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One of the fraternities did this on my campus for a rush event. They only used fake money and did give prizes at the end for whoever had the most money. It was a big success and it was everyone's favorite night of rush. I can see how it could easily transfer to a philanthropy event by selling tickets for entry...
ETA: The dress code was suits for men and Formal attire for ladies (at our school each fraternity has rush hostesses)
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