A piece of paper around which our life revolves. But to what we don’t pay much attention is to its facts except for ranting about how we don’t have enough of it.
Money is a very potent discovery of modern times. A foundation stone around which every single economic activity whirls.
1. Before the invent of money, people used precious coins with native copper, meteorites, shells, lead ingots and even livestock as a medium of exchange.
2. It is believed that the first-ever official currency is introduced by Lydia’s King Alyattes named the Lydian stater, those were the coins with pictures stamped on them and were used as denominations.
3. The phrase rupee comes from the Sanskrit word “rupyah” denoting “shaped silver”. It is a highly well-known currency throughout Asia.
4. Economists have analysed that in today’s world, 92 per cent of the world’s currency is digital-only the rest 8 per cent is physical money.
5. The Chinese were the first to utilise paper bills and carried them during the Tang Dynasty, in the form of private bills and used it for more than 500 years.
6. The word money is derived from- “money” in Middle English and French and “mint” or “money” in Latin a term for goddess Juno.
7. When money is worn out, it is recycled. Once the coins are worn-out they are melted down and used to create fresh new coins. The shredded bills when recycled are used as fireplace wood.
8. If you have deteriorated money, don’t just toss it aside. The Bureau of Engraving and Printing may redeem it for its full value. For that, you must have more than half of the original note, to be eligible for its redemption.
9. The first and the only lady to have her face printed on the circulated U.S. note is “Martha Washington”.
10. A federal law that forbids the current presidents from having their faces printed on the currency on U.S. coinage.
Bonus fact:
Reports showcase that 90 per cent of the paper money has traces of cocaine on it. The fact is, it is so filthy and has numerous bacteria on it. Do sanitise or cleanse your hand every time you make a physical transaction to shield yourself from unwanted germs.
