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Fun Facts About Money

Money is so much a part of our daily lives that we rarely think about the actual dollars and coins we use. Sure, you may already know two non-Presidents appear on U.S. bills (Alexander Hamilton on the $10 bill and Benjamin Franklin the $100), paper money is not really made out of paper, and no living person can appear on U.S. currency. Are you familiar, however, with the cost of making a penny or where in the world the U.S. dollar is the official currency?

Well, if this type of trivia interests you, then read below to learn more about some intriguing money facts.

Money Does Not Last Forever

• You know the saying you can’t take it with you?
• Well, there are several reasons for this but one of them is due to the fact money does not last forever.
• In fact, each denomination of the bills utilized has a life cycle.
• The estimated lifespan of each bill is as follows:
  • $1: 5.8 years
  • $5: 5.5 years
  • $10: 4.5 years
  • $20: 7.9 years
  • $50: 8.5 years
  • $100: 15 years
• And, in case you’re wondering, coins stay in circulation for about 30 years.
• At that time, the Federal Reserve takes them out of circulation and melts them down to use for other purposes.

A Penny Costs More to Make than It’s Worth

• According to the U.S. Mint, a penny actually costs 2.1 cents to make.
• So, it costs more to make a one cent penny than what it is worth.
• This is primarily due to the costs associated with copper and zinc, which are used to make pennies.
• It just doesn’t add up, does it?

Greenbacks Were Not Always Green

• Did you know “greenbacks” were not always green?
• Hard to believe, isn’t it?
• During colonial times, for example, money was actually tan in color with black or red ink.
• It wasn’t until the Civil War that the U.S. government started using green ink to print paper money.
• Green was selected because the ink didn’t fade or easily decompose, which protected it against counterfeiting.
• So, as can be seen, even during Civil War times combating fraud and counterfeiting was a constant battle.

Don’t Put Money in Your Mouth!

• Remember when your mom or dad told you, “Don’t put that money in your mouth – it’s dirty!”
• Well, they were more right than they thought.
• Both paper and coin money can carry viruses as well as bacteria that can live on surfaces and easily transfer to your skin or other objects after being touched.
• Research has found physical currency changes hands at least 55 times a year, or roughly once per week.
• In other words, it touches a lot of hands as well as other surfaces where germs and bacteria are present.
• One recent study found the makeup of money presents increased areas for germs as well as the capacity to retain moisture, which can make it an easier place for bacteria to thrive.

Do You Like Your Money Crisp? There’s a Way!

• Are you someone who likes to have crisp cash as opposed to soft, dingy dollars?
• Well, there’s a way to make this happen!
• U.S. dollars are 75% cotton and 25% linen, so they’re actually fabric that can be ironed just like your favorite shirt.
• To do this, simply dampen the bill by using a spritz bottle or the spray function on the iron itself.
• From there, put one towel under the bill and another one on top.
• Set the iron to low heat.
• Iron the bill using a circular motion.
• Set the bill aside to dry and “voila,” you now have a crisp, clean bill!

A $100,000 Bill?

• Believe it or not, the highest bill denomination issued by the U.S. Government was for $100,000.
• This bill was a gold certificate currency printed in 1934 and featured the image of President Woodrow Wilson.
• The bill, however, was never intended for public use and instead meant only for official use between Federal Reserve Banks.
• Printing of the note ended in 1945 and today cannot be legally held by collectors.

Has a Woman Ever Appeared on a U.S. Bill?

• As a matter of fact, a woman has appeared on a U.S. bill – but just one.
• 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.
• Martha’s image appeared on the $1 Silver Certificate, first issued in 1886 and discontinued in 1957.

Have We Always Had “In God We Trust”?

• As we all know, U.S. currency today states the timeless and historic motto “In God We Trust.”
• The original American penny, however, reportedly designed by Benjamin Franklin, featured the motto “Mind Your Business” – a motto popularized by Franklin himself.
• Keep in mind, the message behind this motto was not designed to tell people to not be nosy and mind their own business.
• Instead, the intention was to encourage business and commerce.

America Isn’t the Only Country that Uses the US Dollar

• While we know the U.S. dollar is popular around the world, some countries have gone so far as to make it their own.
• Besides the United States and its five inhabited territories, 11 countries in the world also use the U.S. dollar as its their official currency:
  • The British Virgin Islands, Timor-Leste (or East Timor), Bonaire, Ecuador, El Salvador, Federated States of Micronesia, Marshall Islands, Palau, Panama, Turks and Caicos, and Zimbabwe.

Loose Change Exchange

• Just about everyone has found loose change under a sofa cushion or at the bottom of the washer.
• A recent Coinstar study, however, discovered the average American has approximately $113 worth of coins in and around their homes.
• A similar MyBankTracker.com survey also found 55.5% of people do nothing with the loose change they’ve accumulated.
• Think about what could be done with such “worthless” money!

Learning fun facts about money reminds us there’s more to it than just its face value. Remember, the best things in life – walking, jogging, hiking, exercising, playing in the yard, hanging out with loved ones, conversation, worship, smiling, etc. – are free, and that includes learning the history of our currency system and how it has shaped our country.

Resource: https://www.sofi.com/learn/content/fun-facts-about-money/