Employer hands out $61K in bonuses — all in $2 bills
Source: Omaha World Herald
By Robert Pore
Workers at Hornady Manufacturing in Grand Island got something interesting in their pay envelope Friday.
According to Jason Hornady, vice president at Hornady Manufacturing, the company handed out $61,000 worth of $2 bills to its employees as part of the companys annual bonus pay.
Hornady Manufacturing is one of Grand Islands leading employers with more than 300 people on its payroll.
Hornady said this is the third year the company has given its employees a portion of their annual bonuses in an unusual manner.
FULL story at link.
Read more: http://www.omaha.com/money/employer-hands-out-k-in-bonuses-all-in-bills/article_545926ac-f3e7-11e3-ae0a-0017a43b2370.html
BARRETT STINSON/WORLD-HERALD NEWS SERVICE
This is what a $61,000 pile of $2 bills looks like.
tom_kelly
(963 posts)Blue_Tires
(55,445 posts)I thought they were out of circulation??
My aunt used to put them in my birthday cards back in the day...
onehandle
(51,122 posts)Ino
(3,366 posts)olddad56
(5,732 posts)KamaAina
(78,249 posts)davidpdx
(22,000 posts)When I exchanged some money in Manila a few years ago, I received 3 $2 bills at one time. My wife has one of them and I have the other two.
Blue_Tires
(55,445 posts)they're squirreled away in an attic somewhere, I think...
They might have been 1982 or 1988 series maybe iirc?
Aristus
(66,509 posts)He collects various unusual denominations of bills and coins and keeps them in a safe. He has no real use for them. He's not collecting in hopes of an eventual increase in relative value. He just likes having them.
I suppose I could argue that he's running out of things to spend his money on. The life of a successful businessman...
former9thward
(32,121 posts)You want some, just go into any bank and ask for them. If they don't have what you need they will order from the mint.
Art_from_Ark
(27,247 posts)The US Mints (there are 4 of them) only produce coins. Notes are produced by the Bureau of Engraving and Printing. Production of $2 bills is sporadic, as some years see no production at all.
http://www.moneyfactory.gov/uscurrency/annualproductionfigures.html
former9thward
(32,121 posts)The problem with the $2 bills are the idiots who think they are valuable and take them out of circulation. $2 bills are worth $2 and will always be worth $2 and not a penny more.
Art_from_Ark
(27,247 posts)Your average $2 bill will only be worth $2 well into the future. But $2 bills with unusual or low serial numbers, or so-called "star notes", especially in crisp uncirculated condition, can be worth more than $2.00, sometimes much more.
former9thward
(32,121 posts)And giving them to their nephews and nieces like they are some sort of treasure.
Art_from_Ark
(27,247 posts)the $2 bills, and bicentennial coins, that are squirreled away can still serve as savings, as long as they are obtained at face value.
Brother Buzz
(36,490 posts)Fort Knox doesn't strike coins, and West Point does mostly commemorative and proof coinage bearing the W mint mark, and mostly out of gold. In 1996, West Point produced clad dimes, but for collectors, not for circulation.
Art_from_Ark
(27,247 posts)It is a "bullion depository", like West Point was until it started striking commemorative coins starting with the 1984 Los Angeles Olympics $10 gold pieces
Brother Buzz
(36,490 posts)and currently makes no coins.
http://www.usmint.gov/kids/coinnews/mintfacilities/ftk/
Art_from_Ark
(27,247 posts)but collectors do not refer to it as such because it does not produce coins, and never has.
On edit: Even the US Mint seems to be a bit confused about the proper name of the Ft. Knox facility:
http://www.usmint.gov/about_the_mint/fun_facts/?action=fun_facts13
canuckledragger
(1,671 posts)Canada dumped them a while back in favour of these:
CrispyQ
(36,552 posts)Why America doesn't go to dollar coins is beyond me. When I worked in the grocery store way back when, I collected silver dollars & half dollars. Still have them in a jar somewhere.
canuckledragger
(1,671 posts)With the reasoning being that the coins were much more durable than paper.
yellowcanine
(35,703 posts)No one wants them except collectors so they don't get circulated. People prefer to have the quarter as the largest coin. And with vending machines capable of accepting paper bills now it is doubtful that dollar coins will ever catch on in the U.S.
Chan790
(20,176 posts)People prefer the $1 bill so the coins never catch on. I favor the replacement with coins...but I'm in a minority.
Actually, the goal of introducing the gold $1 coins was to eventually force-change by discontinuing the $1 paper bill as they'd de-circulate and simply cease to exist within an 18 month to 5 year period. Republicans didn't like that idea (I don't remember when...I think we're talking Gingrich as SotH, so...late-1990s--early-2000s?) and wrote language into a bill that was ratified barring redesign or replacement of the $1 bill for a set period of time. That's the reason we update the other denominations every few years but never the $1 bills.
I support getting rid of the $5s too...replacing both the $1 and $5 bill with coinage would save the government billions.
PeoViejo
(2,178 posts)Feh.
Populist_Prole
(5,364 posts)For making them less "competitive" and may cause "disappointing earnings" next quarter.
Or the other chodes that say "Increased employee earnings cause inflation worries......"
olddad56
(5,732 posts)then they would have bigger problems to worry about. My guess is that this company at least got to write off these bonuses and the people getting them had to claim them as income.
former9thward
(32,121 posts)Of course you claim it. The bonuses are a company expense and are treated exactly the same as any wages.
ManiacJoe
(10,136 posts)But honestly, out of laziness I would rather have that in $100 bills or direct deposit.
jmowreader
(50,580 posts)According to the article, the bonus each employee gets is in three parts:
Part 1 is directly deposited into his or her bank account. The article said the bonus is approximately 40 percent of an employee's paycheck, so this is a nice-size lump.
Part 2 is a contribution to the employee's 401(k) account.
The third part is a stack of 100 $2 bills, with instructions to spend it in Grand Island. Apparently the rest of the citizenry don't think Hornady enriches the community...hence Hornady's idea to annually flood the town with an unusual form of currency.
ManiacJoe
(10,136 posts)Calista241
(5,586 posts)Can I have your job?
ManiacJoe
(10,136 posts)about the unnecessary weight and bulk of the $2 vs $100 bills.
Hassin Bin Sober
(26,352 posts)I hate when customers pay me in cash.
Somebody paid me a thousand dollars in cash a while back so I had it in my pocket for about a week before I could get a chance to make it to the bank. I had an "oh fuck" moment at one point when I thought I lost it.
When I was a finance manager for a car dealership way back when, I used to hate when people would pay in cash or "fold" as we would call it. The old timers would think it was impressive to bring $20k in cash like they were doing me a favor. All it meant is I had to count it twice, watch the cashier count it twice and worry we didn't make a mistake. We once had a used car dealer buy a bunch of our beaters and pay us something like $80k in smaller denominations - that was a nightmare. It took all evening between mistakes and distractions to get the count correct.
Checks I can take a picture of and send to my bank. Better yet are wire transfers.
Snotcicles
(9,089 posts)gvstn
(2,805 posts)Use of the two-dollar bill is also being suggested by some gun rights activists to show support for Second Amendment rights, particularly at stores that allow Open Carry or Concealed carry of weapons on their premises
http://en.wikipedia.org/wiki/United_States_two-dollar_bill
Years ago I had been told by someone that he used two dollar bills whenever possible to show the power of the black man's money(it must of been a thing in the late 90's). It looks like today it has been usurped by tourist bureaus and gun rights advocates.
CrispyQ
(36,552 posts)I've encountered three Where's George bills. I don't think most people have a clue about it, cuz there are less than five entries on each of the three bills I'm tracking, two singles & a ten.
http://www.wheresgeorge.com/
gvstn
(2,805 posts)dembotoz
(16,864 posts)Hell i would have taken the money in pennies
thelordofhell
(4,569 posts)Grand Island strip clubs see surge in $2 stage tips...........
Evasporque
(2,133 posts)NickB79
(19,283 posts)Especially when you then give news interviews about it?
Michigander_Life
(549 posts)I'm as anti gun as anyone here, but this post seems somewhat ... reality challenged?
NickB79
(19,283 posts)Anyone 18+ can buy ammo with virtually no issues. There are no background checks on bullets like there are with guns.
FWIW, Hornady is selling all the ammo they can make through legal channels and then some. They're backlogged for months on some of their most popular calibers.