Illinois State Treasurer Michael Frerichs (left) discusses his role and duties while Paul Simon Public Policy Institute Director John Shaw looks on as part of the “Pizza and Politics” program on Tuesday in Carbondale.
Illinois State Treasurer Michael Frerichs covered a wide range of topics during a 45-minute discussion at the Paul Simon Public Policy Institute at Southern Illinois University Carbondale Tuesday. The third-term Democrat talked about his role as state treasurer, ideas about his office merging with the state comptroller’s and the process of returning unclaimed funds and property to Illinois residents.
Frerichs began his presentation to about 60 SIU students and local residents by explaining the duties of his office.
“People ask me all of the time, ‘what does the state treasurer do?’” Frerichs began. “I am the chief investment officer for the state’s money, but then people for years would point out that Illinois has no money. I would say yes, but now we have 700 different funds with balances and we invest that money to try to make more money.”
He said the benefit of state investment is that interest earned can be used so that taxes or fees do not need to be increased or programs do not need to be cut. He gave an example of how state investments work.
Illinois State Treasurer Michael Frerichs discusses his role and duties during the “Pizza and Politics” program at the Paul Simon Public Policy Institute on Tuesday in Carbondale.
“In Illinois, there are two seasons: winter and construction season,” he said with a grin. “Take infrastructure for example. Our road fund is paid for with a lot of gas tax money and people drive throughout the winter, but there’s no construction going on. That money comes in and we’re not paying it out. While it is sitting in the fund, we invest it to make more so that we can fund more miles of road projects during construction season.”
He also addressed the idea that his office and that of the comptroller – the statewide elected official responsible for paying the state’s obligations – merge into a single entity. Former State Treasurer Judy Baar Topinka suggested legislation to merge the offices in 2011, without success. Current Illinois Comptroller Susanna Mendoza has come out against the idea.
“The comptroller will tell you that it’s very important to have checks and balances; you can’t give one person the powers of the purse,” he said, explaining the creation of the state’s Office of the Auditor General a number of years ago. “I think, yes, you need checks and balances, but you don’t necessarily need the elected comptroller and the elected treasurer. You could merge some of those responsibilities and then segregate incompatible responsibilities – put some in the auditor general’s office, put some in the governor’s office and put some in the secretary of state’s office.”
Ultimately, he said, it is up to the public.
“If the public wants to merge the two offices, we can do it that way or if the public says, ‘No, we like having multiple elected officials and we think that is a good use of money,’ we will work in the system they give us,” he said.
A former state senator, Frerichs outlined other programs under his direction including the Illinois 529 college savings plans, the Secure Choice retirement savings program, financial literacy education efforts and the ICash program, which works to return unclaimed funds and property to consumers.
“Quite frankly, one of the most fun things I get to do is to play Santa Claus 365 days a year, just giving money away,” he said of the program. “We’ve given nearly $2 billion to people and businesses in Illinois. I have the best job in the state.”
Information about savings programs and ICash is available at www.illinoistreasurer.gov.
9 currencies that no longer exist
9 currencies that no longer exist
Between mobile wallets and digital payments, the U.S. dollar seems like it’s falling more and more into disuse. In the U.S., about 4 out of 10 Americans say their typical week of purchases is cashless, according to the Pew Research Center. While many experts seem to agree that the paper U.S. dollar is not at immediate risk of becoming obsolete, other currencies around the world have gone the way of the dinosaurs throughout time.
Since the earliest civilization, trade has been crucial to human survival. It began with bartering, people trading goods or services with each other. Then, money came along, and its portability and sheer convenience solidified its use in different forms in different cultures. Currency allows people to trade even if they don’t each need a specific item or skill the other has. Instead, money can change hands—a measure of value that’s independent of what it’s paying for. Soon, money became as much of a political tool as it was a social tool. Governments could both create it and tax it, and societies could use it to move resources and develop alliances.
Because “money is technology,” as Jacob Goldstein, author of “Money: The True Story of a Made-Up Thing” puts it, currencies become antiquated and replaced with newer currencies. Currencies also collapse, become demonetized, and fall out of use.
SD Bullion scoured historical and numismatic resources to find nine currencies that no longer exist. Keep reading to learn more about them.
Spade coins
Time and place most recently used: 221 B.C.E.—China
The early spade coins—or spade money—were first issued in ancient China in the late seventh century or at the beginning of the sixth century B.C.E. Spade coins were produced in the form of large, metal agricultural tools rather than traditional coins. The currency was marked with a text, which indicated its value as a coin.
Nefer-nub or stater
Time and place most recently used: 50-60 C.E.—Egypt
The nefer-nub—which is literally translated as “fine gold” or “good gold”—was ancient Egypt’s first minted coin. Also called the gold stater, this coin was issued in 360 B.C.E., while the pharaoh Teos was in power. However, the nefer-nub was not used by the general public, but only by the pharaoh to compensate Greek mercenaries.
Leather
Time and place most recently used: Late 13th century—India
Leather was used as currency in ancient China. White deerskin was cut into 1-foot square pieces—decorated with vibrant and colorful edges—to use as money. Developed in 118 B.C.E., it is believed that this leather currency was the first type of banknote.
Axe blades or hoe blades
Time and place most recently used: 16th century—Central and South America
Aztec hoes—also called axe money—were used as currency in central Mexico and some of Central America around 1500. In Mesoamerica, cacao seeds were also another common currency. The axe money currency was worth exactly 8,000 of these cacao seeds—making it highly valuable.
Pine tree shilling
Time and place most recently used: Late 17th century—Massachusetts
When the Massachusetts Bay Colony experienced a coin shortage, Boston settlers John Hull and Robert Sanderson were permitted to establish a mint in 1652 to remedy the problem. The mint eventually struck the popular pine tree shilling, with the coin bearing an image of one of the colony’s main exports—pine trees. However, the currency was eventually discontinued after the mint was shut down by the English monarchy.
Cowrie shells
Time and place most recently used: Late 19th century—Africa, Asia, Australia, Pacific Islands
First used as money in 1200 B.C.E., cowrie shells are created by mollusks and were abundant in certain areas of the Indian and Pacific oceans. Small, durable, and uniform in size, cowrie shells worked well as a form of currency. Though it was first used in China, the use of cowrie shells as currency eventually spread to other parts of the world.
Rai
Time and place most recently used: Early 20th century—Yap islands, Micronesia
Located on the island of Yap in Micronesia are rai—huge stone disks used as money. Though the U.S. dollar is the common currency in Yap today, rai are still used as payment for important transactions such as land purchases. The stone money was actually not quarried on Yap but brought from another island, Palau. Many are so large they are merely left in place today, with ownership transferred by verbal agreement.
Thaler
Time and place most recently used: 20th century—Austria
In 1518, a silver coin—called a thaler—was first minted in Joachimsthal in Bohemia. The coin was originally called Joachimsthaler, though it was shortened to simply “thaler.” The word “dollar” is an Anglicized version of the term “thaler.”
Deutsche mark
Time and place most recently used: 2002—Germany
Various currencies called “mark” were used in Germany dating back to the 19th century. The Deutsche mark was initially adopted in 1948 as the legal currency of the Federal Republic of Germany (or West Germany). Eventually, it was the currency of the reunified German state and was known as a reliable currency central to Europe’s economy. But a later European currency became its downfall, as the Deutsche mark was replaced by the euro in 2002.
Story editing by Jeff Inglis. Copy editing by Tim Bruns.
This story originally appeared on SD Bullion and was produced and distributed in partnership with Stacker Studio.
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