An Ingenious Experiment: Testing the Value of Money Among Billionaires
Ever wonder if billionaires like Elon Musk or Jeff Bezos would bother bending down to pick up a coin? In the 90s, Spy magazine posed this very question and decided to put it to the test with a hilarious and revealing experiment. They wanted to see how much wealthy individuals truly valued money—particularly when it was an insignificant sum.
Spy Magazine’s Playful Prank
What started as an inside joke evolved into a real experiment, meticulously crafted for its July 1990 issue. The editors of Spy devised an ingenious method to understand what it feels like to pick up a penny when you’ve already amassed a fortune. The solution? Send nominal checks to several millionaires.
Each check was carefully crafted; when a recipient cashed it, the editors would learn who was willing to “bend down” for the change. After all, cashing a check requires more effort than simply picking something up off the ground.
A Deliberate Setup
To ensure the authenticity of the checks, the magazine set up a fictitious yet legal company named the National Refund Clearinghouse. They even opened a real bank account through which small refunds were processed. Each check was accompanied by a note claiming it was a refund for an erroneous charge—nothing unusual for someone used to handling invoices.
The Results: Who Cashed In?
The initial batch of checks consisted of $1.11 checks sent to 58 well-known billionaires, including Donald Trump, Cher, and Martin Scorsese. In a surprising turn, 26 out of 58 recipients cashed their $1.11 checks within two months, showing a remarkable 44.8% response rate.
Conversely, 32 millionaires ignored their checks completely, raising questions about their perception of “pennies.” It’s worth noting that Trump was among those who chose to cash his check, further illustrating that for some, every dollar counts.
Increasing the Stakes
After the encouraging results from the first round, Spy editors decided to send a second round of checks worth a slightly more appealing two dollars to the 32 individuals who had ignored the initial check. Renowned figures like Richard Gere and Carly Simon took the bait, but the interest waned significantly with further rounds.
The next delivery offered checks of $3.47, yet only two celebrities opted to cash in on this offer. The editors, amused but curious, sent even smaller checks to the original group, beginning with one worth just 64 cents. Surprisingly, half of those who initially cashed $1.11 checks cashed in on the new offer, though interest was clearly diminishing.
Ultimately, a check for a mere 13 cents was sent to those serial cashers, which, ironically, was cashed by Trump and arms dealer Adnan Khashoggi, highlighting the playful yet serious question of what constitutes value.
The Psychological Underpinnings of Wealth
This experiment transcends mere humor, revealing deeper insights into the mindset of the ultra-wealthy. Despite being billionaires, cashing in on trivial amounts showcases a psychological relationship with money that is pervasive in the wealthy community. For these individuals, money indeed seems to equate to worth, regardless of the amount.
In the end, Spy’s humorous yet thought-provoking experiment offers a unique glimpse into the financial attitudes of some of America’s richest individuals, demonstrating that for many, every cent can still hold value.