Henry Ernest Dudeney/Puzzles and Curious Problems/34 - The Banker and the Note/Solution

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Puzzles and Curious Problems by Henry Ernest Dudeney: $34$

The Banker and the Note
A banker in a country town was walking down the street when he saw a $\pounds 5$ note on the kerb-stone.
He picked it up, noted the number, and went to his private house for luncheon.
His wife said that the butcher had sent in his bill for $\pounds 5$,
and, as the only money he had was the note he had found, he gave it to her and she paid the butcher.
The butcher paid it to a farmer in buying a calf,
the farmer paid it to a merchant
who in turn paid it to a laundry-woman,
and she, remembering that she owed the bank $\pounds 5$, went there and paid the note.
The banker recognised the note as the one he had found,
and by that time it had paid $\pounds 25$ worth of debts.
On careful examination he discovered that the note was counterfeit.
Now, what was lost in the whole transaction, and by whom?


Solution

Because the identical forged banknote can be traced through all the transactions, all of them are invalid.

Therefore everybody stands in relation to their debtor exactly as they were before the banker picked up the note.

All, that is, except the butcher owes $\pounds 5$ to the farmer for the calf received.


Sources

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