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consumers are repelled by worn-out money and want to spend it

People who were given worn-out $20 bills spent 82% more of the money than consumers who were given four crisp $5 bills, reversing the expected “denomination effect,” which typically leads people to spend less from larger-denomination bills, say Fabrizio Di Muro of the University of Winnipeg and Theodore J. Noseworthy of the University of Guelph, both in Canada. People tend to be disgusted by worn bills and want to get rid of them because of presumed contamination from other people, the researchers found.