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10 Things You Probably Didn’t Know About Money

Did you know the concept of money came into existence due to the inadequacy posed by the trade by batter system of exchange? Since its inception, money has evolved. It started from things with actual value, that is things that could be are naturally valuable or consumable by individuals such as corn ears and salt.

It moved to currencies that had their values attached like coins, paper money, and now, the world is tilting towards cashless banking, with the likes of cryptocurrency.

There’s a lot you probably didn’t know about money, that’s why we gathered these amazing facts about money that would interest you.

Contents

#1. The First Paper Money Was Used In China

During the tang dynasty in A.D. 618 – 907, the first set of paper money got introduced. This idea was introduced because coins were getting too heavy and the need for something lighter came up. There were mostly in form of privately issued bills of credit or exchange notes.

This was used for over 500 years before this practice began to spread to Europe in the 17th century. It took about a century a century or two for paper money to spread around the world.

However, in 1955 China totally eliminated paper money because it took a toll on their economy, and didn’t adopt it again until several centuries.

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#2. The Word ‘Cash’ Originated From China

The word cash was originally used to describe a currency used by the Tang Dynasty of China. It was called Kai-yuans, made of bronze coins that were round and had square holes. The name kept evolving until it got recognized to represent a different form of money.

#3. Money Is Dirty

This is probably one of the very obvious but often ignored facts about money. The hands are the dirtiest part of our body because it comes in contact with a lot of things.

Money passed from one user to another gets contaminated and accumulates germs. This literally implies that money is dirty. Wash your hands after being in contact with money.

#4. It isn’t Paper Money.

If the requirement for judgement was the property of the material used for the production of what we know to be paper money, then the name would be inappropriate.

Most cash currencies are not made of paper but of a variation of cotton. The American money especially is made of 75% cotton and 25% linen. Back in Ben Franklin’s days, people would repair torn bills with a needle and a thread.

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#5. Faces On Money.

The first people to stamp the face of a living person on money were the Romans. This was done in 44BC. Julius Ceaser who was the then king stamped his face on a denarii of the Roman coins after winning the war. This opened the door to this practice in Rome, as it was the first time a living person was printed on money.

#6. Money Moves in Cycles.

There is a cyclic nature of money that keeps it constantly relevant. Ever wondered why you need money to make money? It’s like being a commodity vendor, you have to buy the products with money, put a price on it after considering the necessary factors for marketing, then sell it out. But you can never have that commodity at your disposal if you didn’t purchase it or its raw materials with money.

#7. World Largest Banknote

The largest banknote to ever exist was made by the Philippines government in 1988. It was created to celebrate a century of their freedom from the Spanish rule. The size was 216mm x 133mm. It was worth 100, 000 Peso which is equivalent to 2,080.90 U.S. Dollars.

Further research into facts about money reveals that the United States once printed a 1 million dollar note as a certificate and for novelty after the world war.

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#8. Distinctive Smell

Ever noticed there is a smell peculiar to only currency notes? Ever wondered where the smell of banknotes come from? Well, there is a special paper use for money production, and when combined with ink (The ink used for money is very high tech, and has trackable, magnetic, and birefringent/color-changing properties), it gives off a distinctive smell.

Did you also know that, some police dogs are trained to recognise this odour. Many airports use the specially trained dogs to catch suspicious travellers carrying lots of cash and further probe their cause.

#9. Over 170 Currency Are In Use Around the World Today

There world is so diverse now that there are over 170 currencies in use. There all have their different market values. The strength of a currency can be measured with how it stands at par with other currencies in the international market.

#10. The Zimbabwean Period Of Hyper-Inflation

The currency of Zimbabwe suffered a period of hyper inflation as a result of economic instability. This constantly plummeted the value of the currency. The Zimbabwean currency is regarded worldwide as the currency with the worst inflation rate.

We hope that the next time you lay hold of a currency or note, these facts about money would subconsciously come to your mind.

What Do You Think?

We hope you enjoyed learning these interesting facts about money. Tell us what other interesting facts you know about money. We would love to learn from you.

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Written by Flora Nnamaka