Money is powerful because without this, people can no longer avail of their needs every day. People lack awareness about this matter, which is why one should know everything and anything about money. Modern facilities were built including machines that could copy and counterfeit the money especially paper money. Here are 10 tidbits about money that may astound you:
10. The First Paper Money
Chinese used the first paper money during the Tang Dynasty. After a century or two, it spread all over the world. However, because of the financial crisis in China and the prompts of inflation soar, they eliminated it in 1455 and did not adopt it for hundred years. The word cash was originally described as a round bronze coin with a square hole called Kai-yuans.
9. Inflation Nation
Zimbabwe’s newly formed unity government together with President Robert Mugabe and Prime Minister Morgan Tsvangirai issued in January the $100 trillion note to deal with hyperinflation. But weeks later, the guides chose to back-burner the gigantically downgraded Zimbabwean dollar and started permitting individuals to work together in different monetary standards.
8. Dirty Money
Money is contaminated in so many ways, bills are contaminated with cocaine like drug traffickers use coke-sullied hands to budge cash, others roll bills into sniffing straws and other ways of contaminating the bills.
7. It’s all About the Elizabeths
Queen Elizabeth II’s portrait was in the money of 33 different countries. It was first used by Canada in 1935, then in U.K of 26 different portraits together with its current and former territories, colonies and dominions. Other countries use her young portrait to maintain her young beauty like in Belize where she was 20 years old in the portrait.
6. America’s Counterfeit Cops
Counterfeit currency problem become rampant in U.S because third of all bills said to be fake. The Treasury Department was created to break the counterfeiting before it damaged the nation’s economy. It still fights bogus money together with the United States Secret Service dark-suited agents and SUVs.
5. You Can’t Take It with You
The smaller the value of a bill, the more frequently you use it and the shorter its lifespan after bills wear out. $1 dollar can stay only 21 months while Ben Franklin stays for 7 years. The obvious part is that its value will turn down so to spend it quickly is so easy.
4. The Origins of $
Bureau of Engraving and Printing has a good guess about the origin of the dollar sign. The design “P S,” used to mean Spanish and Mexican pesos is used before issuing the 1875 U.S paper dollar and incase you never noticed, it does not emerge on the U.S currency at all.
3. The World’s First ATM
John Shepherd-Barron invented the world’s first automatic teller machine. The machine used Personal Identification Number (PIN) codes. One of its differences in the modern counterpart is that, it is free of charge.
2. One in a Million
The largest banknote of the Bank of England was the £1,000,000 note. It was issued in 1948, which is designed for US government used only. After a few months it was cancelled and in 2008, one of the two known surviving notes fetched $120,000.
1. The Largest Banknote
The 100,000-peso note created by the Philippines in 1998 is the world’s largest banknote. It was offered to collectors during the celebration of a century independence from Spanish rule, which could purchase 180,000 pesos or $3,700 limited-edition notes.