Some facts about money

Some facts about money

  1. Largest Banknote: The world’s largest single banknote is the 100,000-peso note created by the government of the Philippines in 1998. Designed to celebrate a century of independence from Spanish rule, the note was offered only to collectors, who could purchase one of the limited-edition notes for 180,000 pesos, or about $3,700
  2. World’s first ATM: It was a Scotsman who came up with the idea for the world’s first automatic cash machine. John Shepherd-Barron’s “eureka” moment was inspired by a machine dispensing chocolate bars and he later sold his concept to an executive at Britain’s Barclays Bank over a pink gin.
  3. Origins of $ sign: According to US Bureau of Engraving and Printing, the design, originally used to denote Spanish and Mexican pesos, ‘P S’, came to be written such that the S was on top of the the P. The symbol was widely used before the 1875 issue of the first US paper dollar. However, the symbol doesn’t appear on US currency at all!
  4. Life of Indian notes: The smaller the denomination, the more often you use it — and the shorter its lifespan. Hence a Rs 5 note, which circulate more than those of higher denomination, have a life of less than a year. A Rs 10 note lasts for about two years before it is ‘soiled’, while a Rs 100 bill stays around for about 3-4 years. The high-value Rs 500 and Rs 1,000 notes keep going for about 5-7 years.
  5. Most familiar face: Queen Elizabeth II’s portrait has graced the currencies of 33 different countries — more than that of any other individual. Canada was the first to use the British monarch’s image, in 1935, when it printed the 9-year-old Princess on its $20 notes. Over the years, 26 different portraits of Elizabeth have been used in the UK and its current and former colonies. While many countries update their currencies to reflect the Queen’s advancing age, others enjoy keeping her young.
  6. Dirty money: Apart from using for illegal trade, laundering and smuggling, money is dirtier than you think. A recent study by the Institute of Genomics and Integrative Biology (IGIB) in Delhi found that currency notes in India carries a whole bunch of genetic material from micro-organisms to bacteria, fungi and viruses. Paper money can reportedly transport a live flu virus for up to 17 days. With frequently changed hands and rollers in ATMs these notes become a fomite—an object that is capable of transferring an infectious agent from one individual to another.
  7. Z$100,000,000,000,000: To beat hyperinflation that hit a ridiculous level of 230,000,000 percent in 2009, Zimbabwe’s reserve bank issued a $100 trillion note ( 1 with 14 zeroes) in early January 2016. However, weeks later the government decided to back-burner the hugely devalued Zimbabwean dollar and began allowing people to do business in other currencies such as US dollar, South African rand, the British pound, Indian rupee, Japanese yen and Chinese yuan. According to their governor, the multiple currency system stabilized the economy, and inflation went down to 0%.
  8. First paper money: The first use of paper currency can be traced back to the year 806 AD in China where they were used as “flying currency” because of the usage of letters of credit transferred over large distances. The country used it for more than 500 years before the practice began to catch on in Europe in the 17th century. The Song dynasty was the first to issue real paper money in 1023 and the most famous Chinese issuer was Kublai Khan, a Mongol leader, in the 13th century.