bank error in your favour (12. 735)

Reminiscent of a possibly apocryphal story circulated by tellers of accepting coin rolls of pfennigs and exchanging them for euro bills shortly some years after the change over, on this day in 1975, one Stephen Holcomb Jr of Transverse City, Michigan presented a hundred-thousand mark note, wishing to trade it for US dollars after a local electronics store refused to take the foreign money for the purchase of an AM/FM radio and suggested he go to the bank. With no malice or fraud intended, the clerk had accepted the bill at face value, giving Holcomb the going rate and exchanging it for nearly forty-thousand in cash, promptly buying the radio and going on a spending spree. Honouring the current rate had been a mistake as the bill was dated 1923, issued during the inter-war period of hyper-inflation and valued at a fraction of a cent—see also here and here. Holcomb’s mother had been an antique dealer and the worthless artefact had been in the house as long as they could remember. Although not criminally charged, the balance of the money was recovered and new truck and other purchases repossessed after Holcomb’s night on the town in Chicago when he was apprehended by a bank detective upon returning home.