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The New Debt Collectors

While many of us would sooner forget the past year or so, a few history buffs out there have started hunting for recession souvenirs. A top prize among this group are the IOUs issued by California’s cash-strapped Gubernator Arnold Schwarzenegger last week.

Like Depression-era stock certificates, which were worthless in their day and could now fetch a bundle on Antiques Road Show, these collectors are hoping the state warrants issued in lieu of checks will someday have real value — if only sentimental.

“I figure it would be an interesting thing to have around when my grandchildren are fighting over my stuff after I’m dead and gone,” one poster wrote in a recent Craigslist ad offering twice the face value for a California IOU, up to $100.

No word yet on demand for 2008-09 era pink slips, foreclosure notices, food stamps and other paper collectibles from the current economic crisis.

In any case, collectors will face stiff competition for California’s IOUs from the taxpayers, contractors and vendors to which they’re actually owned.

As of Tuesday, many lawful recipients said they’ve yet to receive their IOUs from the state, which by then had issued over 70,000 worth some $100 million, the New York Times reported.

The scary part for these businesses: Banks say they’ll only honor the warrants until Friday. By Saturday morning, many could become collectors’ items after all.

Tags: budget, California IOUs, cash, collectibles, depression, recession