Use value versus perceived value. ✎ By Wayne K. Spear
There are about 1.5 billion US $2 bills in the world. A $2 bill is worth $2.
Two-dollar bills are scarce, yet you can get one at any time from a bank.
When most of us get one in a transaction, we put it in a drawer, because we perceive it as valuable. Perception yields scarcity, and scarcity yields perception.
How did 2-dollar bills become scarce?
The answer is use value. When US notes were introduced, in the late 19th Century, you could buy most anything with a dollar. The two-dollar bill lost a use-value battle.
This is why there are no slots in an American cash register for a two-dollar bill.
Because people are creative, they manufacture use value for two-dollar bills. This is called a Spend Tom Campaign.
A two-dollar bill stands out. The person who uses it gets attention. Attention is value.
Tip: give a waitress a two-dollar bill, and she’ll remember you.
In the past, companies have chosen to give their employees $2 bills to draw attention to their economic contribution to the community. Two-dollar bills have been used as a marketing tool by the tourism industry, by sports teams, and by champions of the Second Amendment.
Scarcity and attention. The power of perception. Find something with perceived value that is scarce but readily available, and leverage it as a use value.