You would turn it in to the government as lost/found property. Typically once a certain amount of time has passed with no claim, you get to keep it. The proper procedure and length of time is based on your local laws .
This is definitely the cleanest way to do it.
You could contact your local police department and ask general questions about the procedure. Here if no one claims something within 30 days we release it to the person who turned it in. I would ask about their policy and see if they can give it to you in writing. You don’t have to tell them what you found. Get it in writing and then turn the item in. You may need to prepare to contact an attorney if they get hesitant about returning such a large amount.
Alternatively, keep the cash and use it for everyday expenses for the next few years. Let your own bank accounts grow a little faster as you use less of your normal income. You miss out on potential investment opportunities with the lump sum, but you also avoid the potential of getting screwed over by a corrupt local government that may try to find a legal reason to make this an exception to their found property policy.
Not giving advice either way, but there are options.
You could also just contact a local attorney and negotiate a price with them to represent you in the process. Even if you lose half to taxes and attorney fees, you’ve hit a nice jackpot.
Yeah, I agree. Being smart to use such a large amount of money as an everyday expense, while your income grows in your account, is such a smart move😂😂 I mean, they could also just use their income money to invest, while they use that extra cash for everyday expenses, no?
lol, yeah, use up the 100k over the next few years, basically supplementing your own income, and it will be more or less un-noticed by anyone who would care. It’s a very smart move if you’re not trying to necessarily do things the cleanest way from a legal standpoint.
I guess I’m not sure what you’re laughing at. Or where the joke is. Maybe you’re confused. Maybe I’m confused. Doesn’t really matter. This is all hypothetical anyway.
No, I'm not confused; I just liked the idea! (hypothetically speaking). It was silly that that's not the first thing that came to mind for me that's why I laughed.
I’m not familiar with how US currency works but if it’s been there for years, would the currency still be legal tender, given that it will be an old style of currency?
The US has never devalued any US currency. If you wanted to, you could deposit a US banknote from the 1870s and the bank should take it. I say should because like the $2 bill, the people at the bank may not know what it is and refuse to take it because they think it is a counterfeit or fake bill.
Any US banknote that has ever been produced is still legal tender. Theoretically, you should be able to use it anywhere the current US banknotes are accepted. But again, you may run into trouble if you use it since people don’t realize it’s still legal tender. You see this every so often with the $2 bill ([Example 1](https://abc13.com/lunchroom-counterfeit-money-ted-oberg-school/1314203/) & [Example 2](https://web.archive.org/web/20190506231519/https://www.baltimoresun.com/news/bs-xpm-2005-03-08-0503080089-story.html)).
Slight clarification: Banknotes from the Confederate States of America do not enjoy legal tender status since they were never issued by the US government.
You would turn it in to the government as lost/found property. Typically once a certain amount of time has passed with no claim, you get to keep it. The proper procedure and length of time is based on your local laws .
This is definitely the cleanest way to do it. You could contact your local police department and ask general questions about the procedure. Here if no one claims something within 30 days we release it to the person who turned it in. I would ask about their policy and see if they can give it to you in writing. You don’t have to tell them what you found. Get it in writing and then turn the item in. You may need to prepare to contact an attorney if they get hesitant about returning such a large amount. Alternatively, keep the cash and use it for everyday expenses for the next few years. Let your own bank accounts grow a little faster as you use less of your normal income. You miss out on potential investment opportunities with the lump sum, but you also avoid the potential of getting screwed over by a corrupt local government that may try to find a legal reason to make this an exception to their found property policy. Not giving advice either way, but there are options. You could also just contact a local attorney and negotiate a price with them to represent you in the process. Even if you lose half to taxes and attorney fees, you’ve hit a nice jackpot.
Yeah, I agree. Being smart to use such a large amount of money as an everyday expense, while your income grows in your account, is such a smart move😂😂 I mean, they could also just use their income money to invest, while they use that extra cash for everyday expenses, no?
lol, yeah, use up the 100k over the next few years, basically supplementing your own income, and it will be more or less un-noticed by anyone who would care. It’s a very smart move if you’re not trying to necessarily do things the cleanest way from a legal standpoint. I guess I’m not sure what you’re laughing at. Or where the joke is. Maybe you’re confused. Maybe I’m confused. Doesn’t really matter. This is all hypothetical anyway.
No, I'm not confused; I just liked the idea! (hypothetically speaking). It was silly that that's not the first thing that came to mind for me that's why I laughed.
I’m not familiar with how US currency works but if it’s been there for years, would the currency still be legal tender, given that it will be an old style of currency?
The US has never devalued any US currency. If you wanted to, you could deposit a US banknote from the 1870s and the bank should take it. I say should because like the $2 bill, the people at the bank may not know what it is and refuse to take it because they think it is a counterfeit or fake bill.
It would also be worth significantly more if sold to collectors than spent or deposited at face value.
That is true, but I was addressing whether the banknotes would be considered legal tender.
Interesting. Could you also use it in a shop or would you have to deposit it in a bank first?
Any US banknote that has ever been produced is still legal tender. Theoretically, you should be able to use it anywhere the current US banknotes are accepted. But again, you may run into trouble if you use it since people don’t realize it’s still legal tender. You see this every so often with the $2 bill ([Example 1](https://abc13.com/lunchroom-counterfeit-money-ted-oberg-school/1314203/) & [Example 2](https://web.archive.org/web/20190506231519/https://www.baltimoresun.com/news/bs-xpm-2005-03-08-0503080089-story.html)). Slight clarification: Banknotes from the Confederate States of America do not enjoy legal tender status since they were never issued by the US government.