Money is integral to our lives today, but managing it can be confusing and tricky to understand. Whether we’re talking about how to budget, invest, or spend our hard-earned cash, knowing a few fun facts about money can help us make better decisions. So read on to learn about some fascinating things you may not have known about money!
- Each Bank printed its own money before the federal reserve in 1913
The Federal Reserve Act of 1913 was established by the Federal Reserve System in the United States. Congress created the Federal Reserve Act to maintain economic stability in the United States by establishing a central bank to manage monetary policy. Before this, the U.S. had formed centralized national banks significantly controlled by the eastern banking powers. Thus, State - Chartered or “free banks” began issuing their currency backed by gold. Thanks to this act, we no longer have to worry about managing various currencies daily!
2. The only woman to appear on a U.S. currency note is Martha Washington
The image of the former first lady of the United States appears on the $1 silver certificate. These were first printed in 1886 and later in 1891 after her image was slightly altered. It was the nation’s second-longest issued paper currency. As mentioned earlier, it was backed by silver deposits and hence could be redeemed for silver from the U.S. Treasury at any time. Unfortunately, these certificates were discontinued in 1957. It is interesting to note that, to date, no other woman has been granted the honor of being featured on U.S. paper bills.
3. The U.S. once made a 10,00,00 dollar bill
Did you know that the highest denomination issued by the U.S. Federal Government is the $100,000 bill? This bill was printed in 1934 but was not intended for general use. Instead, it was used as an accounting device between branches of the Federal Reserve. While there are several other denominations that the U.S. Treasury has discounted, it is interesting to note that they existed at some point!
4. Gold was first discovered in the U.S. in the state of North Carolina
When we were kids, most of us enjoyed digging. Some of us even hoped our digging would end up with remarkable discoveries! While some of us may be disappointed that this wasn’t the fate of our digging, a child in North Carolina wasn’t. Contrary to popular belief, it turns out that gold was first found in the USA in North Carolina by a 12-year-old boy who went digging on his family’s farm.
5. The most counterfeited denomination in the USA is the 20-dollar bill
This may surprise you, but it is a known fact that U.S. dollars are one of the most commonly counterfeited currencies in the world! That being said, among the counterfeit currencies, the 20-dollar bill ranks as the most counterfeit denomination in the nation. Therefore, even if you’re traveling for work or with your family, one of the initial things you’ll be required to do after arriving in a new country is convert cash so you can go shopping, eat, and visit tourist sites. But you might not understand that as a foreign tourist, you are a prime target for obtaining counterfeit cash; after all, you are likely unaware of the many security aspects of domestic currency. Therefore, it is best to be vigilant and have complete knowledge of the money of the place you are visiting or living in.
All these facts above show that money is not just a part of life but also an important asset. So, it’s best not to act in haste and think you have bad financial habits. You can still be financially secure by taking some precautions, such as planning and saving regularly. These 5 fun facts about money can also help you understand where your finances are going better and how to take steps in the right direction!