Albert Einstein once said that, “Not everything that can be counted counts and not everything that counts can be counted.” This is true. Despite that, why is everyone becoming slaves for money?
Apparently, money makes the world go round. Gone are the days when buying a bar of soap would mean paying in fruits that have the same equivalence. Money is something everyone works hard for and uses to be able to afford both needs and wants in life. These things and other necessities are what make one survive.
How much do you know about money? Did you know that every dollar and penny issued has its own story?
Check out these fascinating facts you need to know about the money.
Understanding The Dollar Bill
Compared to all the denomination issues, the $1 bill is the most circulated bill in America. In fact, this accounts for 48 percent of the paper bills printed by the Money Factory – the U.S. Bureau of Engraving and Printing.
Have you tried looking at it closely? Aside from Peter, the Mint Eagle, 13 arrows in its talons, and the E Pluribus Unum Latin phrase, below are some things you should be aware of:
- The number 13, which has reference to the original colonies, have different representations in the bill – the starts above the eagle, steps on the pyramid, and horizontal stripes on top of the shield among others.
- Annuit Coeptis, which means “God has favored out undertakings.”
- Novus ordo seclorum or “New Order of the Ages.”
No Living President Allowed
As much as you want to give tribute to the presidents, living presidents are not allowed to have their faces on currency. This is in line with the legislation created during the Revolutionary years, which ensures that America will not look like a monarchy.
The only exception was President Calvin Coolidge through a commemorative coin celebrating the sesquicentennial of American Independence.
Once Upon A Time, There Was $100,000 Bill
Since 1969, the $100 is the largest dollar denomination circulating in the market. $500, $1,000, $5,000, and $10,000 were also printed once upon a time and are currently a thing of the past.
Did you know that there was a $100,000 gold certificate before? In fact, this was the largest denomination ever printed in 1934 and 1935. The bill was not widely circulated and was only used when doing business with banks.
Can you imagine being handed this type of bill on your cash-out refinancing transaction with the bank? You surely don’t want to lose it.
Money Is Dirty
It won’t cause serious health conditions, but money contains Salmonella, E. coli, and other contaminants. Older bills have more contaminants and can be passed on easily since money moves from hand to hand. Bills printed on cotton material have the highest levels of bacteria as well.
Generally harmless, there are pathogens that could cause staph infections and pneumonia. Make it a habit to wash your hands after holding money.
The First Woman To Appear In American Money Is Not An American
There are several women who appeared on American coins. The first woman whose face was printed on the coin was actually Spanish and not an American.
Queen Isabela of Spain was featured in a commemorative coin in 1893. Since then, notable American women like Helen Keller, Sacagawea, and Susan B. Anthony appeared in dollar bills. Booker T. Washington was also the first African-American to appear in dollar bills. Still, First Lady Martha Washington was the first women to appear in circulated paper money, specifically $1 Silver Certificate in 1886 and 1891.
Counterfeiting Is A Serious Issue
Believe it or not, the reason why the Secret Service was established was not to protect the president but to fight the war against counterfeiters. Back in the day, counterfeiting was a crime punishable by death because it threatens the economic stability of a nation. Benjamin Franklin, the only non-President to appear on a bill, required the phrase, “to counterfeit is death” to be included on his money.
Aside from this, the $20 bill is the most counterfeited bill in America followed by the $100 bill. Overseas, $100 is the most frequently counterfeited bill.
Coins are not exempt from counterfeiting as well. Counterfeiters shave the edges of coins since back then, coins were made of gold and silver. This is the reason why coins have ridges on the edge to prevent counterfeiting from happening.
Money Is Printed To Replace The Dollars Being Used Overseas
Aside from the English language, the US dollar is the most widely used currency in international transactions. Everywhere you go, money-changing stations are willing to trade your hard-earned dollars in exchange for their local currency. This explains why dollars are found everywhere around the world.
In order to address the situation, the Money Factory prints 37 millions bills or $696 million per day. This does not reflect new money because 95 percent of the bills printed is used to replace the dollars being used overseas.
Are you wondering how much ink is consumed for all this bill printing? 18 tons of ink per day.
Fascinating, don’t you think?