impact of null object refs in jquery?

impact of null object refs in jquery?

Hello - In jQuery is there any impact to calling methods on object references that don't exist?  For example, consider the following:
 
var currencyFields = {'aMyCurrX','aMyCurrY','aMyCurrZ'};
 
$(
   $.each(currencyFields, function(i){ FormatCurrency(currencyFields[i]); });
);

 
function FormatCurrency(fieldId)
{
   //just a placeholder for now
   alert($('#' + fieldId).value());
}



 
In the example above, the page is generated dynamically and not all curr fields will necessarily exist on the generated page. Defining these fields in a simple array will provide the best simplicity/maintainability.
 
But how does jQuery handle these errors? Is some error event triggered if jquery tries to exist a null object?  If not then is there any practical downside to using this approach against a small array of values?  Are there any scenarios that could potentially present gotchas with this approach?