Billionaires and Pennies: The Surprising Truth About Who Cashes a 13-Cent Check

A famous magazine once mailed tiny checks to the world’s richest people. The experiment tested a simple question. Would a billionaire deposit a check for just 13 cents? The results revealed unexpected habits among the ultra-wealthy.

Spy Magazine conducted this real-world test in the early 1990s. They targeted 58 famous millionaires and billionaires. The goal was to see where they drew the line between worth and effort.

The $1.11 Test That Started It All

Spy Magazine created a fake company called the National Refund Clearinghouse. They mailed refund checks for $1.11 to 58 wealthy celebrities and tycoons. A letter blamed a “computer error” for the owed money.

The experiment had no catch. It was free money for minimal effort. Within two months, 26 people cashed their checks. According to reports, this group included Donald Trump and Cher. The other 32 recipients ignored the small refund.

Pushing the Limits: From Dollars to Dimes

The magazine then sent $2.00 checks to the 32 people who ignored the first one. Six more decided to cash this slightly larger amount. Richard Gere was among those who deposited the two-dollar check.

A third round offered $3.47 to the remaining holdouts. Two more people finally deposited their checks. Spy then reversed course to test lower amounts. They sent 64-cent checks to the original 26 who cashed the $1.11. Only 13 of them bothered with this smaller amount.

The Final 13-Cent Verdict

The ultimate test was a check for just 13 cents. It was mailed to those 13 persistent individuals. In the end, only two billionaires deposited it.

Donald Trump and Saudi arms dealer Adnan Khashoggi cashed the 13-cent check. The experiment proved that for some, no amount is too small to claim. For others, dignity or time outweighs trivial financial gain.

The story is more than a prank. It offers a glimpse into the psychology of wealth. Some view all money as worth collecting. Others see no value in pennies when they have millions.

The experiment’s legacy is a curious footnote on billionaire behavior. It showed that even a 13-cent check can reveal a person’s relationship with money.

A quick knowledge drop for you:

Who conducted the 13-cent check experiment?

Spy Magazine ran the experiment in the early 1990s. They created a fake company to send the checks. Their goal was to see if the ultra-rich would cash tiny refunds.

Which two billionaires cashed the 13-cent check?

Only Donald Trump and Adnan Khashoggi deposited the final 13-cent check. Both were billionaires at the time of the experiment. They were the only ones who followed through on the smallest amount.

How much was the first check Spy Magazine sent?

The first check was for $1.11. It was sent to 58 wealthy individuals. About half of them cashed it within two months.

Why would a billionaire cash such a small check?

Psychologists suggest it reflects a mindset where all money has value. For some, it’s a principle of not leaving anything on the table. It may also involve personal habits around accounting and detail.

Was the National Refund Clearinghouse a real company?

No, it was a fictitious entity created by Spy Magazine for the experiment. The name was chosen to sound official and legitimate. The “refund” was entirely fabricated.

Did the experiment have any follow-up or backlash?

The story was published as a humorous magazine feature. There was no major legal backlash reported. It remains a well-known anecdote about wealth and behavior.