Amusement devices: games – Chance devices – Electric or magnetic
Patent
1990-06-13
1991-03-05
Grieb, William H.
Amusement devices: games
Chance devices
Electric or magnetic
273138A, 364408, A63B 7100, G06F 1520
Patent
active
049971883
ABSTRACT:
A financial institution, such as a bank, issues numerous uniquely coded travelers checks to various individual entities in exchange for value received. The holder of each travelers check in entitled to receive a certain average rate of income from the dollar-value represented by that check; which average rate of income would generally be proportional to prevailing interest rate as well as to the dollar-value represented by the check. To avoid the relatively high transaction costs associated with periodic payments of a relatively modest income to the holder of each of numerous individual checks, a statistical method is used. By way of this statistical method, a relatively few of the numerous uniquely coded travelers checks are randomly chosen at the end of each of a continuous sequence of time periods, and all the income attributable to all the issued travelers checks for the associated time period is then paid to the holders of the relatively few travelers checks chosen for that time period.
REFERENCES:
"Scarne's New Complete Guide to Gambling" by John Sarne, pub. Simon & Schuster, .COPYRGT.1961, 1974, p. 146 relied on (273-138 R).
"Financial Tools Used in Money Management" by Joyce Pitts, pub. U.S. Dept. of Agriculture, Oct. 1986, pp. 2 and 2.3-2.5.
Chiu Raleigh W.
Grieb William H.
LandOfFree
Divided-paying travelers checks and system does not yet have a rating. At this time, there are no reviews or comments for this patent.
If you have personal experience with Divided-paying travelers checks and system, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Divided-paying travelers checks and system will most certainly appreciate the feedback.
Profile ID: LFUS-PAI-O-491847