@TuesdayPause | #GoDiscover post by Kristin—Cleveland Money Museum. I love finding the unexpected…and last week I found it while searching for the non-existent. You see, until last week, I had long believed that Cleveland was home to a United States Mint facility due to an understated green and white banner I had seen years ago while touring downtown. This long, slender banner contained two simple words—Money Museum. Understandably, but erroneously, I concluded that the stately governmental building that sits at the corner of Superior Ave and East 6th Street was a U.S. Mint site.
I now know my error. This 13-story high-rise, constructed in palatial Italian Renaissance style, is actually the Federal Reserve Bank of Cleveland. As background, the Federal Reserve System (also known as the Federal Reserve or simply the Fed) entered American economic life in 1913, after a series of financial panics. It performs a range of functions, from implementing the nation’s monetary policy—in an effort to avoid future financial crises—to education.
With education in mind, the Federal Reserve Bank of Cleveland created the Learning Center and Money Museum in 2006. Whew! With that mouthful as background, let’s move on to what you can see and learn by visiting Cleveland’s Money Museum.
What Visitors See and Learn at The Money Museum
First, you’ll know you’ve arrived at the right place when you see the sidewalk barriers that surround the building’s pink marble exterior. Heavily armed guards meet you just inside the 6th Street doors, reminding you that, as the banks’ bank, this building operates as a daily repository of cash. I can only imagine its vault. According to Cleveland Historical, the bank’s two-story vault is protected by 6.5-feet thick concrete walls and a 100 ton, 5-foot thick vault door—the largest vault door in the world. Thus, not surprisingly, all visitors pass through metal detectors and have their bags inspected, and those 16 years or older will be asked to show a driver’s license, or photo ID. Admission is free.
Once through security, a staff member greets visitors, explaining a bit about the architecture and history of the building, the Federal Reserve System, and answering any questions. Visitors are then left to enjoy the exhibits at their own pace.
While the museum is actually rather small in size, many of the exhibits (over 25 of them) are hands-on, thereby encouraging adults and kids alike to linger, engage, and learn. Some kids may enjoy learning the pros and cons of bartering. The Barter Island interactive exhibit teaches participants how, in the absence of money, they can still get things they need or want.
This was a popular spot while we were there, outfitted with a bank of computer monitors to engage older kids, while the younger set can enjoy physical baskets of food available for trading with their friends and family. The computer game goes something like this: Trapped on an island with nothing but oranges, players learn they can trade their oranges for cherries; their cherries for cheese; their cheese for bread, for apples, for grapes, for a paddle to escape. Players quickly learn that bartering is hard work and not very efficient; there must be a better way! Just keep walking.
Money—Its Story
Next, step into the Stone Money Theater, which presents videos on the history of money, its characteristics (recognizable, durable, portable, divisible), and the difference between commodity and fiat money—most currencies today are fiat money, including in the US.
The presentation also explains why money has value at all, and ends with interesting trivia-type questions. For example: Do you know the only American woman to appear on a bill? (No, it’s not Susan B. Anthony; she’s on a coin.) Or, can you tell me what new world crops were used as legal 
I knew none of these answers, but did manage to come up with one correct guess. How well will you score? (If I gave you all the answers, you’d have less reason to visit…so, go and learn for yourself.)
Leaving the theater, you can engage in a number of activities. Test your ability to spot counterfeit money. Stand under, or stretch on your tippy toes to pick the “fruit” of the money tree. Think it’s real or fake?
Cabbage? Fish scale? Jack? Dough?
Can someone please explain? The money lingo: past and present display does just that. Stop a moment to expand your cash vocabulary and understand why those movie pirates talk in terms of doubloon. Curious about the origin of the term dollar? Listen carefully in the Stone Movie Theater to learn that.
Finally, don’t forget to head upstairs. On your way, take note of the sums on the steps. As you climb the stairs, you’ll see and experience firsthand the impact of compounding. Maybe point this out to your kiddos. Perhaps they’ll decide to invest next year’s birthday money rather than have it burn a hole in their pocket.
Arriving on the second floor, be sure to look for the perfect selfie opportunity. You can’t miss it—a giant dollar bill with a hole in the center. See how impressive a dollar bill would look if your face replaced that of our nation’s first president… Sorry, George.
The Wizard of Oz May Have Also Been About Monetary Policy, Not Just a Lost Girl on a Yellow Brick Road
As you can see, there is plenty to see and do at the Money Museum. Even so, there was one exhibit that really caught my attention. Sadly, I didn’t have time to take it in as we had spent too long looking for parking—plus, remember, the museum closes at 2:30. (I give parking suggestions below.) Heading toward the money tree to rejoin my daughter, my eye caught a glimpse of the title and imagery from the iconic film, The Wonderful Wizard of Oz, based on the story by L. Frank Baum.
“Why would this be at a money museum?” I asked the docent as we departed. As the museum had now closed for the day, she gave a very brief explanation but sent me home with a detailed account published in a free booklet titled, Follow the Yellow Brick Road…A Monetary Policy Journey Through L. Frank Baum’s The Wonderful Wizard of Oz. Clearly, many have found interest in this revelation to have published an account of it.
Later that evening, I had a chance to read the piece. What an interesting story! Some historians believe that author L. Frank Baum interlaced a monetary allegory into this classic American film. At the time Baum wrote the book (1900), a battle was being fought between several existing political parties. The question at stake—whether to stay on the gold standard or allow silver back into the money supply. Many believed returning to a bi-metallic standard would help ease deflation that was spreading at the time. I won’t go into detail, but it fascinated me.
Who knows, it might interest you as well? (Or did you already know about the double meaning in the film? If so, let me know by leaving a comment. I’d love to hear how you learned this. Despite seeing the film countless times over the years, I had never heard whisper of this mystery.)
The Money Museum Isn’t Just For Kids
To summarize, the museum offers a variety of exhibits, geared to appeal to a wide audience. Where the Barter Island exhibit attracts the kids, the Wizard of Oz display (ironically) appeals to the adults. And, this is just a sampling of what you’ll find.
Indeed, the Money Museum seeks to educate visitors, and it does so interestingly and effectively. So, whatever your age, drop in to gain a deeper understanding of those bills folded in your wallet and those coins jingling in your pockets…and enjoy yourself in the process.
If you’d like to extend you time downtown, consider arriving early. Perhaps you might like to head over to Urban Farmer for a farm-fresh breakfast, noted in a blog post last year. You could also make it a “museum day” and pop over to the Cleveland Museum of Art. CMA’s exhibition, Beyond Angkor: Cambodian Sculpture from Banteay Chhmar has a few days more days before it wraps up on March 25th. For those who prefer European sculpture, wander over to Rodin—100 Years (exhibit dates: 9/1/2017–5/13/2018).
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What To Know Before You Go
Location: 1455 East 6th Street, Cleveland
Hours: Monday–Thursday, 9:30–2:30
Cost: Free
Parking: Public parking lots and garages are available around East 9th Street. But, we found one just around the corner, at 801 Rockwell Ave. Cost: $2.50 every 15 minutes | $10 max. If you decide to park here, take your parking ticket with you as you will pay at the machine by the elevators before returning to your car. Also, the Bank does not validate parking passes.
TP’s Tips:
- Food: Notice that Urban Farmer is just up 6th Street from The Federal Reserve Bank, inside the Westin Hotel. Click here to read TP’s post about brunch at Urban Farmer here.
