Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context, or is easily converted to such a form. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money. Here are some valuable facts about money that would blow your mind.
Valuable Facts About Money
- Do you know facts about Money that the first Credit Card was created because of the embarrassment of a man who had to pay for dinner but forgot his wallet.
- The World’s First Paper Money was created in China 1,400 years ago.
- More Monopoly Money is printed every year than Real money.
- Drug lord Pablo Escobar had so much cash that rats ate almost $1 billion of his money each
year. - People have used many forms of money, such as soap, cocoa beans, elephant tail hairs, entire elephants, grain, animal skins, fishhooks, feathers, tea tobacco, bird claws, and bear teeth.
- The Romans were the first to stamp the image of a living person on a coin. After winning in war, Julius Caesar
featured his portrait on a coin in 44 B.C. - Abraham Lincoln was the first American to be pictured on an American coin in 1909. The designer Victor David Brenner put his initial VDB at the base of the portrait on Lincoln’s arm.
- Governments can get money in three ways: 1) print it, 2) borrow it, or 3) collect taxes from their citizens.
- Before early forms of money were developed, people used to barter, which is a simple form of exchanging goods.
- Early Romans used salt as a form of money. In fact, the word “salary” comes from sal, which means “salt” in Latin.
- Over 170 different currencies are used around the world today.
- The study or collection of money is “numismatics,” which is Greek for “coins in circulation.”
- The first dollar bill did not depict George Washington. Rather, it showed a portrait of Salmon P. Chase, the U.S.
Secretary of the Treasury in 1862. - The Massachusetts Bay Colony became the first colony to make coins in 1652. In 1690, Massachusetts also began making paper money called bills of credit.
- The word “coin” is from the Latin word cuneus for “wedge,” because the dye for stamping metal coins was wedge-shaped.
- World’s smallest banknote issued in Morocco and was the size of a postage stamp.
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