What Were the Pet Banks?
During the Great Depression, many Americans lost their life savings when banks failed. In response, the U.S. government created the Federal Deposit Insurance Corporation (FDIC) in 1933. The FDIC insured deposits up to $2,500, which helped to restore confidence in the banking system.
How Did Pet Banks Work?
Pet banks were a way for people to save money in a safe place. They were typically made of ceramic or metal and had a slot at the top for inserting coins. The banks were often decorated with animals or other popular characters.
When a pet bank was full, it could be taken to a bank and the money inside could be deposited into a savings account. This allowed people to save money over time, even if they only had a few cents to spare each week.
Were Pet Banks Popular?
Pet banks were very popular during the Great Depression. They were a way for people to save money and feel like they were doing something to help their family during a difficult time. Pet banks were also popular with children, who enjoyed collecting them and filling them with coins.
What Happened to Pet Banks?
After the Great Depression, pet banks became less popular. As the economy improved, people began to have more money to save and they no longer needed to rely on pet banks. However, pet banks continued to be produced for many years and they can still be found in antique stores and online.
Are Pet Banks Worth Anything Today?
The value of a pet bank depends on its age, condition, and rarity. Some pet banks can be worth hundreds or even thousands of dollars. However, most pet banks are worth less than $100.
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