What runs the world? Money! It tells us what house we can buy, the car we can drive, the food we can eat, the job we need to accept, and it even influences who governs us. So when I was assigned to tour the Economy Museum at the Federal Reserve Bank of St. Louis and the Money Museum at the Federal Reserve Bank of Kansas City, my interest piqued.
Federal Reserve banks distribute cash and coins to banks, search for and report counterfeit money, serve as fiscal agents for the US government, maintain the financial stability of state member banks, lend money to banks, and conduct research about the economy.
Essentially, they take on a similar role in looking out for other banks as commercial banks do for their patrons. However, contrary to popular belief, Federal Reserve banks don’t print money and are not part of the government but are part of an independent and nonpartisan organization.
Missouri is unique because it contains two of the 12 Federal Reserve banks that are spread across the country. Since the Show-Me State has two Federal Reserve banks, I traveled to Kansas City and St. Louis to visit both of them.
The Money Museum in Kansas City
To be transparent, I didn’t pay much attention in my Journalism in Economics course in college. So even though I was excited to visit the Federal Reserve banks, having to write about them put a big lump in my throat. I was afraid I would go to my first stop, the Money Museum, and everything would go over my head. Luckily for me, I was able to learn a lot.
When entering the museum, the first thing patrons are met with is the Harry S. Truman Coin Collection, which features one coin of each type issued for every presidential administration since George Washington. The 453-piece collection was gathered by means of a nationwide campaign to replace a similar collection that was stolen from the Truman Presidential Library in 1962. The collection has many subtle details that invite viewers to pay close attention, such as how most early coins include Lady Liberty and how the denominations of coins are inconsistent in the years when certain metals, like silver, were scarce.
After passing the collection, visitors can experience many interactive elements within one large room. There is a virtual photo booth, an opportunity to make your own money, a timeline of the Federal Reserve Bank of Kansas City, a “guess the counterfeit money” game (I failed), an investment calculator, a “how many pennies tall are you” measuring stick (I’m 84 pennies tall), and a chance to touch the money that the bank has shredded. The hands-on components may be meant for kids, but adults can have fun here too.
In the center of the room is the museum’s pride and joy, a solid gold bar made in 1959. As I slipped my hand inside the plastic box and attempted to lift the gold bar that is worth about a million dollars (the price of gold varies daily), I was filled with pure naivete and blind faith in my abilities. I was in shock when I realized I couldn’t lift the 27-pound bar with one hand even an inch off its pedestal. My husband, Kai Kanko, was there with me on the excursion, and when it was his turn, my embarrassment solidified as he lifted the bar with a single pinkie finger.
The museum also offers patrons the opportunity to watch employees process money while they search for counterfeit bills and view robots carrying bills to and from the vault that holds the money. The Federal Reserve banks catch five to seven counterfeit bills a day that it reports to the Secret Service. On an average day, the vault holds billions of dollars in new and existing coins in circulation. It’s surreal to see that much money packed away in what appeared to be a futuristic warehouse manned by large yellow robots. Photography is not allowed in this area, so it is something guests will have to check out for themselves.
Near the vault, there is one last exhibit tucked away beside the restrooms: a small theater with maroon seats. The theater plays a video made with clear and concise language that explains how the Federal Reserve System works. This is how I learned who is in charge of the Federal Reserve System (seven members of the Federal Reserve Board), what the Federal Reserve System actually does, the system of checks and balances it has, and how it supports the economy during crises like 9/11. The Money Museum may seem like a large museum based on its variety of exhibits, but in reality, it’s made up of one room and a hallway. A visit to this museum isn’t meant to be an entire afternoon excursion; rather, it’s a quick yet fun look into the foundation of our economy.
The Economy Museum in St. Louis
While I enjoyed the Money Museum, the Economy Museum in St. Louis brought an extra razzle-dazzle flair.
At the entrance, visitors are embraced by floor-to-ceiling marble walls and ornate metal decorations that make the building truly shout, “This is a museum!” The stunning architecture serves as a backdrop for the seven-foot-tall Million Dollar Money Cube, which holds about 1 million replica Federal Reserve notes and 224 authentic bills. The replica bills help avoid the waste of real ones, according to exhibit information. The classiness doesn’t stop there. Polite attendants lead visitors to the lobby, which was originally the teller area of the bank in 1925. There, the lights dim as guests walk in, and a light show zips across the wall, while a large projected video explains the different zoning districts and locations of the Federal Reserve banks and how the system works.
Past the historical but jazzy lobby is the primary exhibit area that offers an overwhelming amount of things to do and see. The lighting is lower in this area, but there are many colorfully lit screens and signs that make it feel like a modern and hip museum. The walls are lined with countless infographics, interactive touch-screen games, video presentations explaining the Federal Reserve System and the US economy, maps, an eight-foot-tall imitation penny, a place where visitors can smell different foods that were once high in price, and a giant Jenga-like sculpture containing informative facts. A particularly interesting display features the first forms of money in the world, including an early Chinese knife and cuneiform tablets dating from 2,350 to 2,200 BC.
Notably, the museum also aims to connect guests with one another. There is a game in which guests can take on the role of stock market traders who buy and sell wheat, and there is a world map where guests can place a sticker, marking where they’re from. While it makes sense for a place that harps on the importance of international economics to have an atmosphere that acknowledges the need for a worldwide connection, I found these exhibits especially heartwarming.
Other interactive exhibits include Dream Job, How People Interact, The Connections Theater, The Vault, and You and the Economy. Each exhibit takes a small slice of the economy and breaks it down into digestible parts. Basic information is explained, like what a bank is, along with more complex concepts, like what gross domestic product is. This wide range of information makes the exhibits educational for anyone.
However, this museum doesn’t offer a view of employees at work or an actual Federal Reserve vault. You must visit the museum in Kansas City to experience this.
Besides the engaging zones, a classroom is attached to the museum, which allows visitors to discreetly watch potential future economists take flight through education. There is also a small gift shop that will surprise visitors with its variety of trinkets and T-shirts.\
During my visit, I approached the Dream Job exhibit and played a game that had me guess the amount of education needed for various jobs. I started out by clicking on the job of a writer since I have a degree in journalism, reporting, and writing, and I guessed it required a bachelor’s degree. Much to my dismay, it stated that people seeking this job only need a high school diploma. I wish I had been told this four years ago.
The Vault exhibit is in its own room with a giant, typical bank vault door on the outside. Here, I spied my second opportunity to lift a gold bar. Unlike my previous time in Kansas City, I had the chance to lift this bar from the bottom, rather than the top. Did I rise to the occasion and lift the gold bar? Nope. Failed again.
At the end of my adventure, I noticed two phones as I wandered out of the museum. As I am a sucker for immersive experiences, I picked one up. The hair on my arms stood up as I was transported back to 1965. The phones feature a recording of an actual call between William McChesney Martin Jr., previous chairman of the Board of Governors of the Federal Reserve System, and President Lyndon B. Johnson as they discussed the federal budget, the deficit, taxes, and monetary policy during the Vietnam War. Navigating the important economic words between phone static was the perfect way for me to end my trip.
The Takeaway
The museums are a way the Federal Reserve banks help bridge the gap between the public and what happens within our banking systems. While the interactions of large organizations in our economy often feel covert and uncontrollable—in fact, I’ve often been suspicious of our financial systems—the museums felt like transparent, outstretched hands. As I watched millions of dollars being sorted and stored and experienced a variety of exhibits that explain in understandable language how the money cycle operates, I felt deeper trust in the Federal Reserve banks. I now have a deeper appreciation for the protections the Federal Reserve System offers our economy.
If You Go
Money Museum at the Federal Reserve Bank of Kansas City
- Address: 1 Memorial Drive, Kansas City
- Hours: 9:30 am to 4 pm, Mondays through Fridays
- Contact: 816-881-2683
- Items needed: Photo ID for patrons over 18
- KansasCityFed.org/moneymuseum
Economy Museum at the Federal Reserve Bank of St. Louis
- Address: 1 Federal Reserve Bank Plaza, St. Louis
- Hours: 9 am to 3 pm, Mondays through Fridays
- Contact: 314-444-7309
- Items needed: Photo ID for patrons over 18
- Museum.StLouisFed.org
This article was originally published in the September 2024 edition of Missouri Life.
