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<ul class="summary-list"><li>Scientists found thousands of coins at an excavation site where a company plans to build a factory.</li><li>Some of the coins were traced back to China and date some 2,000 years old. </li></ul><p>Archaeologists found a trove of 100,000 ancient coins at an excavation site in Maebashi, Gunma Prefecture, in central Japan on November 3, <a href="https://www.asahi.com/ajw/articles/15048486" target="_blank" rel="noopener">the national newspaper Asahi Shimbun reported</a>, citing Maebashi municipal government officials.</p><p>The coins were found in an area where a company planned to build a factory, Asahi Shimbun reported. Archeologists dug up the area — which measured 1.96 feet high and 3.2 feet wide — and found 1,060 bundles of coins containing 100 pieces each, per the report. The coins were bundled with straw rope.</p><p>A photo of the excavation site published by Asahi Shimbun shows hundreds of grey, round objects and a large hole in the ground. Several other relics have also been found at the excavation site, per Asahi Shimbun.</p><p>Archeologists found that some of the coins traced back to China and date some 2,000 years old, per Asahi Shimbun. They've examined 334 coins and found the coins date back to at least 44 different years, per the report.</p><p>The oldest coin examined was a Ban Liang — a bronze coin that dates back to the Chinese empire in 175 BC — and the most recent dated to 1256, per Asahi Shimbun. The oldest coin found was engraved with the words "Ban" and "Liang" and had a hole in the middle.</p><p>The coin discovery in Japan comes shortly after an amateur diver found <a href="https://www.businessinsider.com/discovery-ancient-roman-coins-hidden-shipwreck-italy-2023-11">30,000 to 50,000 ancient Roman coins</a> off a shipwreck in Italy in November. And in September, a man using a metal detector <a href="https://www.businessinsider.com/man-unearthed-treasure-trove-dubbed-find-of-century-jewelry-norway-2023-9">found gold coins and jewelry that date back to 500 AD in Norway</a>.</p><p>The Maebashi municipal government officials did not immediately respond to Insider's request for comment.</p>

Scientists discovered more than 100,000 ancient coins at an excavation site in Japan

<ul class="summary-list"><li>Roman Booteen is an <keyword id="1150" type="POSITION" weightage="60" keywordseo="Artist">artist</keyword> in Russia.</li><li>He creates nickel <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> that has moveable parts inside.</li><li>These include a moving bird's nest, a beating heart, and even a working dinosaur head.</li></ul><p><em>The following is a transcript of the <keyword id="21654" type="COMPANY" weightage="60" keywordseo="video">video</keyword>.</em></p><p><strong>Narrator: </strong>These <keyword id="6378918" type="UNKNOWN" weightage="60" keywordseo="coin">coin</keyword>s have secret levers that make them come alive. Roman Booteen is an artist in Russia. He engraves each coin by hand...And integrates different layers of levers to create moving parts. Some of the mechanisms change the <keyword id="6373314" type="UNKNOWN" weightage="100" keywordseo="Design">design</keyword>, while others are booby traps. They sell for between $10,000 and $17,000.</p>

These coins have secret levers that make them come alive

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/gold-miner-discovers-mummified-squirrel-mangled-fur-ball-yukon-2023-4">A hiker discovered</a> the 400-year-old remains of a wealthy man on a glacier in the Swiss Alps.</li><li>Melting ice revealed the mysterious man had traveled with many coins, weapons, and possibly mules.</li></ul><p>The Theodul Glacier was expanding when a <a target="_blank" href="https://www.businessinsider.com/mans-body-missing-found-in-melting-austrian-glacier-2023-8">mysterious man</a> in thin leather shoes trekked across its surface about 400 years ago.</p><p>This field of ice high in the Alps, below the iconic and imposing Matterhorn, formed a treacherous pass between what is now <a target="_blank" href="https://www.businessinsider.com/trying-most-expensive-mcdonalds-switzerland-disappointing-fries-best-burger-2023-12">Switzerland</a> and Italy. It was the middle of the Little Ice Age, and more ice was forming along its edges every year.</p><p>That had totally changed by 1984. The <a target="_blank" href="https://www.businessinsider.com/antarctica-thwaites-doomsday-glacier-melting-collapse-flooding-curtains-2024-3">glacier was retreating</a>, and the leather-shoed man was slowly melting out into the sun when a hiker first stumbled upon his remains.</p><p>Slowly, as archaeologists returned to the site through the 1980s and early 90s, the <a target="_blank" href="https://www.businessinsider.com/cameras-left-in-glacier-legendary-explorer-found-85-years-later-2022-10">melting glacier revealed</a> a skull with auburn hair clinging to it, several knives, nearly 200 coins, jewelry, glass buttons, bits of silk clothing, a shaving razor, a dagger, a sword, and a pistol scattered across the area.</p><div type="image" title="skull cap small bones rusty knives dagger sword coins broken pistol and worn leather shoes spread out on a grey background" height="1688" width="2000" msid="109988685" hostid="261" sizebytes="149102"></div><p>All these items dated to around 1600 AD. The remains of two mules were also discovered nearby, though it's unclear if they belonged to the man.</p><p>At first, <a target="_blank" href="https://www.businessinsider.com/archaeologists-find-vampire-child-padlocked-in-polish-graveyard-2023-8">archaeologists thought</a> the well-armed man was a mercenary. Upon further inspection, though, that didn't make sense.</p><div type="image" title="long thin metal sword with thin flowing guard spiraling around the handle" height="2151" width="1076" msid="109988686" hostid="261" sizebytes="29274"></div><p>"They're not combat weapons. These are fencing weapons. These are ceremonial weapons that the rich had on them," said Pierre-Yves Nicod, a curator at the Valais History Museum in <a target="_blank" href="https://www.businessinsider.com/melting-glaciers-reveal-human-remains-plane-wreck-swiss-alps-2022-8">the Swiss Alps</a>. Business Insider spoke with Nicod in French and translated his words into English.</p><p>"And then the clothes are not combat clothes. They are also the clothes of a wealthy person, of a gentleman," he added.</p><p>The man's bones show no signs of trauma, and clearly he wasn't robbed, so archaeologists believe he must have <a target="_blank" href="https://www.businessinsider.com/inside-a-fall-from-denali-north-americas-tallest-peak-2022-7">died by accident</a>, perhaps by<strong> </strong>falling into a crevasse in the glacier or an unfortunate turn of bad weather.</p><div type="image" title="illustrated comic strip showing a man in medieval garb walking with a line of three mules out of a town, up a mountain, and onto a glacier, then falling into a giant crevasse, in six panels" height="2931" width="1500" msid="109988687" hostid="261" sizebytes="409980"></div><p>What was a rich man doing up there on the <a target="_blank" href="https://www.businessinsider.com/death-of-snow-america-midwest-warm-winter-skiing-climate-change-2024-2">snow and ice</a> in the first place?</p><p>Clues point to an answer: This man may have been part of an ancient economy that spread across <a target="_blank" href="https://www.businessinsider.com/mountains-switzerland-collapsing-from-permafrost-melt-2023-8">the peaks of the Alps</a>.<em> </em>He's a snapshot archaeologists wouldn't have if the mountains weren't changing so drastically.</p><p>You see, the mysterious man, his belongings, and the mules were <a target="_blank" href="https://www.businessinsider.com/28-prehistoric-viruses-unknown-science-glacier-ice-guliya-2021-8">frozen deep in the ice</a> for hundreds of years. Then humans started burning coal, oil, and gas for energy.</p><h2 id="a37808f9-ced2-4dcf-af86-80da9bb5ee89">How the climate crisis reveals ancient artifacts</h2><div type="image" title="archaeologist in black and white striped shirt wearing gloves poses with a giant bow arc of wood with his arm drawn back as if shooting an arrow" height="1500" width="2000" msid="109988689" hostid="261" sizebytes="185950"></div><p>For about two centuries now, our use of <a target="_blank" href="https://www.businessinsider.com/fossil-fuel-companies-spend-millions-to-promote-individual-responsibility-2021-3">fossil fuels</a> has been releasing greenhouse gases into the air, mainly carbon dioxide and methane.</p><p>As a result, the atmosphere is holding in more heat from the sun, <a target="_blank" href="https://www.businessinsider.com/heat-waves-are-dominating-summer-and-its-not-abnormal-anymore-2022-7">raising the planet's average temperature</a> and causing glaciers like Theodul to melt away.</p><div type="image" title="woman wearing large backpack with poles sticking out the top crouches on crunchy textured ice looking at a bone laying on the ground with mountain peaks in the background" height="1500" width="2000" msid="109988690" hostid="261" sizebytes="329608"></div><p>Receding ice across the planet has revealed <a target="_blank" href="https://www.businessinsider.com/canada-near-perfect-baby-mammoth-found-in-yukons-klondike-gold-fields-2022-6">mummified mammoths</a>, Ice-Age squirrels, a <a target="_blank" href="https://www.businessinsider.com/forty-six-thousand-year-old-worm-found-siberian-permafrost-brought-back-to-life-2023-7">46,000-year-old roundworm that came back to life</a>, and ancient human artifacts such as skis, arrows, and other tools.</p><p>The <a target="_blank" href="https://www.businessinsider.com/napoleon-stranded-egypt-savants-birth-modern-archaeology-science">new scientific field</a> of glacial archaeology thrives in the Alps. For about four decades, archaeologists have been trekking the glaciers of Switzerland and Italy, retrieving artifacts that are thawing into view.</p><p>The problem is that these artifacts aren't surfacing within <a target="_blank" href="https://www.businessinsider.com/archaeologists-find-fruit-in-sunken-city-thonis-heracleion-2021-8">ancient buried towns</a> or temples.</p><div type="image" title="silver locket engraved with a bird and leafy vines in a pair of blue gloved hands" height="3024" width="4032" msid="109988691" hostid="261" sizebytes="313526"></div><p>"It's one of the difficulties of glacial archaeology that we find these objects in the ice, and therefore out of all archaeological context," Nicod said.</p><p>In short, it's often hard to know what exactly you've found.</p><h2 id="339a2c76-f826-4279-99d4-984eac9f1799">A clue in an old illustration</h2><p>Though the <a target="_blank" href="https://www.businessinsider.com/see-the-high-risk-trips-wealthy-travelers-are-booking-2023-6">wealthy traveler</a>'s remains surfaced decades ago, archaeologists haven't really understood him until recently.</p><div type="image" title="ancient pistol made of gnarled iron with engraved wooden casing and broken wooden handle" height="1500" width="2663" msid="109988692" hostid="261" sizebytes="169404"></div><p>He wasn't a <a target="_blank" href="https://www.businessinsider.com/families-of-dead-wagner-mercenaries-paid-60000-creating-cash-chaos-2023-6">soldier-for-hire</a> after all, a 2015 paper concluded. He carried a silver pendant engraved with a cross and anointed with wax, possibly from a religious candle.</p><p>Fragments of wool and some silk indicate the fine clothes he wore. His weapons were all manufactured in present-day Germany. His coins were mostly minted in northern Italy.</p><div type="image" title="blue gloved hands hold a small ancient blackened pendant with a thick cross engraved on it" height="1535" width="2000" msid="109988693" hostid="261" sizebytes="86858"></div><p>In a 2022 report, Nicod and his colleague Philippe Curdy point to an illustration from 1643 that shows a caravan of merchants ascending to an Alps <a target="_blank" href="https://www.businessinsider.com/death-k2-real-story-climbers-stepped-dying-man-kristin-harila-2023-8">mountain pass</a>.</p><p>"In the background, there are the mountains and then a merchant with all these loads, who has his mules, who's climbing up to the peaks," Nicod says.</p><p>The man in the illustration is just like the Theodul traveler. In fact, Nicod added, "he has the same type of clothes with the same type of buttons and the same sword."</p><div type="image" title="gnarled iron knife with engraved wooden handle against a grey background" height="526" width="1364" msid="109988694" hostid="261" sizebytes="23942"></div><p>The wealthy man in the glacier was a <a target="_blank" href="https://www.businessinsider.com/russia-target-merchant-ships-french-navy-cargo-vessel-2022-2">merchant</a>, they believe, representing a remarkable economy that has long persisted between towns separated by 15,000-foot peaks. Throughout the Alps, from ancient times into the modern period, people have braved frozen mountain passes to hawk their wares.</p><div type="image" title="swiss alps snowy jagged mountain peaks against a blue sky with a brown and green mountaintop in the foreground" height="1500" width="2000" msid="109988695" hostid="261" sizebytes="159726"></div><p>"We see that the passage over the glacier was used all the time — Bronze Age, Iron Age, Roman time," local archaeologist Romain Andenmatten told Business Insider. "The simplest way is to go over the glacier."</p><div type="image" title="archaeologist in yellow shirt holds ancient rusty horseshoe in plastic bag beside a cart with a grey bin holding a large black trashbag in a large basement storage room" height="1500" width="2000" msid="109988696" hostid="261" sizebytes="266914"></div><p>The Theodul Pass was a common route from the Valais region of modern-day Switzerland to the Aosta Valley of modern-day Italy.</p><p>Today, it's a <a target="_blank" href="https://www.businessinsider.com/aspen-colorado-most-expensive-ski-town-what-surprised-me-2021-12">ski slope</a> and occasional archaeological site.</p><h2 id="8337ac14-af12-4764-a2b0-60c4beff8a1b">Not everything in the ice is archaeology</h2><p>Carefully cushioned in custom-cut foam inside a plastic storage bin, the ancient traveler's belongings emit the faint smell of rot, of decaying wood and leather.</p><div type="image" title="various artifacts ancient small knives razor locket small pins in custom cut styrofoam padding inside a gray box with someone's gloved hand holding a small baggy in the corner" height="2000" width="2667" msid="109988697" hostid="261" sizebytes="458650"></div><p>Organic materials like this must be retrieved quickly once they're exposed on the ice. Laying in a melty puddle under direct sunlight, they can decompose in just a couple years. Even dried out and stored carefully indoors, the putrid scent gives away their age.</p><p>"It smells like the past," Nicod said. "This isn't too bad."</p><p>The melting ice yields fouler-smelling findings, like the belongings of a couple who disappeared in the 1940s, Nicod said. Glacier hikers have discovered the bodies of people who went missing still more recently. Sometimes the findings themselves are dangerous. Nicod says people have found undetonated bombs on the ice.</p><p>It's not just the Alps. Across the planet, the shifting environments caused by climate change are revealing <a target="_blank" href="https://www.businessinsider.com/scientists-revived-frozen-zombie-virus-48000-years-infects-other-cells-2023-3">other terrors</a> that were once buried deep.</p><p>Thawing permafrost in Russia released anthrax from a once-frozen reindeer carcass, causing a <a target="_blank" href="https://www.businessinsider.com/scientists-revived-frozen-zombie-virus-48000-years-infects-other-cells-2023-3">deadly outbreak</a> in 2016.</p><p>Droughts are withering rivers and reservoirs so much that their receding banks have revealed shipwrecks, human remains, <a target="_blank" href="https://www.businessinsider.com/photos-europes-drought-uncovers-spanish-stonehenge-artifacts-2022-9">Spain's very own Stonehenge</a>, and a couple of once-submerged villages.</p><div type="image" title="This combo of images shows from the top, an 11th century Romanesque church partially exposed in a reservoir in Vilanova de Sau, Catalonia, Spain, on Monday, June 20, 2022, and the same spot on Friday, November 18, 2022." height="6907" width="5000" msid="109988699" hostid="261" sizebytes="2849820"></div><p><a target="_blank" href="https://www.businessinsider.com/climate-change-exposed-dozens-unusual-and-unsettling-finds-in-2022">Erosion from rising sea levels</a> has exposed Indigenous burial grounds in Florida.</p><h2 id="033b4d7c-7e3c-439d-a9c7-f1988359ba4e">Searching for the next Iceman</h2><p>Some tragedies melting out of the ice are such ancient history that they only evoke wonder — such as <a target="_blank" href="https://www.businessinsider.com/iceman-5300-years-ago-ate-a-high-fat-meat-lovers-diet-2018-7">Ötzi the Iceman</a>, one of the most significant archaeological finds ever.</p><div type="image" title="two men with shaggy hair in 90s hiking clothes crough on melty ice beside a facedown mummy positioned as if it's crawling out of a puddle in the ice" height="1500" width="2274" msid="109988700" hostid="261" sizebytes="350224"></div><p>Like the wealthy traveler of Theodul, Ötzi was discovered by a hiker. He had surfaced on a melting glacier on the other side of the Alps, on the border of Italy and Austria, in 1991.</p><p>The ice had kept Ötzi mummified since his death in about 3300 BC, making him older than Stonehenge and the Egyptian pyramids. His impeccably preserved body offers an otherwise impossible glimpse into Neolithic life — everything from his male-pattern <a target="_blank" href="https://www.fakenhamtimes.co.uk/news/national/23727584.iceman-otzi-dark-skin-male-pattern-baldness-analysis-reveals/">balding</a> to his hand-poke <a target="_blank" href="https://www.businessinsider.com/scientists-have-found-one-of-the-worlds-oldest-tattooing-kits-2019-3">tattoos</a> and meaty <a target="_blank" href="https://www.businessinsider.com/otzi-iceman-ate-bacon-2017-1">diet</a>.</p><p>Andenmatten is hopeful that the glaciers dwindling away on the Swiss side of the Alps will yield the next Ötzi.</p><div type="image" title="man in yellow shirt and jeans steps out of a large white shed with shelves inside carrying a small plastic box" height="3024" width="4032" msid="109988701" hostid="261" sizebytes="469808"></div><p>Archaeologists have a unique window into the sheer breadth of humans' footprints on our environments — both the wonder and the terror of our capabilities over the ages. As human-caused <a target="_blank" href="https://www.businessinsider.com/melting-glaciers-ice-sheets-sea-level-rise-climate-disaster-2022-12">climate change devastates mountain glaciers</a>, archaeologists discover more high-altitude feats of ancient human history.</p><p>Andenmatten and his colleagues go searching for artifacts in August and September, when the glacier is meltiest and most likely to reveal new objects. But as temperatures rise, the season of ice melt expands and so does their archaeological season.</p><p>"The good time slot is every year bigger," Andenmatten said.</p>

A hiker discovered a wealthy traveler's remains on a skiing glacier in Switzerland. They turned out to be 400 years old.

<ul class="summary-list"><li>Balenciaga's spring/summer 2023 show took place during Paris Fashion Week on Sunday.</li><li>Kanye West opened the show, which took place on a mud-caked runway.</li></ul><p>Models at the <a href="https://www.youtube.com/watch?v=Yh_1K9s6UV0">Balenciaga spring/summer 2023 show</a> were met with a challenge when they walked a mud-caked runway for the brand's Paris Fashion Week event.</p><p><a href="https://www.vogue.fr/fashion/article/kanye-west-opens-balenciaga-show-villepinte-summer-2023">According to Vogue France</a>, the show took place in Villepinte, a commune in the suburbs of Paris. Big names like Kanye, West, Kylie Jenner, Naomi Campbell, and Alexa Demie traveled to the French town for a unique presentation from the fashion house.</p> <h2>The label's creative director shared a message to accompany the show</h2><p>An Instagram account described as a "supporter" of creative director Demna Gvasalis, <a href="https://www.instagram.com/p/CjNOVuHI5Le/?hl=en">shared a note from the designer on Instagram</a> Sunday. In the note, Gvasalis wrote that he hates being labeled — despite the fact that the fashion world and society "loves doing that."</p><p>"The set of this show is a metaphor for digging for truth and being down to earth," Gvasalis wrote. "Let us let everyone be anyone and make love not war."</p><p>Representatives for Kering, Balenciaga's parent group, did not immediately respond to Insider's request for comment.</p><h2>Balenciaga sent attendees wallets instead of a paper invitation</h2><p>Invitees to the runway show not only received wallets, but they quickly discovered that they were filled with someone else's belongings. <a href="https://www.highsnobiety.com/p/balenciaga-ss23-show-invite/">High Snobiety reports</a> that the wallets contained things like coins, a gym membership, credit cards, receipts, and an ID with a photo of a woman and the name "Natalia Antunes."</p><p><a href="https://www.theguardian.com/fashion/2022/oct/02/kanye-west-models-incognito-at-balenciaga-paris-fashion-week-show">According to the Guardian</a>, the woman is a longtime employee of Balenciaga. On Friday, the label put out a call on for the wallet to be returned, posting a <a href="https://twitter.com/BALENCIAGA/status/1575757351524646916">photo on Twitter</a> of a "missing" poster with the date and time of the presentation.</p><p>"Lost wallet. If found, please return it at 11:30 a.m. CET on October 2nd. THANK YOU," the sign read.</p><p>Demna Gvasalia, the creative director of Balenciaga known simply as Demna, is known for his collectible invites. HighSnobiety notes that the designer previously sent out stacks of fake money and laser-engraved iPhones for his shows.</p><h2>Kanye West walked the muddy runway as the show's opener </h2><p>The Guardian reports that the musician's catwalk marked his first appearance as a runway model. West, known now as Ye, walked through the mud in an oversized, utility-style jacket, leather-like pants, sneakers, and gloves.</p><p>The event was also a family affair for West. The "Donda" rapper was photographed arriving at the show with his children, North, 9; Saint, 6; and Chicago, 4; who also wore Balenciaga.</p><div type="image" title="Kanye West and his children arrive at the Balenciaga show in all-black outfits" height="2250" width="3000" msid="94606796" hostid="261" sizebytes="695664"></div>

Models walked down a mud-caked runway as they debuted Balenciaga's newest line at Paris Fashion Week

<ul class="summary-list"><li>New photos show the <keyword id="28540" type="PERSON" weightage="60" keywordseo="Princess-Diana">Princess Diana</keyword> statue unveiled on Thursday at Kensington Palace.</li><li><keyword id="17995" type="CITY" weightage="60" keywordseo="Prince-Harry">Prince Harry</keyword> and <keyword id="6427688" type="UNKNOWN" weightage="60" keywordseo="Prince-William">Prince William</keyword> commissioned the statue in 2017.</li><li>It shows Diana surrounded by three children.</li></ul><p>Prince William and Prince Harry <a href="https://www.insider.com/photos-william-harry-reunite-at-princess-diana-statue-unveiling-2021-7">unveiled a statue</a> of their mother, Princess Diana, on Thursday, which would have been her 60th birthday.</p><p>The statue will stand in Kensington Palace's Sunken Gardens, which was one of the princess' favorite places when she resided at the palace.</p><p>The statue was commissioned by Harry and William in 2017 and designed by Ian Rank-Broadley, known for his designs on British coins.</p><div type="image" title="Harry speaking to William in front of a blue statue of Princess Diana." height="3200" width="2128" msid="84039547" hostid="261"></div><p>The statue shows Diana surrounded by three children, "who represent the universality and generational impact of The Princess' work," a Kensington Palace press release obtained by Insider said.</p><p>"The portrait and style of dress was based on the final period of her life as she gained confidence in her role as an ambassador for humanitarian causes and aims to convey her character and compassion," the press release read.</p><p>In front of the statue is a paving stone engraved with an excerpt of the poem "The Measure of a Man," which was featured in the program for the princess' 2007 memorial service.</p><p>The excerpt reads:</p><p style="padding-left: 40px;">"These are the units to measure the worth</p><p style="padding-left: 40px;">"Of this woman as a woman regardless of birth.</p><p style="padding-left: 40px;">"Not what was her station?</p><p style="padding-left: 40px;">"But had she a heart?</p><p style="padding-left: 40px;">"How did she play her God-given part?"</p>

See the first photos of Princess Diana's statue that was just unveiled on what would have been her 60th birthday

<ul class="summary-list"><li>The Biden administration has said it would "speed up" efforts to put Harriet Tubman on the $20 bill.</li><li>But their hands may be tied - the <keyword id="6378917" type="UNKNOWN" weightage="60" keywordseo="currency">currency</keyword> redesign process is scheduled for 2030 at the earliest.</li><li>Redesigning bills takes years or decades due to complex security and anti-counterfeiting features.</li></ul><p>Last week, the United States Mint <a href="https://www.usmint.gov/news/press-releases/united-states-mint-announces-first-two-honorees-in-american-women-quarters-program">announced</a> that the writer Maya Angelou and the astronaut Sally Ride would be the first American women honored on the backs of quarters circulate from 2022 to 2025. The <keyword id="6355005" type="UNKNOWN" weightage="100" keywordseo="news">news</keyword> echoed a similar moment five years earlier, when the Obama administration <a href="https://medium.com/@USTreasury/an-open-letter-from-secretary-lew-672cfd591d02#.n7khf17vn">announced</a> that Harriet Tubman would become the face of the new $20 bill.</p><p>But redesigning cash is far different than minting coins, and Americans are likely still years away from seeing the famous abolitionist on $20 bills.</p><p>In fact, it will most likely be 2030 before a Tubman bill enters circulation.</p><p>Why the delay? It turns out, it can take decades for the United States to redesign a single currency note. The $20 bill redesign has been planned since 2013 - years before the Obama administration even selected Tubman to grace the front.</p><p>A government committee, known as the Advanced Counterfeit Deterrence Steering Committee, decided in 2013 that most currency bills would undergo major redesigns to add new security features and prevent counterfeiting attempts.</p><p>The $10 bill was set to be redesigned in 2026, the $50 in 2028, the $20 in 2030, the $5 in 2032 to 2035, and the $100 in 2034 to 2038.</p><p>That timeline is optimistic, too. It assumes no new counterfeit threats or technology issues suddenly crop up and delay the process, according to the <a href="https://www.moneyfactory.gov/resources/faqs.html">Bureau of Engraving and Printing</a>.</p><p>The Biden administration <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2021/01/25/press-briefing-by-press-secretary-jen-psaki-january-25-2021/">promised in January</a> that the White House was "exploring ways to speed up" efforts to put Tubman on the front of the $20 note. But thanks to a complex redesign process and thorny bureaucratic issues, it's still just a distant possibility.</p><h2>The Tubman on 20 delay isn't a racist conspiracy</h2><p>Activists have been frustrated with the lengthy timelines, not only in printing Tubman's image on the $20 bill, but in improving currency access for visually impaired people.</p><p>The founder of Women on 20s, the group responsible for a <a href="https://www.womenon20s.org/campaign">petition that selected Tubman</a> for the $20 bill, told Insider she was hopeful the Biden administration could find a way to put the redesigned bills in circulation by the end of 2024.</p><p>"Come on, it's 2021. We built Olympic stadiums, we put the rover on Mars, we came out with a [COVID-19] vaccine - we rolled it out in a year," Women on 20s founder Barbara Ortiz Howard said. "We could do this if we want to do it, and we need to want to do it."</p><div type="image" title="harriet tubman bill activists" height="1333" width="2000" msid="82205380" hostid="261"></div><p>The Bureau of Engraving and Printing indeed started working on a new $20 bill design featuring Tubman in 2016, according to <a href="https://www.nytimes.com/2019/06/14/us/politics/harriet-tubman-bill.html?module=inline">The New York Times</a>, and then-Treasury Secretary Jacob Lew promised it would be unveiled in 2020. But no design was ever formally released.</p><p>Though the Trump administration was accused of scrapping plans to feature Tubman on the bill - and President Donald Trump himself called the effort "<a href="https://www.cnn.com/2016/04/21/politics/donald-trump-tubman-bill-political-correctness">pure political correctness</a>" - then-Treasury Secretary Stephen Mnuchin said the decision was <a href="https://www.c-span.org/video/?c4804176/harriet-tubman-currency-redesign">out of his hands</a> entirely. The redesign timeline had been established back in 2013, and design choices for the $20 bill would be made by a future treasury secretary much closer to the redesign date.</p><p>The Treasury Department's inspector general's office confirmed in a 2020 audit report that the 2013 timeline established by the Advanced Counterfeit Deterrence Steering Committee had never included or endorsed a 2020 redesign release date for the $20 bill.</p><p>The investigation also criticized Lew for promising in 2016 that a design would be released by 2020. In fact, releasing a design 10 years before printing the bill would pose a "huge risk," the report said.</p><h2>It can take 10 years to develop a single security feature on a bill</h2><p>Neither the Treasury Department nor the Bureau of Engraving and Printing responded to Insider's requests for comment on whether it's possible to speed up the timelines. The White House didn't provide comment, and instead referred Insider to the Treasury Department.</p><p>"It takes time to develop security features, and there is no guarantee the security feature will work until testing and design are complete," the Treasury Department's inspector general's office wrote in an <a href="https://oig.treasury.gov/sites/oig/files/2020-12/OIG-20-040.pdf">audit report</a> published last year. "It can take six to 10 years to bring a security feature to completion, as there are multiple factors involved, including acquiring and implementing equipment needed to test the security features and production equipment to implement the new security feature into a note."</p><p>For instance, the $100 bill released in 2013 took more than a decade to redesign after its previous redesign in 1996. Since it's the most widely used American bill outside the US, the anti-counterfeiting measures were a top priority.</p><p>Among the <a href="https://www.uscurrency.gov/sites/default/files/downloadable-materials/files/en/100-2013-present-features-en.pdf">security features</a> on the $100 bill are a three-dimensional blue security ribbon, a color-changing image of a bell in the inkwell, color-changing ink in the "100" numeral in the lower right corner that shifts in the light, and a faint watermark image of Benjamin Franklin visible from both sides of the bill. </p><div type="image" title="$100 bills" height="1500" width="2000" msid="82205381" hostid="261"></div><p>Other factors complicating the redesign process for the other bills are accessibility features for visually impaired people, such as tactile features and high-contrast numerals to make it easier to distinguish bills from one another.</p><p>A new currency-printing facility is underway in Maryland, but isn't expected to be constructed and ready for printing until 2025, according to the magazine <a href="https://www.coinworld.com/news/precious-metals/bep-selects-architect-firm-for-new-facility-at-maryland-site">Coin World</a>.</p><p>In the past, redesigned bills aren't unveiled to the public until six months before circulating them, according to the report. Those six months give the public enough time to learn about the new security features, without giving potential counterfeiters too much of a heads up about the new designs.</p><p>Beyond that, the $20 bill hadn't yet undergone the banknote development process where the design concept would be finalized, and therefore couldn't have been unveiled in 2020, the report said.</p><p>"It was questionable whether the concepts proposed could even be manufactured since a significant amount of work was needed to complete the security features," the report said.</p><p>As for the activists with Women on 20s, they're not giving up on seeing a host of newly redesigned bills by the end of Biden's first term. They've created a new <a href="https://www.womenon20s.org/currency_petition?fbclid=IwAR1206bQUsXLuKmaaR18nldRTIq-X3yWVY8AdyHiVvYdNkeqh1DNyDAz9sg">petition</a> urging Treasury Secretary Janet Yellen to move quickly on redesigning all bills.</p><p>"The very fact that we're not advancing the process is impacting the security of our bills," Howard told Insider. "Our security is at risk every day that we don't have upgraded currency."</p>

Harriet Tubman probably won't be on the $20 bill until at least 2030 - here's why

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Jianan Yu/Reuters</span></p></div><p></p></div></div></strong></p><ul><li><strong>China's money printing industry is running at "full steam" for foreign clients including Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil and Poland, according to reports.</strong></li><li><strong>The printing is linked to China's Belt and Road Initiative which has seen China build infrastructure and invest in around 60 countries from Europe, Asia, and Africa.</strong></li><li><strong>"A nation must have considerable trust in the Chinese government to allow it to print its banknotes," Hu Xingdou, a professor of economics at the Beijing Institute of Technology told the South China Morning Post.</strong></li><li><strong>Beijing has been concerned that its enemies could use fake notes to disrupt its economy and has viewed the money printing capability as important as its atomic bomb programme.</strong></li></ul><p>China is printing more foreign money as it seeks to expand its influence on the global economy.</p><p>Money printing plants across the country are running at close to full capacity to meet an unusually high quota set by the government this year, multiple sources from the China Banknote Printing and Minting Corporation <a href="https://www.scmp.com/news/china/society/article/2158782/why-other-countries-are-giving-china-licence-print-money">told the South China Morning Post.</a></p><p>Chinese yuan notes made up "a small proportion of the orders," with most of the demand coming from foreign countries participating in China's Belt and Road Initiative, one source who asked not to be named told the South China Morning Post.</p><p>Until recently China did not print foreign currency at all, but in 2013 Beijing launched the Belt and Road Initiative, a plan that seeks to stimulate economic growth in around 60 countries from Europe, Africa and Asia through investment and infrastructure projects.</p><p>Two years later China began printing money for Nepal, and today foreign customers of China's industry now also reportedly include Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil and Poland and possibly many others that have not yet been disclosed, a source in the corporation said.</p><p>The state owned China Banknote Printing and Minting Corporation corporation which is headquartered in Beijing's Xicheng district describes itself as the world's largest money printer by scale with 18,000 employees and 10 plants for printing paper notes and coins.</p><p>In comparison to its US counterpart, the US Bureau of Engraving and Printing employs less than 2,000 people.</p><p>China's attitude towards printing currency marks a change from previous low demand for printing as Chinese citizens have turned to using their phones rather then cash.</p><p>Hu Xingdou, a professor of economics at the Beijing Institute of Technology told the South China Morning Post that a nation must have considerable trust in the Chinese government to allow it to print its banknotes.</p><p>"The world economic landscape is undergoing some profound changes. As China becomes bigger and more powerful, it will challenge the value system established by the West. Printing money for other countries is an important step," Xingdou said.</p><p>"Currency is a symbol of a country's sovereignty. This business helps build trust and even monetary alliances."</p><p>Leverage over currency can also be a powerful weapon. During the destruction of Libya and Muammar Gaddafi by the West seven years ago, the British government seized $1.5 billion Libyan dinars originally produced for the the dictator by British currency printer De La Rue, which sparked shortages in the country and put pressure on the regime.</p><p>Beijing has been concerned that its enemies could use fake notes to disrupt its economy and has viewed the money printing capability being as important as it's atomic bomb programme.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/chase-cards-ceo-on-her-success-and-working-with-jamie-dimon-2018-7">The Chase Cards CEO on working with Jamie Dimon and her own success</a></h3>        <div>                    </div>    </div>

China is printing foreign money at 'full steam' as it tries to expand its influence on the global economy

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Paul Darrow</span></p></div><p></p></div></div><em><strong>FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.</strong></em></p><p><strong><a href="http://www.investmentnews.com/article/20160413/FREE/160419979/ibm-ramping-up-efforts-to-predict-investor-behavior-life-events">IBM wants to predict your financial future</a> (InvestmentNews)</strong></p><p>IBM recently created <span>Client Insights for Wealth Management</span>, a dashboard where advisers at large institutions are provided suggestions based on sophisticated software analysis of market news and clients' online behavior.</p><p>And now, Alessandra Malito reports that by the end of June, IBM "<span>plans to release its cloud offering along with additional features such as a wider range of life-event detection from social media accounts and emails along with client profiling - where 'needs,' 'traits' and 'values' are assigned to clients."</span></p><p><span><span>"This is the whole notion of a machine tapping you on a shoulder and telling you 'here is what you should consider,'" Manoj Saxena, chairman of Cognitive Scale, a cognitive computing company, told InvestmentNews.</span></span></p><p><strong><span><span><a href="http://www.schwab.com/public/schwab/nn/articles/Recession-Your-Time-is-Gonna-Come-But-Not-Yet">Relax, the risk of a recession is "objectively low"</a> (Charles Schwab)</span></span></strong></p><p><span><span><span>"W<span>e believe the economy is not heading into a recession, but is also not likely to exit from its muddle-through state in which it's been during this expansion</span>," argued Liz Ann Sonders. "T<span>he risk of recession is objectively low."</span></span></span></span></p><p><span><span><span>"<span>Yes, corporate profits are in their own recession - courtesy of the (prior) strength in the dollar and the (prior) plunge in oil and other commodity prices - but reversals in both potentially bode well for future earnings. We're keeping the faith</span>."</span></span></span></p><p><strong><a href="https://www.sec.gov/news/pressrelease/2016-67.html">An analyst was charged with insider trading via his mom's brokerage account</a> (SEC)</strong></p><p>John <span>Afriyie</span>, an analyst for a New York City investment firm, was charged with allegedly reaping more than $1.5 million "<span>through trades he made in his mother's brokerage account based on nonpublic information he learned at work," the SEC announced on Thursday.</span></p><p><strong><a href="http://www.businessinsider.com/the-history-of-credit-cards-2016-4">Here's a look at the history of credit cards</a> (Business Insider)</strong></p><p>Building credit goes all the way back to the late 19th century when stores began offering credit to their best and most trustworthy customers, according to Visual Capitalist's Jeff Desjardins.</p><p>"<span>Instead of paying each time they visited the shop, a regular could defer payments to the future by using store-issued metal coins or plates that had their account number engraved," writes Desjardins. "Shops would record the purchase details, and add the cost of the item bought to the customer's balance owed."</span></p><p><strong><a href="http://www.fa-mag.com/news/lpl-to-use-blackrock-s-roboadvisor-26294.html?section=43">LPL Financial is going to use BlackRock's robo-advisor</a> (FA Magazine)</strong></p><p>LPL Financial announced on Wednesday that it'll use BlackRock Solution's FutureAdvisor, reports Christopher Robbins. The firm added that the move will allow advisors and institutions to <span>"grow and expand into new markets."</span> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/batman-v-superman-is-a-trainwreck-2016-3">'Batman v Superman' is a complete trainwreck, and director Zack Snyder is to blame</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="l5OXJhMjE6rtk-m5U6Ty5lTvna_idcyV" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

IBM wants to predict your financial future

<p>Facial hair is not only attractive, <a href="http://www.businessinsider.com/women-are-attracted-to-this-facial-hair-2015-2">according to scientists</a>, it's also popular, says Martin Vargic who makes maps of different trends including a <a href="http://www.businessinsider.com/internet-map-2014-2">map of the Internet</a> and a chart of the <a href="http://www.businessinsider.com/here-are-the-tallest-buildings-throughout-history-2015-3">tallest buildings throughout history</a>.</p><p>Vargic has analyzed hundreds of historic images, paintings, engravings, and sculptures that date back as far as 200 BC to investigate <a href="http://www.halcyonmaps.com/facial-hair-throughout-the-ages/">how prevalent facial hair</a> was throughout the world at different points in history.</p><p>He found that since the turn of the millennium, increasingly more men around the world have been growing facial hair, but it's not nearly as many as during the turn of the 20th century:</p><p><div class="KonaFilter image-container display-table full"><div><div class="image"><p class="source"><span><a href="http://www.halcyonmaps.com">Martin Vargic</a></span></p></div><p></p></div></div>In order to compile such a detailed account of history, Vargic dove into images in Wikimedia commons and historic websites. For dates that preceded 300 AD - when paintings and drawings were limited or completely unavailable - he looked at mostly coins or statues.</p><p>"I analyzed several dozen of such depictions for each era, more than one thousands images total (with a number of them depicting more than one person), in order to come with as exact estimate as possible," Vargic told Business Insider in an email.</p><p>Here are some of the interesting trends in the graph:</p><ul><li>Between 80% to 90% of Chinese men had facial hair until 1700, when it dropped to a still respectable 70%. But in 1900, the number took a sharp dip and, of the five regions Vargic studied, China now has the fewest number of men with facial hair.</li><li>For 2,000 years, North America had the fewest number of men with facial hair. But around mid 18th century, we see a huge jump from about 10% of men having facial hair to over 90%.</li><li>Throughout history, the Arab realm has been the most consistent having between 80% and 90% of men with some amount of facial hair.</li></ul><p>Though it's hard to know for sure if this chart accurately depicts how popular facial hair is throughout the ages, Vargic argues that his method gives a representative sample of society:</p><p>"I used a wide variety of depictions of famous historical individuals (politicians, philosophers, scientists, artists, etc.) when making the chart," Vargic wrote. "As their average preferences in facial hair usually reflect the preferences of society overall in their times."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/scientifically-ways-women-attractive-2015-5">6 scientifically proven features men find attractive in women</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tiMGo5cTpwCabxNRPKR9Te43E3zYrTMd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

How facial hair has changed in popularity around the world since 200 BC in one chart

<p class="p1"><span class="s1"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>We have the opportunity to study three very different corporate reactions to allegations of lying. </span></p><p class="p1"><span class="s1">Brian Williams, whose wartime stories were conflated or exaggerated, was put on leave by NBC News. </span></p><p class="p1"><span class="s1">Bill O'Reilly, who also exaggerated his reporting experiences, and perhaps told outright lies about them, received no punishment and was fully backed by Fox News. </span></p><p class="p1"><span class="s1">Now "Rolling Stone" has officially and apologetically retracted its story about rape at the University of Virginia, with the reporter and her editors keeping their jobs. </span><span style="line-height: 1.5em;"> </span></p><p class="p1"><span class="s1">So which corporate move is right? It raises the interesting question of how managers should deal with employees who lie. It is tempting to simply say fire the liar, and there are well-established HR procedures for doing that. But as every manager with some experience under their belt knows, it is hardly ever that simple.  </span><span style="line-height: 1.5em;"> </span></p><p class="p1"><span class="s1">In most organizations, there are three key factors to consider when dealing with lying, or its close cousins such as bending the truth or exaggeration - an organization's culture, its values, and the impact lying and its relations have on credibility.</span><span style="line-height: 1.5em;"> </span></p><p class="p1"><span class="s1">I believe credibility should be the key, so I will start there. Whether it's between a vendor and a customer or a journalist and the audience, credibility is the proverbial coin of the realm in building and maintaining relationships. Once this credibility is called into question, relationships can crumble.  </span><span style="line-height: 1.5em;"> </span></p><p class="p1"><span class="s1">Often the question is whether a false statement actually affects credibility. Was it an intentional lie, perhaps an intentional pattern of exaggerated claims, or an accidental overstatement? </span></p><p class="p1"><span class="s1">For example, innocently making a claim about a product or service that's untrue can be corrected with the employee and the customer. ("We thought the product could be configured for this feature and learned that it's just not possible.") That only works once. Repeatedly making the same claim is obviously unacceptable and should be sanctioned.  </span></p><p class="p1"><span class="s1">It is clear from the differences in the way NBC, Fox, and "Rolling Stone" dealt with the issue of lying that their approaches to the question of credibility are different. This is an important point for managers to note, leading to the question of culture and values.  </span><span style="line-height: 1.5em;"> </span></p><p class="p1"><span class="s1">Culture plays a role in determining what behavior is acceptable. Over the years, I have observed that there are patterns of behavior within companies that are largely shaped by culture. The once-staid culture of financial institutions, for example, was warped by the scramble to pump out easy mortgage money before the Great Recession.  </span></p><p class="p1"><span class="s1">The fast-money culture clearly brought with it assurances by mortgage brokers that it was OK and even smart to take on more mortgage than a person could handle. It was a culture that valued profit behind a veil of credibility.  </span></p><p class="p1"><span class="s1">There's an old saying that if there's a battle between needed change and culture, bet on culture to win. It took a near financial collapse to bring a higher standard of truth-telling to the financial industry, and there are those who argue that this game is still in play.</span></p><p class="p1"><span class="s1"><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div>Cultural change is hard. Culture, like momentum, is a permeating irresistible force in a company that preserves the status quo. We can all point to examples in our lives when statements like "That's just the way things are done around here" or "Who am I to raise a concern?" are how people defend choices that, on reflection or in a different context, are exaggerations or lies.</span><span style="line-height: 1.5em;"> </span></p><p class="p1"><span class="s1">Culture is internal to an organization. Values are observed by those on the outside looking in. We reserve to ourselves the right to decide what a person's or organization's values are based on the actions we observe, not what's engraved on a plaque in the entryway or posted on a website; and certainly not how often or loudly a Brian Williams, a Bill O'Reilly, or their managers tell us that they are credible. Customers can tell.</span></p><p class="p1"><span class="s1">The issue involving Williams, O'Reilly, and "Rolling Stone" is a particularly good one for exploring the management lessons about lying.  </span></p><p class="p1"><span class="s1">Media is a culture in which credibility is held in high regard. Brian Williams' suspension is an example of NBC being concerned about the credibility of its news gathering and reporting. As Williams said, he "misremembered." </span></p><p class="p1"><span class="s1">A reasonable viewer then asks, "What else has he 'misremembered'?" This undermines his credibility and that of the network for past and future stories. Fox News, by backing Bill O'Reilly, chose the personality over credibility. "Rolling Stone" is clearly banking on the rape story being accepted as an aberration and not part of a larger pattern of falsehood in their reporting. As with Williams, time will tell.</span><span style="line-height: 1.5em;"> </span></p><p class="p1"><span class="s1">When faced with a situation that seems to involve lying, I suggest avoiding the impulse to take immediate action. Pause, consult, then act. As with so many issues in the practice of management, and as we see in the world of journalism, doing the right thing is not as easy as it might seem.  </span></p><p class="p3"><span class="s2"><em>Adam Goodman </em></span><span class="s1"><em>directs Northwestern University's Center for Leadership and is a faculty member in the McCormick School of Engineering &amp; Applied Science. As a consultant, he has advised more than 150 CEOs, senior officers, and executive teams.  In his teaching and research, Goodman focuses on the fundamentals of leadership and how people learn to become more effective leaders. </em></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-earth-would-look-like-if-ice-melted-world-map-animation-2015-2">Animated map of what Earth would look like if all the ice melted</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5xam5iczrSx4Ibx8MvarDsu3zOG88omE" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The right way to deal with an employee accused of lying

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>AP/Paul Sancya</span></p><p class="caption">President Barack Obama shows off his Shinola watch to the United Auto Workers-General Motors Center for Human Resources during a trip in January 2016.</p></div><p></p></div></div></p><p class="p1">During a recent visit to the UK, President Barack Obama gave British Prime Minister David Cameron a gift: a custom-made Shinola watch with the presidential seal engraved on the back.</p><p class="p1">It's no surprise that Obama would give Cameron a Shinola - after all, he's a known fan of the company, and <a href="http://www.huffingtonpost.com/entry/obama-shinola-watch_us_56a0f633e4b076aadcc56033"><span class="s1">has declared</span></a> it a symbol of American manufacturing bringing jobs back to the US.</p><p class="p1">And it's true: Shinola makes a high-quality, handsome watch, and it's one of only a few companies currently assembling watches in the US. </p><p class="p1">The Detroit-based brand has cultivated a cachet among consumers who are looking for a nice watch, but who aren't willing or able to shell out the coin required for a high-end Swiss brand like Rolex. </p><p class="p1">Shinola CMO Bridget Russo <a href="http://stories.newco.co/2016/03/21/shinola/">told NewCo</a> that the company generated $100 million in revenue in 2015, up from $20 million in 2013 and $60 million in 2014. </p><p class="p1">Despite the fact that the brand has built a large following across the country, there's a little more to that story.</p><h2>A Detroit-raised company</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.facebook.com/shinola/photos?ref=page_internal">Facebook/Shinola</a></span></p><p class="caption">A Shinola store in Portland, Oregon.</p></div><p></p></div></div></p><p class="p1">Launched in 2011 by Tom Kartsotis of Bedrock Brands (who also own Fossil, Filson, and Swiss watch brands Ronda and Skagen, in addition to minority stakes in several other brands), the name was purchased from an early 1900s shoe polish brand called Shinola. The shoe polish brand is where the famous 20th-century phrase "You don't know s--- from Shinola" came from, <a href="http://www.adweek.com/news/advertising-branding/how-shinola-went-shoe-polish-coolest-brand-america-165459"><span class="s1">according to Adweek</span></a>.</p><p class="p1">Though the company is not as old as its name and marketing might suggest, that's not necessarily a bad thing - plenty of companies <a href="http://www.dailyfinance.com/2011/01/06/auction-trademark-dead-brands-nostalgia-bargain/"><span class="s1">revive old trademarks</span></a> in the hopes of cashing in on nostalgic cachet.</p><p class="p1">Shinola moved into <a href="https://en.wikipedia.org/wiki/Argonaut_Building"><span class="s1">a former General Motors design lab</span></a> in Detroit to build its watches. It proudly stamps "Detroit" - the city in which Shinola's headquarters and main factory lies - on all of its products, even a shoeshine that the company makes in Chicago, <a href="https://www.washingtonpost.com/lifestyle/style/the-luxury-goods-company-shinola-is-capitalizing-on-detroit/2014/11/17/638f88a4-6a8f-11e4-b053-65cea7903f2e_story.html"><span class="s1">according to The Washington Post</span></a>.</p><p class="p1">Kartsotis and the other early members of Shinola had no previous ties to Detroit prior to starting the company there, but the company says it is committed to the city, providing well-paying manufacturing jobs to its citizens and investing in its infrastructure. It sponsored the creation of a dog park in Midtown Detroit<a href="http://www.shinola.com/journal/leash-midtown-detroit-dog-park?___store=en_us"> in 2014</a>.</p><p class="p1">"<span>Shinola is, and always has been, a job creation vehicle and our intention is to create jobs in this city we now call home," Shinola President Jacques Panis told Business Insider.</span></p><p class="p1"><span>Shinola hired more than 300 people for its Detroit factory and headquarters, and it employs about 200 more worldwide. Shinola trumpets the fact that they are providing jobs to an economically depressed city in desperate need of them. This lends a philanthropic air to the company that customers and employees can buy into, similar to the <a href="http://www.toms.com/improving-lives">Toms Shoes' giveback</a> and <a href="https://www.warbyparker.com/buy-a-pair-give-a-pair">Warby Parker's "buy a pair, give a pair" program</a>.</span></p><p class="p1"><span>Detroit is also associated with quality American manufacturing in many people's minds, and customers respond strongly to it when used in marketing materials.</span></p><p class="p1">An unnamed employee <a href="http://www.crainsdetroit.com/article/20120527/FREE/305279963/fossil-founder-digs-the-d">told Crain's </a>about a focus group Kartsotis had commissioned before choosing the brand's home base. The focus group was given a choice between a $5 Chinese-made pen, a $10 US-made pen, and a $15 Detroit-made men. People consistently chose the Detroit-made pen over the other options, which suggested others might be more inclined to pay a premium for products stamped with the authentic Detroit name. </p><p class="p1">"There's really nothing else like Shinola. It's a brilliant thing they did, this association with Detroit, a very authentic look and this authentic story," Northwestern University marketing professor Timothy Calkins <a href="https://www.washingtonpost.com/lifestyle/style/the-luxury-goods-company-shinola-is-capitalizing-on-detroit/2014/11/17/638f88a4-6a8f-11e4-b053-65cea7903f2e_story.html"><span class="s1">told the Washington Post</span></a>. "This is a very carefully constructed brand done by very savvy brand builders."</p><h2>Quartz watches</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.facebook.com/shinola/photos">Facebook/Shinola</a></span></p><p class="caption">The Shinola Rambler watch.</p></div><p></p></div></div></p><p>The watches made in Shinola's factory are hand-assembled using techniques from Swiss sister brand Ronda, which came to Detroit in the early days to train the workers in the new workshop.</p><p class="p1"><a href="https://www.reddit.com/r/Watches/comments/22sdz7/question_why_are_shinola_watches_so_overpriced/"><span class="s1">Some criticize Shinola</span></a> for the fact that they emphasize craftsmanship and engineering in their products, but they still use quartz movements and charge a premium for it. Quartz movements are relatively cheap and easy to produce compared with mechanical watches, since they have far fewer moving parts and require less watchmaking expertise.</p><p class="p1">Shinola watches retail between $475 and $1,125, while quartz watches made by Skagen and Fossil (Bedrock's other watch brands) <span class="s1"><a href="http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Daps&amp;field-keywords=skagen">hover around $100</a>. It's likely that some of the higher costs of manufacturing in America are baked into that premium, as well as the high-quality materials Shinola uses, but "c</span>ompared to some of the other products out there, they're definitely charging a premium," Ariel Adams, founder of undefined, <a href="http://www.freep.com/story/money/business/michigan/2015/12/16/shinola-stands-by-built-detroit-edits-swiss-claim/77092374/"><span class="s1">told the Detroit Free Press</span></a>. </p><p class="p1"><span class="s1">A Shinola spokesperson told Business Insider that, in order to produce watches at scale and be the job creation vehicle it hopes to be, its watches must be made with quartz movements, as they require much less detailed work.</span> Shinola does hope to one day create a mechanical watch, however.</p><p class="p1">Some have also questioned Shinola's stated commitment to Detroit, since the product's prices are out of the range of many people who live there. </p><p class="p1">"The thought of a company selling such luxuriously priced goods in a city that, according to the 2010 Census, has a per capita income of $14,000 is downright laughable," <a href="http://www.complex.com/style/shinola-detroits-misguided-white-knight"><span class="s1">writes Jon Moy at Complex</span></a>. </p><p class="p1">Indeed, the company's first retail store outside of Detroit was built in the trendy, wealthy Manhattan neighborhood of Tribeca, inside a townhouse Shinola purchased for $14.5 million, <a href="http://www.nytimes.com/2013/08/22/fashion/the-next-branding-of-detroit.html?_r=0"><span class="s1">according to The New York Times</span></a>. Shinola has since opened stores everywhere from London to Miami and Los Angeles, and the watches are stocked in almost 1,000 stores worldwide, <a href="http://www.shinola.com/shop/store-locator">according to the company's website</a>.</p><h2 class="p1">"Made" vs. "Built" </h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters/Rebecca Cook</span></p><p class="caption">A watchmaker assembles a watch in a Shinola's Detroit factory.</p></div><p></p></div></div></p><p class="p1">Shinola's tagline is "Built in Detroit." The company builds all of their watches and bicycles in the 30,000-square-foot Detroit factory. However, the company <a href="http://www.complex.com/style/shinola-detroits-misguided-white-knight"><span class="s1">has received some flak</span></a> for assembling these watches and bicycles using imported parts, like Ronda quartz movements that are made in Switzerland and Thailand. (The bicycle frames are made in Wisconsin.)</p><p class="p1">Recently, the Federal Trade Commission has taken issue with a<span> Kansas City-based</span> watchmaker, Niall Luxury Goods, for making a "made in US" claim. The FTC requires products labeled "Made in USA" to be composed of "all or virtually all" US-origin parts, but their watches used Swiss-made movements, which the FTC found violated that requirement.</p><p class="p1">Shinola does not make the same "Made in USA" claim as Niall, but that may not matter to the FTC.</p><p class="p1">"It seems likely - without consumer perception evidence showing otherwise - that consumers would interpret a 'Built in' claim as equivalent to a 'Made in' claim, and a 'Built in [city]' as equivalent to a 'Made in USA' claim," FTC spokeswoman Elizabeth Lorden <span class="s1"><a href="http://www.freep.com/story/money/business/michigan/2015/12/02/shinola-watches-built-in-detroit-slogan-ftc/76564976/">told The Detroit Free Press</a>, while not speaking specifically about Shinola.</span> "Therefore, the same 'all or virtually all' standard ... would apply."</p><p class="p1">Shinola disagrees with this characterization, and claims that "Built in Detroit" is accurate and not duping the customer.</p><p class="p1">"<span>We have been transparent as to the origin of the parts of our watches and do not claim to be qualified to say 'Made in the USA' on our watches," Panis told Business Insider. "For watches to be considered 'Made in the USA,' virtually all parts would have to be manufactured in the US and unfortunately the supply chain does not exist, at scale, in the USA today."</span> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/watches-worn-by-interesting-men2016-4">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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