The year is 1931 and the United States is in the throes of the Great Depression. The small thriving town of Tenino, with almost 1,000 people, has yet to feel the major effects of the economic crisis. But just 20 days before Christmas, on December 5th, the Great Depression came knocking on the door with the failing of the Citizens Bank of Tenino. There was no longer any cash currency available for the exchange of goods and services.
In an attempt to keep the town solvent, the Chamber of Commerce received permission from Congress to begin printing their own money. Little did they know, this would be what would put Tenino on the map and make the small town famous. After a few attempts with paper money, the Chamber decided to make currency out of wood, which was readily available. A committee was formed that included the town’s physician, Dr. Wichman, dentist Dr. Meyer, and Don Major, the publisher of the local newspaper.
Now, almost 90 years, later the wooden money is back in circulation in the same small town.
Loren Ackerman has run the 1890 printing press at the Tenino Depot Museum for more than 20 years. As he fires up the machine, he shares history about wooden money. He tells me what started as an emergency situation became their claim to fame. Just over $3,000 was first printed in 1931, with about $1,280 actually being circulated.
By the second printing, in 1932, the word had spread and out of $10,000 only $40 came back into Tenino. “They made it to use it,” Loren tells me, “but instead of it being used, it went out to collectors and to this day is a very high dollar value collector’s item.” Loren says today people from all over the world collect Tenino’s wooden money and it often shows up in unusual places. A very rare piece of money, which is not even in the museum’s collection, recently sold online for just over $4,000.
Chris Hallett holds one of the best private collections of wooden money. It is on display to the public at Hallett’s Edward Jones office, in the very same location of Citizens Bank of Tenino from 1931.
“My grandmother got me into collecting antiques when I was little,” says Chris. “It was a natural fit collecting wooden money when I came here 14 years ago, not knowing that I would eventually be in the bank that failed.”
As Chris shows me around his office, he says with a smile, “It’s like a museum.” Many of the original pieces from the bank are on display, including the vault, which now houses Chris’ own stash of wooden money. Chris is also very excited to show me a long lost video treasure. “When we moved into the old bank in Tenino, the landlords found it in the archives. It’s an old VHS tape and it had been buried for many years. You can actually see them printing, cutting, and handing out money from 1931.”
But Loren tells me it’s not just about the money. People come to see something else. “They could care less about me standing here. They want to see this machine. It’s their holy grail. It’s still operable. We’re still printing today.”
Loren recalls one memory during their most recent money printing in 2013. “We were just having a ton of issues trying to make it look good. It just wasn’t working.” Lo and behold, in walks a young woman to the museum who knows all about the workings of the machine. She was so excited to see it and was even able to give the more than 100-year-old machine a volunteer tune-up.
With everything in great working order, Loren says he mostly makes wooden souvenirs for all sorts of events around the town and community. And every printing is unique because he retires the blocks used to create the images on the wood after he is done. He says soon another printing of actual money will be completed.
According to Loren, the best part about the wooden money is it’s still being used in Tenino today. At local restaurant Scotty B’s, anyone can walk in and purchase wooden money in denominations of $1, $5, or $10. And it can be used at most of the local businesses as legal tender, just as was intended in 1931. Experience the birthplace of wooden money for yourself. Stop in to the small community of Tenino.
