Dec 24, 2013

Refinish Your Antique Furniture? It’s a Question of Value

That crisp new $20 bill in your wallet is more valuable than the worn $20 you got as change from the convenience mart.

Don’t believe me? Next time you make a purchase, take note of which bill you are inclined to give to the clerk. Chances are you will use the worn $20 and keep the newer bill for yourself.

It seems that no one likes dirty money. There is an “ick” factor associated with it; no one likes to handle someone else’s germ-laden bills. Fresh, crisp new bills are perceived as being more desirable than old, worn bills. Consumers are more willing to spend worn money, spend it faster and are more inclined to gamble with worn money. Consumers prefer to keep new bills for themselves but are willing to spend them to impress their friends.

Such are the conclusions reached in a study by Theodore Noseworthy of the University of Guelph and Fabrizio Di Muro of the University of Winnipeg. These conclusions are published in their paper titled “Money Isn’t Everything, but It Helps If It Doesn’t Look Used: How the Physical Appearance of Money Influences Spending.” Read More

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