Thursday, May 12 2022

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We spend so much time worrying about money, where it comes from, how much things cost and if we can afford the things we need, let alone what we want, we don’t always stop to consider that money is, by nature, interesting. For National Trivia Day, we’ve taken a closer look at the financial facts that might have you gasping, laughing and shaking your head.

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Once upon a time there was a $10,000 bill

If you thought a $100 bill was impressive, imagine pulling out a $10,000 bill when shopping. In fact, you probably wouldn’t withdraw that much money at all, but deposit it as quickly as possible into a bank account. Although the Federal Reserve stopped printing these notes (along with the $500, $1,000 and $5,000 notes) in 1945, they remained in circulation until 1969, said Scott Alan Turner, CFP, financial planner and consumer advocate at Rock Star Financial. Finding one today would indeed be rare.

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The penny of a million dollars

When is a penny worth more than a penny? Well, it actually costs about 1.7 cents to make a penny, according to the United States Mint, so they’re not really worth the effort to make. Additionally, according to Turner, “The most valuable penny ever sold was $1.7 million. Its value was due to a printing error that occurred in 1943.”

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Salt was once a form of currency

That salt shaker on your table isn’t worth much now, but ancient cultures used salt as a form of money, said Asher Rogovy, CIO of Magifina and an SEC-registered investment adviser. “At the time, salt was highly valued for its ability to preserve food. Salt also has the essential characteristic of being easy to split. Etymologists associate the word “salary” with the European root words for salt, such as “sal” or “salt”. The history of salt as currency is also believed to have led to the phrase “worth its salt”.

There’s no paper in your money

According to Matt Campbell, chief financial officer at Budgetable and a Certified Financial Planner, verified by the United States Bureau of Printing and Engraving. “Paper money is not paper, it is 75% cotton and 25% linen.” The feel of “paper” dollars is so unique that well-trained people can spot a counterfeit note simply by the feel of it, according to How Stuff Works.

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The secret trick of counterfeiters

Campbell also pointed out that one of the ways counterfeiters trick law enforcement is to make their counterfeit notes a little less than perfect, because “too perfect” notes are often a giveaway. However, the US Treasury has made US currency difficult to counterfeit, with a number of special features that require sophisticated technology to replicate, including color-changing ink, security thread woven into the note, special watermark and a microprint so small it requires a magnifying glass. aim to see it.

What the Secret Service has to do with money

Most people associate the Secret Service with protecting the President of the United States, but they were actually created to fight counterfeiting, said Mathias Ahlgren, founder and owner of Website evaluation.

“According to the United States Secret Service, one-third to one-half of all money circulating in the United States [after World War I] was a counterfeit. It was not until 1901, after the assassination of President William McKinley, that the Secret Service also began to protect the President of the United States.

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Don’t throw away your damaged dollars

Damaged money can still be worth something, according to Ernests Embutnieks, CEO and Founder of perfectgift4.

“Don’t discard damaged species just because they have been significantly damaged. The Engraving and Printing Department may be able to redeem it for its full value.

To do so, all security features must be intact in order to be eligible for a full ticket refund, he said. “If you have less than half the ticket but can show how it was damaged and how the missing pieces were destroyed, you may be eligible.”

Depression-era motto

“During the depths of the Great Depression, many cities and counties began issuing their own currency, known as scrip, to compensate for the lack of available dollars and keep their local economies running,” said Carter Seuthe, CEO of Credit Summit Payday Loan Consolidation. This certificate was usually printed on cheap paper, but some localities used pieces of metal, wooden coins or even shells for this purpose.

Pennies in your garden deter pests

Pennies, perhaps the most useless form of currency, can be most useful as a natural pest deterrent in your garden. According to Adam Ng, CEO and Founder of Of confidence, “Buried pennies in a garden will repel slugs, which receive electric shocks from touching copper and zinc.” HGTV has a tutorial for making a “penny ball”.

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About the Author

Jordan Rosenfeld is a freelance writer and author of nine books. She holds a BA from Sonoma State University and an MFA from Bennington College. His articles and essays on finance and other topics have appeared in a wide range of publications and clients including The Atlantic, The Billfold, Good Magazine, GoBanking Rates, Daily Worth, Quartz, Medical Economics, The New York Times , Ozy, Paypal, The Washington Post and for many commercial customers. As someone who had to learn a lot of her money lessons the hard way, she enjoys writing about personal finance to empower and educate people on how to make the most of what they have and how to live. a better quality of life.

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