Money is something we all use every day, yet there are many fascinating facts about it that often go unnoticed. From the origins of familiar terms to the history of different denominations, there's a lot to learn about the world of money.
1. The Penny Costs More To Make Than It's Worth
Contrary to popular belief, the U.S. penny actually costs more to produce than its face value. The cost of manufacturing a single penny was about 1.99 cents in 2019, according to the U.S. Mint. This is largely due to the rising costs of materials like zinc, which is the primary component of the penny's composition. As a result, there have been debates about whether the penny should be discontinued.
2. The $2 Bill Is Still in Circulation
While not as common as other denominations, the $2 bill is still in circulation in the United States. It was reintroduced in 1976 as part of the bicentennial celebration and continues to be printed today, albeit in smaller quantities. Despite its scarcity, the $2 bill is legal tender and can be used for any transaction where cash is accepted.
3. The Highest Denomination Ever Printed Was $100,000
In 1934, the U.S. government printed a series of $100,000 bills. These bills were not circulated among the general public but were used for transactions between Federal Reserve Banks. They featured a portrait of President Woodrow Wilson and were primarily used to transfer large sums of money quickly and securely between banks.
4. Money Can Carry Traces of Drugs and DNA
Studies have shown that a significant portion of paper money in circulation carries traces of illicit drugs such as cocaine. This is due to the fact that drug residues can transfer from contaminated hands onto the bills. Additionally, researchers have found that it's possible to extract DNA from money, which could potentially be used in forensic investigations.
5. The Term “Buck” Originated From Fur Trade
The term “buck” as a slang term for a dollar has its origins in the fur trade of the 18th century. At that time, deer skins, or buckskins, were commonly used as a form of currency. One buckskin was often traded for a dollar, leading to the use of the term “buck” to refer to the U.S. dollar.
6. The U.S. Treasury Once Considered Minting a $1 Trillion Coin
In 2013, during a debate over the U.S. debt ceiling, there was a proposal to mint a $1 trillion platinum coin as a way to avoid defaulting on the country's debts. While the idea was ultimately not pursued, it sparked discussions about the power of the U.S. Treasury to mint coins of any denomination to meet financial obligations.
7. The Term “Salary” Comes From Roman Soldiers
The word “salary” has its roots in ancient Rome, where it was used to describe the payments made to Roman soldiers. The Latin word “salarium” referred to an allowance of salt given to soldiers, as salt was a valuable commodity at the time. Over time, the term evolved to refer to any regular payment made to an individual, such as a wage or salary.
8. The Phrase “In the Red” Comes From Accounting
The phrase “in the red,” meaning to be in debt or operating at a loss, has its origins in accounting practices. In traditional bookkeeping, negative amounts were often written in red ink to distinguish them from positive amounts written in black ink. This practice led to the association of red ink with financial losses.
9. The U.S. Dollar Bill Contains Symbols of Freemasonry
Some conspiracy theories suggest that the symbols on the U.S. dollar bill, such as the pyramid and the eye in the triangle on the reverse side, are evidence of a connection to Freemasonry. However, these symbols were actually chosen by the designers of the Great Seal of the United States for their symbolic meaning, representing concepts like strength, unity, and the divine.
10. The Most Counterfeited Bill in the U.S. Is the $20 Bill
While counterfeiting is a serious crime, some bills are counterfeited more often than others. In the United States, the $20 bill is the most commonly counterfeited denomination, likely due to its widespread use and the fact that it is not as closely scrutinized as higher denominations. To combat counterfeiting, the U.S. government regularly updates the security features of its currency.
11. The Term “Greenback” Originated During the Civil War
During the American Civil War, the U.S. government issued paper currency, known as “greenbacks,” to finance the war effort. These notes were called greenbacks because the reverse side was printed in green ink. The term later became synonymous with U.S. currency in general, particularly the dollar.
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12. The First Credit Card Was Issued in the 1950s
While credit cards are ubiquitous today, the concept is relatively modern. The first universal credit card, which could be used at a variety of establishments, was introduced by Diners Club in 1950. It was initially a charge card, meaning the balance had to be paid in full each month, but it laid the foundation for the credit card industry as we know it today.
13. The Term “Payday” Has Military Origins
The term “payday” originated from the military practice of paying soldiers on a specific day of the month, known as “payday.” This practice ensured that soldiers would have access to their wages before the end of the month and could make necessary purchases. Over time, the term has come to be associated with any day on which a person receives their salary or wages.
14. The World's Largest Coin Is in Australia
The largest coin ever minted is the Australian Kangaroo One Tonne Gold Coin, produced by the Perth Mint in 2011. It weighs one tonne (approximately 2,204 pounds) and is made of 99.99% pure gold. The coin has a diameter of nearly 31 inches and a thickness of over 4.5 inches, making it an impressive feat of minting technology.
15. The Term “Cashier” Comes From Latin
The word “cashier” has its origins in the Latin word “cassarius,” which means “keeper of the chest.” In medieval times, a cashier was responsible for overseeing the storage and distribution of money, particularly in a royal or noble household. Over time, the term came to be used more broadly to refer to anyone responsible for handling cash transactions.
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