Some Interesting Facts About money!

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From the earliest societies, exchange was used to fulfill needs. An item such as a cow would have been bartered for other basic necessities. Barter is the exchange of something you own for some other goods or services you want. It was in use as long ago as 9000 B.C. and is still in use today. Early man used his livestock, then crops. But while commodities such as cattle may be valuable, they are far from portable and have a relatively short shelf-life. As a consequence, gold and other precious metals, which combined the benefits of durability, portability and aesthetic value came to increase in worth and assumed a steady value.

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  • The first coins date back to 700 B.C. by the Lydians, a group of people that lived in what is now Turkey. The Lydians came out with an  idea of shaping electrum (a natural alloy of gold and silver) and stamping them with a single punch affirming its weight and purity. By 550 BC, the practice of striking coins was established in all the important trading cities throughout the known world. Coins remained the main form of currency in the West for over a millenium, until the appearance of paper banknotes.
  • Tax collections in Egypt and Mesopotamia have become very easy when they started using the silver and the gold bars as their currency in near about 2500 B.C.
  • All of us have filed for tax this month, but do you know this ritual is as old as 5,000 years. Egyptians have started these rituals of paying taxes for their labor and goods.
  • By the year 1750 B.C., the priests of the Babylonian temple had begun issuing loans to the locals.

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  • The first generally circulating notes were first introduced in China around the 9th century AD. A note is a promise to redeem later for some other object of value. They were issued by private bankers as credit notes against deposits of gold or silver and were redeemable throughout the empire. Paper money was not widely used in Europe until the 16th century, when goldsmiths began to issue receipts for precious metals that were deposited with them. The notes were made out in the name of the depositor, but often included the clause “or bearer”, which allowed the receipts to be passed from one person to another. In the West it was at the end of the 17th century that paper banknotes were printed and used. After the establishment of the Bank of England in 1694 and later the other central banks, paper banknotes became widespread throughout the world.
  • Before 1960, no British banknotes featured the face of the monarch. The £1 note was the first in the “portrait series”, which was later extended to the 10 shilling and £10 notes. Today, all British banknotes feature a portrait of the queen on one side.
  • Australia was the first country in the world to have a complete system of bank notes made from plastic (polymer). These notes provide much greater security against counterfeiting. They also last four times as long as conventional paper (fibrous) notes.
  • Banca  Monte dei Paschi di Siena bank is the oldest surviving bank in the world. It was founded in Italy  the year 1472
  • The paper which was used for the U.S. bills is not made from trees. It has 75 percent of cotton and rest is linen.
  • The entire bills and coins of US in general circulation have a net worth of around $829 billion today.

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  • Why do coins have milled edges? During our country’s earlier years, all coins were made of gold or silver, and did not have ridges. Each coin’s value was based on the amount of gold or silver in it. For example, a $10 gold piece contained ten dollars worth of gold, and silver dimes contained ten cents worth of silver. But some dishonest people used to chip fragments from the edges, which over time could be collected and melted down. To prevent this, the government began milling, or grooving, the edges so a coin could easily be identified if it was trimmed. Today coins are not made of gold or silver but people are just use to seeing a milled edge so they stay.
  • Theft has become common by the invention of money. Temples have become the prime target as it is commonly visited by everyone including thieves.
  • It is illegal to put coins in your ears in Hawaii.
  • Starting in 2006, it cost the United State Mint more than one cent to produce each penny and more than five cents to produce each nickel, due to rising commodity prices.
  • Why are the portraits on coins almost always profile (sideways) views, while paper money is almost always frontal views? Profiles are easier to stamp into coins. Since the coin surface is actually a 3D portrait, there isn’t enough room to add the nose onto the coin in a frontal portrait.

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  • In the year 1949 Frank X. McNamara with his friends went for a dinner in the New York City. But unfortunately, he forgot to bring cash. He was so embarrassed that night that he decided and created the Diners Club Card. It was the first credit card.
  • If you could double your money every year for 20 years in a row (highly unlikely), just one dollar would turn into more than one million. ($1,048,576)
  • More realistically, if you invested your money at 8% from age 25 to age 65, just $3,900 per year would turn into more than one million ($1,010,320). That means it only takes about $325 a month to become a millionaire.
  • If you leave an unpaid balance on a credit card charging 18% interest, the amount you owe will double in just four years and three months.
  • People leave bigger tips at restaurants on sunny days than on cloudy days.
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