adapted the story into the 1950 film Mister 880, directed by Edmund Goulding. Eventually, Juettner made more money from the release of Mister 880 than he had made by counterfeiting.
> Juettner began working as a maintenance man and building superintendent in New York's Upper East Side. His job allowed him and his family to live rent free in the basement of the building where he worked.
Fun fact: in parts of East Africa, a $50 bill may be worth about 60-70 $1 dollar bills, due to the $1 bill being easier to counterfeit (and also more likely worn down).
Is it possible that he might have spent almost $1 in materials and labor and allocated capital expenses on equipment ... to create each of these counterfeits.
Attempting this today would probably surely cost that much in today's dollars?
The U.S. government spends approximately 4.1 cents [1] to produce each $1 bill. It would probably be more expensive to counterfeit it because of the volume, but I doubt it would be more than $1.
> The 70-year-old retiree who became America’s worst counterfeiter. [link]
He evaded capture for 10 years, making him one of the best. Also got less than a slap on his wrist and ended up making legal money on the whole ordeal.
The article doesn't explain why the Secret Service made this their biggest case, and it doesn't make much sense to me. If the dollars were accepted by the general population, it would cause an infinitesimal increase in inflation of no consequence to others. And if shopkeepers wised up to the false dollars and rejected them, at worst he was defrauding the public by a few hundred dollars a year. In either eventuality, surely the Secret Service had more notorious counterfeiters to track down?
He started in 1938 and was arrested in 1948:
Enough to buy some supplies, but how did he pay the rent? Perhaps he owned his apartment.https://www.in2013dollars.com/us/inflation/1948?amount=1
example: https://www.amazon.com/dp/B01L3536O2
In other words, Africa is a big place. Just say "Zimbabwe".
I wonder if the cashier checked the bill closely when he paid it.
Attempting this today would probably surely cost that much in today's dollars?
[1] https://www.federalreserve.gov/faqs/currency_12771.htm
I see what they did there.
> The 70-year-old retiree who became America’s worst counterfeiter. [link]
He evaded capture for 10 years, making him one of the best. Also got less than a slap on his wrist and ended up making legal money on the whole ordeal.