FINANCE: 20 Interesting Money Facts You Need to Know
Did you know that the term "money" comes from Old French "moneie" and from Latin "moneta", originally a title of the goddess Juno in whose temple in Rome money was minted, and that Queen Elizabeth II is the most featured person on coins and banknotes?
We are obsessed with money, can't get enough of it. Mark Twain once said money is the root of all evil… St. Paul described it in a different way: the love of money is the root of all evil. It has evolved from a simple bartering mechanism to the hugely complicated structures we use in our everyday lives. Here is a kaleidoscope of 20 interesting facts concerning money.
FACT 1: Before money was made of bills and coins, these items were used as currency: conch shells, ivory, clay, live animals and grain. As long as it was divisible and scarce, it could be deemed "money".
FACT 2: The name money comes from Middle English: from Old French "moneie", from Latin "moneta", "mint" or "money", originally a title of the goddess Juno, in whose temple in Rome money was minted.
FACT 3: The first banks were likely religious temples because the security was always tight.
FACT 4: The first records of loans, deposits, currency validation and exchange were recorded in the 18th Century BC in Babylon (or, Ancient Greece)
FACT 5: Pythius, a merchant banker from Asia Minor in 5th century B.C. was the first banker on record. He offered to give 4 million gold coins to Persian King Xerxes for his war expenses – Xerxes declined and gave him 7,000 coins for his offer instead.
FACT 6: The term "check" or "cheque" is derived from the game of chess. Putting the king in check means his choices are limited, just like a modern day cheque that limits opportunities for forgery and alteration.
FACT 7: The Knights Templar between 1118 and 1307 used a cheque system to provide their pilgrims with travel funds. They worked much like travellers cheques now.
FACT 8: The term "bankrupt" is taken from two words… bancus meaning bench in Latin on which bankers used to ply their trade in the marketplace and ruptus meaning broken – once the banker could no longer trade, the bancus would be broken to signify the banker is out of business.
FACT 9: The original two currencies of America was the Sterling Pound and the Spanish Dollar. In fact, the first type of U.S. currency to ever be issued was a mere $2,000,000. It was issued in 1775 by the Continental Congress. Every new issue of this currency steadily devalued it against the Sterling Pound, and the Spanish Dollar.
FACT 10: The $ symbol is derived from the Spanish dollar sign. In 1782, the US considered choosing the Spanish peso as the country’s currency. The abbreviation for the Spanish peso (PS) later transformed into a $.
FACT 11: The U.S. "$" sign has long been in use to represent foreign currency prior to the issue of the first U.S dollar in 1875. Not only that, but the "$" symbol never has, nor does it now, appeared on any U.S. currency.
FACT 12: In 1932, wooden bills were temporarily made and used in Tenino, Washington because there was a major cash shortage at the time and wood was readily available.
FACT 13: The largest numerical bill ever to circulate in the world was 1,000,000,000,000,000,000,000, and it was the Millard Hungarian Pengo, issued in 1946. At the time, it was only worth 20 cents in the U.S.
FACT 14: The first ATM to ever exist was at Barclays Bank in London, in 1967. It was invented by John Shepherd-Barron while bathing in his tub, or so he claimed. Guess what else? That ATM didn’t charge a fee.
FACT 15: Did you know that the U.S. $ has a short life span? On average a $1 bill lasts only 18 months, a $5 bill will last two years, and a $10 bill will last three years. This is why the U.S. Bureau of Engraving & Printing has to reprint $541 million worth of currency each year.
FACT 16: Pound sterling is worlds oldest currency still in use. Sterling is the fourth most-traded currency in the foreign exchange market, after the United States dollar, the Euro, and the Japanese yen, besides also being the fifth most-held reserve currency in global reserves.
FACT 17: Indias highest currency denomination was Rs 10,000 note printed in 1938. This denomination of note had its own share of ups and downs. It was demonetized in the year 1946, then it was reintroduced in 1954, and then finally again demonetized in the year 1978.
FACT 18: The first US coin had the motto mind your business. Some historians tend to believe that this motto was written intentionally by Benjamin, who himself was an influential and successful businessman. As a reminder to the coin holder, it is believed that it meant to pay attention to your affairs/business.
FACT 19: More monopoly money is printed in the US than the real cash.Hasbro, the company that produces the popular monopoly game, churns out a massive $30 billion (£24bn) in Monopoly money every year, which is way higher than the rough figure of $974 million that the Bureau of Engraving and Printing produces annual for the Federal Reserve, which is USA’s central bank.
FACT 20: Queen Elizabeth II is the most featured person on coins and banknotes. The Queen of United Kingdom and 15 other Commonwealth realms has always been the talk of the town since multiple decades. However, not many know that she features on more coins and banknotes than any other person, and has also featured on the currencies of more than 30 countries.
Sources: RTE | India Times
https://www.indiatimes.com/worth/news/world-money-unknown-facts-554337.html
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