Earlier this month the U.S. Treasury Department’s Bureau of Engraving and Printing brought out a new $20 bill. Curiously, the debut of this redesigned piece of currency was accompanied by a marketing campaign–at a reported cost of $32 million. That’s a decent budget and includes events, print ads, some Web goodies, and even TV spots…The ads have been in heavy rotation, and they raise an obvious question: Why bother to advertise money itself?
Here is a description of one commercial:
In one spot, a guy with glasses gets some dough from an ATM, but the upbeat, swingy background music hints that this no ordinary withdrawal. And indeed, the machine spits out a stack of new $20 bills. He pauses and holds one up to study it closely (always a good idea to raise a twenty in the air and lose yourself in thought on a city sidewalk). An announcer says, “You can see right away that things are different.” A smile of satisfaction creeps over the guy’s face. “We’ve added color,” the announcer says, “and changed the portrait.” We follow Mr. Glasses as he buys some flowers, paying with a new $20 bill that seems to vaguely impress the vendor. The announcer mentions improved “security features” and assures us that the new twenty, like the old one, is worth 20 bucks. He then concludes with the new money’s tag line: “Safer, smarter, more secure.”
My take: We need to advertise the money to limit counterfeiting, and to maintain the status of the U.S. dollar in black markets and abroad. We need to tell the world that the $20 bill has changed.
Here is the full story, which includes a video link to one of the commercials. Thanks to Eugene Volokh for the pointer. By the way, I’ve yet to receive one of these bills.