Dear Entrepreneur, Here Are Fun Facts About Money

By Getrude Mathayo / Published September 27, 2021 | 3:30 pm




KEY POINTS

The $2 bill was first printed in 1862. Interestingly, $2 notes were considered unlucky and unpopular throughout most of history


Corporate Bonds

You might not think twice about the money you use every day, but you should.  Money is something we all use every day but rarely think about, except to lament that we don’t have enough of it.

Throughout history, financial innovations have played a crucial role in shaping societies, battles, and empires. New inventions from coins to paper money to banks have triggered global shifts in power. Here are 10 amazing facts from the history of money.

The world does revolve around money and the fact is, we don’t know anything about it. We work hard to earn it; we stress over how much we have and yet we love spending it, a strange concept.

  1. $2 bills are often considered unlucky

The $2 bill was first printed in 1862. Interestingly, $2 notes were considered unlucky and unpopular throughout most of history.

  1. One bill weighs 1 gram and 454 bills equal one pound

This means if you have $1 million in singles, it would weigh over 1 ton! A suitcase of $1 million in $100 bills weighs over 20 pounds!

  1. The most counterfeited denomination of money is the $20 bill

While the $100 bill is a close second, people are more likely to break a $20 at a store or bar than a $100. Some famous counterfeit money launders took fake $20’s or $100’s to bars during rush hour to buy a drink and pocket the change.

  1. North Korea is the largest counterfeiter

North Korea has mastered the art of counterfeiting U.S. currency, specializing in a perfect replica of our $50 and $100 bills. Their fakes are so impressive that they are referred to as “superdollars,” and require specialized equipment at the Federal Reserve to be detected.

  1. A dollar bill only lasts 18 months before it wears out

The dollar bill is the most circulated bill in the U.S. One-dollar bills account for 48% of the paper bills printed by the U.S. Bureau of Engraving and Printing. A dollar bill usually makes it through around 18 months of use before it wears out.

  1. Living Presidents are banned from having their faces on currency

Pennies, you either love them or hate them. They were the first denomination of coins struck in the U.S. and they’ve been around a long time. They’ve been around since 1793 when they were 100% copper. President Lincoln made his appearance on the penny in 1909.

  1. Umerich Juettner was a pro at counterfeiting

Actually, he was horrible at counterfeiting but was smart in how and when he spent his fake bills. He worked his scam by counterfeiting $1 bills and made just enough to survive. As a result, it took the U.S. Secret Service 10 years to catch him. And when they did, he only spent 4 months in prison.

  1. Money is dirty

We’ve all heard how dirty money is and how reportedly there are traces of cocaine on 90% of paper money, but did you know that money is dirtier than a household toilet? How about the fact that the flu virus can live on a bill for up to 17 days!

  1. The secrete service was originally made to fight counterfeit

In July of 1865, the U.S. Secret Service was created during the Civil War to fight to counterfeit. Counterfeiting was a huge problem back then, and by the end of the war between 1/3 and 1/2 of all U.S. paper currency in circulation was counterfeit.

  1. Your damaged currency can still be valuable

If you have money that’s been badly damaged, don’t be too quick to throw it out. The Bureau of Engraving and Printing might redeem it at full value. To qualify for the redemption, you must have more than half of the original note, including any relevant security feature

  1. It takes about 10 years to become a banknote engraver

The responsibility to approve all U.S. currency designs belongs to the U.S. Secretary of the Treasury. However, banknote engravers are the ones who handle the complex and intricate job of engraving the money.

  1. The pound sterling is the world’s oldest currency still in use

After winning in war, Roman emperor Julius Caesar featured his portrait on a coin in 44 B.C. for circulation. At the time, it was an unacceptable act of political arrogance in Rome.

  1. Early Romans used salt as a form of money

With refrigeration technology a few centuries away, Romans used salt to preserve food, specifically fresh meat. Like today, their form of currency gave them access to eating. Even the word “salary” is derived from “sal,” which means “salt” in Latin

  1. Germans used money as wallpaper

After World War I, hyperinflation wreaked havoc on the German currency, causing it to lose almost all of its value. As a result, people would give money to kids to play with, and many people used it as wallpaper.

  1. Only 8 percent of the world’s currency is actual physical money

The majority of transactions are all done digitally so no physical currency exchanges hands. Think about how often you pay for things with your credit or debit card, or online using PayPal. This is why only 8% of currency is physical money.

Read More: Top 10 Money Market Funds In Kenya As Of September 24






More Articles From This Author








Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2022
  • January 2022 (293)
  • February 2022 (329)
  • March 2022 (360)
  • April 2022 (294)
  • May 2022 (271)
  • June 2022 (232)
  • July 2022 (278)
  • August 2022 (253)
  • September 2022 (246)
  • October 2022 (196)
  • November 2022 (230)
  • December 2022 (58)
  • 2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (259)
  • May 2021 (285)
  • June 2021 (273)
  • July 2021 (277)
  • August 2021 (232)
  • September 2021 (271)
  • October 2021 (305)
  • November 2021 (364)
  • December 2021 (249)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (333)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (251)
  • February 2019 (215)
  • March 2019 (283)
  • April 2019 (254)
  • May 2019 (269)
  • June 2019 (249)
  • July 2019 (335)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (318)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (275)
  • April 2018 (223)
  • May 2018 (235)
  • June 2018 (176)
  • July 2018 (256)
  • August 2018 (247)
  • September 2018 (255)
  • October 2018 (282)
  • November 2018 (282)
  • December 2018 (184)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (189)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (164)
  • February 2016 (165)
  • March 2016 (189)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (247)
  • September 2016 (233)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (164)
  • April 2015 (107)
  • May 2015 (116)
  • June 2015 (119)
  • July 2015 (145)
  • August 2015 (157)
  • September 2015 (186)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (205)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950