Connecticut Attorney General's Office

Press Release

Attorney General Warns Of Hidden Fees In "Discount" Offer For Uncut U.S. Currency Sheets

February 2, 2007

Attorney General Richard Blumenthal today warned that an offer to sell consumers uncut sheets of U.S. currency for a large discount includes fees that more than triple the item's price.

In recent full page newspaper ads, World Reserve Monetary Exchange claims to offer $1 sheets for $1.09 each, "93 percent" less than the $15.50 charged by the federal government.

Consumers, however, cannot buy the sheets from World Reserve Monetary Exchange for $1.09. To receive the "discount," consumers must buy a display book and pay a large shipping fee, inflating the cost to nearly $53, more than three times the U.S. Bureau of Engraving and Printing's $15.50 price.

Blumenthal's office will contact the company about its claims and its requirement that buyers provide credit card and driver's license information.

"Consumers should reject this phony discount offer," Blumenthal said. "These full page ads appearing widely in major publications tout illusionary discounts that disappear upon closer scrutiny. Consumers can buy exactly the same item - uncut currency sheets - from the federal government for a fraction of World Reserve Monetary Exchange's bogus 'discount' price. These ads twist words and numbers to make a false price comparison and conceal shipping charges, more than tripling the costs of these currency sheets.

"I am deeply concerned by this company's demand for driver's license, as well as credit card information. Consumers should avoid revealing any personal financial information to World Reserve Monetary Exchange. My office will contact this company about its claims and its use of personal financial and driver's license information."

To get World Reserve Monetary Exchange's "discount" price, consumers must pay a $38 "bank book transaction fee" for a display book and $13.87 for shipping and handling, a total of $52.96. That compares to the U.S. government's price of $15.50, which includes shipping and handling, for the same uncut sheet of four $1 bills.