60 Fun And Interesting Facts About Money (In 2024)
From ancient currency to today’s digital payments, the journey of money is truly fascinating!
If money could talk, what stories would it tell? Dive into these fun facts about money to find out.
Fun Facts About The History of Money
1. The word “money” is derived from the Latin word “moneta,” a title for Juno, the Roman goddess of marriage and queen of the gods. Temples dedicated to her often served as mints where coins were produced, linking the goddess to currency.
2. Around 3,000 BCE, the use of commodity money began when people in ancient Mesopotamia began using specific items for trading goods and services.
3. People used various items as currency, such as cowrie shells, salt, livestock, and even large stones like the Rai stones of Yap Island.
4. The first gold coins were minted in Lydia (modern-day Turkey) around 600 BC. These coins were made from electrum, a natural alloy of gold and silver. They made trade easier.
5. Coins became standardized with specific weights and values. This simplified trade across large territories in the Greek, Roman, and Persian Empires.
6. The first recorded use of paper money was in China during the Tang Dynasty (618–907 AD).
7. During the 17th century, Europe adopted paper notes, with Sweden issuing the first European banknotes in 1661. These notes were backed by precious metals, ensuring value stability.
8. In the 19th century, many countries linked their currencies to gold (the Gold Standard), ensuring money was backed by precious metals.
9. By the 20th century, most countries had transitioned to fiat money, which derives value from government regulation rather than intrinsic value. This shift allowed for greater economic flexibility.
Did you know? Fiat money is a type of currency that is not backed by a physical commodity such as gold or silver. Instead, it derives its value from the trust and confidence that people have in the government that issues it. The US dollar, the euro, and the Japanese yen are all examples of fiat money.
10. The late 20th century marked the emergence of electronic money (e-money), changing how transactions were conducted.
U.S. Coins Fun Facts
“A penny saved is a penny earned.” – Benjamin Franklin
11. The first U.S. Mint was established in Philadelphia in 1792.
12. The U.S. Mint produces over 10 billion circulating coins each year (usmint.gov).
13. According to the U.S. Mint, the average lifespan of a coin is around 30 years.
14. The Lincoln penny, introduced in 1909, was the first U.S. coin to feature a real person. It was created to commemorate Abraham Lincoln’s 100th birthday.
15. Pennies were made entirely of copper until 1982. Now they are primarily zinc with a copper coating.
16. A recent report from the U.S. Mint says it costs 3.07 cents to make a penny.
17. The dime is the smallest U.S. coin but has the highest value per unit of weight. It weighs just 2.27 grams.
18. The nickel is composed of 75% copper and 25% nickel. It was first minted in 1866 and is named for the metal used.
19. The Washington Quarter has been in circulation since 1932 to commemorate the 200th anniversary of Washington’s birth.
20. It is estimated that Americans throw away around $68 million worth of coins every year (source).
21. U.S. coins have a mint mark stating the location in which it was produced.
P = Philadelphia, D = Denver, S = San Francisco, W = West Point
22. The U.S. has issued several types of dollar coins, including the Eisenhower, Susan B. Anthony, and Sacagawea coins, but none have achieved widespread circulation.
23. Coins stay in circulation for about 30 years, which is when they become too worn to use. At that time, the Federal Reserve takes them out of circulation and melts them down to use for other purposes.
Related:
U.S. Dollar Bill & Facts About Money
24. The U.S. dollar was officially adopted as the country’s currency in 1792 with the Coinage Act. It was initially based on the Spanish dollar, which was widely used in colonial America.
25. The $ symbol is also believed to have originated from the Spanish peso.
26. The U.S. Secret Service was originally created in 1865 to combat counterfeiting of U.S. currency after the Civil War.
27. Leading up to the 20th century, there were four main forms of U.S. currency being used:
- Gold and silver coins
- Gold and silver certificates
- Commercial bank notes, issued by private banks and backed by government bonds
- “Greenbacks”, a fiat currency declared legal by Congress to help fund the Civil War
28. The Federal Reserve System was established in 1913 to provide a safer, more flexible, and more stable financial system. It was created in response to a series of financial panics.
29. The United States Bureau of Engraving and Printing produces about 38 million notes every day- that’s $541 million.
30. The United States Bureau of Engraving and Printing has two active printing facilities in Washington, D.C., and Forth Worth, Texas.
31. As of September 20, 2023, the Federal Reserve estimated that the total amount of currency in circulation was approximately US $2.33 trillion.
32. The Fed shreds old bills and sells them to companies that can recycle them into building materials.
33. The U.S. Dollar is the most widely used currency, accounting for approximately 60% of global reserves.
34. Green ink was originally chosen for U.S. currency because it prevented counterfeiting. It was readily available and resistant to chemical changes.
35. U.S. currency has unique serial numbers and also features a letter that represents the Federal Reserve Bank that issued it.
36. Modern paper currencies incorporate advanced technologies such as watermarks, security threads, and color-shifting inks to prevent counterfeiting.
37. Smaller denominations of notes have shorter lifespans due to their more frequent usage.
38. The largest denomination ever printed by the U.S. was the $100,000 bill, featuring Woodrow Wilson. Printed in 1934, it was never intended for public use. Instead, it was meant only for official transactions between Federal Reserve Banks.
39. Only two non-presidents grace the front of U.S. bills: Alexander Hamilton on the $10 bill and Benjamin Franklin on the $100 bill
40. America’s first First Lady, Martha Washington, is to this day, the only woman to have her likeness on a U.S. paper currency note. Her image appeared on the $1 Silver Certificate, first issued in 1886 and discontinued in 1957.
41. Andrew Jackson, who appears on the $20 bill, was opposed to paper money, believing that only gold and silver coins should be legal tender.
42. U.S. paper money is made of 75% cotton and 25% linen, not paper.
43. The U.S. $2 bill, featuring Thomas Jefferson, is still in circulation but relatively rare.
44. Research has found physical currency changes hands at least 55 times a year or almost once a week.
Did you know? A recent study found that banknotes made from cotton or linen fibers, like U.S. dollar bills, have more surface area for germs and retain moisture. This creates an ideal environment for bacteria to thrive.
45. The United States redesigned its $100 bill in 2013, incorporating new security features and vibrant colors.
Related:
Interesting Worldwide Facts About Money
46. There are 180 currencies around the world.
47. The largest denomination of currency ever printed was the 100 trillion dollar note by the Reserve Bank of Zimbabwe in 2008, during a period of hyperinflation.
Did you know? Hyperinflation is when prices go up very quickly, and the money you have becomes worth less and less.
48. The British pound is the world’s oldest currency still in use. It dates back to the 8th century. The table below shows other currency still in circulation today.
49. The first universal credit card, which could be used at a variety of establishments, was introduced by Diners Club in 1950. American Express debuted a credit card of this type in 1958.
50. The world’s first ATM was installed in London in 1967 by Barclays Bank.
51. Australia was the first country to introduce polymer (plastic) banknotes in 1988.
52. The euro was introduced as an accounting currency in 1999 and physical coins and notes began circulating in 2002.
53. Bitcoin, the first cryptocurrency, was created in 2009 by an unknown person or group using the name Satoshi Nakamoto.
54. Sweden became the world’s first cashless society in 2023 (source).
55. The Swiss Franc is considered one of the world’s most stable currencies.
56. QUID (Quasi Unviversal Intergalactic Denomination) was designed as a conceptual space currency to be used in future space tourism.
57. There are more than 3 million cash machines around the world today and on every continent.
58. As of July 2023, the market capitalization of cryptocurrencies (i.e. Bitcoin, Ethereum, Ripple) has surpassed hundreds of billions of dollars, reflecting their growing acceptance.
59. Fun Fact: Piggy banks have nothing to do with pigs. The word comes from ‘pygge’ an Old English word meaning a type of clay used to make jars and dishes holding money.
60. By 2026, the number of global digital wallet users is expected to grow to reach 5.2 billion, or over 60% of the global population (source).
Did you know? A digital wallet securely stores your credit, debit, and loyalty card details for convenient online transactions. A mobile wallet is a type of digital wallet that can be used on mobile devices for both online purchases and proximity payments.
What’s Next?
Next, learn more! Become a part of the Wealthy Woman community, receive my best tips for wealth-building, and have instant access to the free resource library. Start now!
