Money plays an important role in our lives, although we often take it for granted.
In this article, we have compiled 17 surprising facts about money that will help you see it from a different perspective.
1. In ancient times, people used cowries (shells) as money. They were widely used in Africa, Asia, and Oceania for a long time.
2. The first coins appeared in the 7th century BC. Ancient Lydia, the territory of modern Turkey, is considered the birthplace of the first metal coins.
3. The word “coin” comes from the name of the Roman goddess Juno Moneta, in whose temple money was minted.
4. The gold standard was abolished in 1971. Before that, most of the world’s currencies were backed by countries’ gold reserves.
5. The smallest banknote in the world is 0.01 Venezuelan bolivars. This banknote is only used as a collector’s item because of its low purchasing power.
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6. The first paper currency was introduced in China during the Tang Dynasty in the 7th century as private merchant receipts, and then, during the Song Dynasty in the 11th century, it evolved into the first government paper banknotes due to problems with transporting heavy copper coins.
7. The most expensive coin was sold for $10 million. The famous 1794 silver coin, the “Bushy-Haired Dollar,” became the most expensive coin when it was sold at auction.
8. In ancient Egypt, gold and silver were used as decorations, and only later did they become a medium of exchange.
9. Secret protection of banknotes includes more than 20 methods. Modern banknotes are protected from counterfeiting by various elements such as watermarks, microprinting, and holograms.
10. The first ATMs appeared in London in 1967, installed by Barclays Bank, which issued cash in exchange for special vouchers.
11. In the US, there are more counterfeit $20 bills than any other denomination. This bill is the most counterfeited of all dollar bills.
12. Swiss banknotes are among the most complex in design. They include several levels of security and are among the most detailed in the world.
15. Cryptocurrencies such as Bitcoin have no physical equivalent. They are entirely digital money, not backed by any assets. Today, Bitcoin is the most well-known cryptocurrency. It was created in 2009 by a person (or group of people) under the pseudonym Satoshi Nakamoto.
16. The first coin with a hole in the center appeared in ancient China. Coins with holes in the center were easier to carry on strings
17. In Canada and Australia, money is made of plastic. Polymer banknotes are more durable and better protected than paper ones.
