People are obsessed with money, and for good reason. It runs the world. But you don’t need to know that much about money to use it. And yet, the more you know, the more fascinating money becomes. Consider these 10 interesting facts about money:
- The bills and coins we know today are a relatively recent invention. For the longest time, people use ordinary objects like ivory, cows, and crop that could be bartered for other goods and services.
2. Before modern banks entered the picture, people would keep their money in religious temples. They typically had the strongest security.
3. Pythius is the first recorded banker. He was an Asia Minor Merchant who lived in the 5th century B.C.
4. John Shepherd-Barron invented the ATM. The first version of this machine made its debut at a London Barclays Bank Branch in 1967.
5. The first US dollar was issued in 1875. But their currency sign ($) was already in use before that year. It was a general representation of foreign currency. You will find that the currency sign ($) has never appeared on any US Currency.
6. ‘Money’, the word, comes from the Romans. Their coins were made in the temple of Juno Moneta. Moneta was the goddess of women and marriage. More importantly, it is from ‘Moneta’, the name, that ‘Money’ and ‘Mint‘ are derived.
7. Before 1945, the Americans had a ten-thousand-dollar bill. This is the largest bill the US ever circulated. Only a few hundred $10,000 bills exist today.
8. The fact that some of those $10,000 bills exist is important. Yes, their production was discontinued. But they are still legal tender. However, their value exceeds $10,000.
9. During WWII, Britain started adding metal threads to its notes. This was in response to Nazi Germany’s strategy to devalue the Pound Sterling (£) by flooding the market with counterfeit notes.
10. Interestingly enough, the UK has spent a millennium engraving its coins with the images of their reigning Monarchs. There was a time when the average citizen’s understanding of the reigning Monarch’s appearance was informed by the image they saw on coins.