15 Interesting Facts About Money

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What is the most interesting fact about money? Of course, we all want it, and we all need it. But do you know the money you are racing behind has a lot of fascinating facts? Money plays a crucial role in our lives, and here are 15 interesting facts about money.

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Money has a long history

Paper money was first introduced around 1020 AD, whereas coins were introduced during the 7th century BC. Before money came into the picture, historians used the barter system to trade goods and services. Although it is difficult to attribute the invention of money to a single person, the first currency came nearly 5,000 years ago.

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British Pound Sterling (GBP) is the oldest currency

GBP, the official currency of the United Kingdom, is the oldest currency in existence today. It has undergone many changes. GBP started as silver pennies and is now present in coins and paper notes. In fact, the GBP is one of the most traded currencies in the world.

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Large-scale recycling

Every week, tons of old paper notes/ bills are recycled. The worn-out currency notes are shredded and recycled into a lot of stationery and other products. On the other hand, old coins are reused to make new coins after melting down. Money recycling is a large-scale operation, and the process is undertaken by the highest financial institutions of any nation.

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Money printing

Money printing (currency production) is typically done by the following organizations (country-wise): the Reserve Bank of India (RBI) in India, Bureau of Engraving and Printing in the US, The Bank of England in the UK, National Printing Bureau (NPB) in Japan, and China Banknote Printing and Minting Corporation (CBPMC) in China.

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China leads the black money outflow

As per reports by Global Financial Integrity (GFI), China outflows the maximum amount of black money per year. It outflows $139 billion per year, followed by $104 billion per year (Russia) and $52.8 billion per year (Mexico). The list is followed by India and Malaysia, with $51 billion and $49 billion per year, respectively.

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Only 8% of global currency exists physically

Only 8% of the global currency is physical money, whereas the remaining 92% is digital money or is present in the form of assets. Especially with the presence of Credit Cards, Debit Cards, Online transactions, Bitcoins, and more such mediums, physical money is less. Most countries have very little money in the physical form.

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Paper currency is the dirtiest

Money is dirtier than you may even think. Paper money carries and harbors thousands of microbes from every environment it passes through. It breeds hundreds of species of microorganisms identified as microbes, vaginal bacteria, viruses, pet DNA, and more. According to frequent swab tests, a piece of paper money contains several acne-causing and harmless bacteria.

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Biggest note in the world

The 100,000-peso note is the largest single banknote in the world. It is from the Philippines and measures 14 x 8 1/2 inches. The note was created by the government of the Philippines to celebrate its independence from Spain in 1998. However, the largest banknote was not intended for financial transactions and was offered only to collectors.

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Over 100 currencies globally feature the late British monarch

The late Queen Elizabeth II was the most featured person on any money, including coins and banknotes. She is featured on over 100 different currencies globally, as the British Empire has ruled nearly a quarter of the world. Following her, Queen Victoria featured on 21 currencies, whereas King George featured on 19.

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Women’s representation on international banknotes is only 15%

Only 15% of the featured images of women are on international banknotes. In fact, once the government began featuring images on money, it took five years for women to appear on any banknote. Arsinoe II, a Ptolemaic queen of Egypt, was the first woman to feature on any currency. In contrast, Elizabeth Fry was the first woman to feature on a British banknote.

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The first recorded use of paper currency

The first ever recorded use of paper money in China was during the 7th century AD. The currency was popularly known as ‘flying money’ since it was so light that it was easily blown in the wind. However, according to numismatists, the first paper money was Jiaozi, a promissory note. It appeared during the Song dynasty during the 11th century.

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Production of a cent or nickel costs more than their value

It costs more money to produce a cent or nickel than their actual worth. Producing one penny costs about 2.10 cents, whereas producing one nickel costs 8.52 cents. The production cost is higher due to the price of copper and nickel. The government usually takes the load of extra money spent during the production process.

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Around $40 trillion circulates globally

As per an estimation, about $40 trillion money is circulating across the world. This amount accounts only for the printed form of money like coins and notes. However, it is not very easy to track all money; thus, this figure might go closer to $85.4 trillion.

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The largest coin in the world

Perth Mint, owned by the Government of Western Australia, produced the largest coin in the world in 2012. The coin is recognized as the ‘1 Tonne Gold Kangaroo Coin’. It is made of 99.99% pure gold, weighs 1,000 kg, is 12 cm thick, and has a diameter of 80 cm. The coins are worth $992,849.80.

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The lowest-value coin in the world

The lowest-value coin in the world is Tiyin, a coin that belongs to Uzbekistan. 1 Tiyin values less than 1⁄9400 USD, and it takes nearly 2,000 to make 1 UK cent and 3,038 to make 1 UK penny. Although the coin is under legal use, it is often known as the ‘world’s most worthless coin.’