Our society has become somewhat obsessed with finance, even though there is a lot of facts very few people seem to be aware of. Money and finance remain mind-boggling concepts, and in this article we will go over some facts that might surprise you.
#6 Banks Were Able To Create Their Own Money In The US
With so many competing banks in existence today, it seems somewhat unusual one country’s financial institutions all deal with the same currency. That is due to the formation of the Federal Reserve, which declared the US Dollar is the only legitimate national currency in the US. Up until 1908, all US banks were able to print their own money if they would choose to do so. Perhaps it is well that situation has changed, although we will never know how the world of today would look if the Fed hadn’t been created.
#5 Zimbabwe’s Inflation Is Very Scary
In the modern era, inflation in Zimbabwe is incredibly high. Looking at the bigger picture. However, the inflation rate becomes virtually is impossible to comprehend. In November of 2008, Zimbabwe’s inflation had increased by 6.5 sextillion percent. That is a number containing a total of 20 zeroes, to give you an idea of what magnitude we are talking about.
#4 Why Are Dollar Bills Green?
Most countries around the world have banknotes in different colors to indicate their denomination. In the United States, however, things are very different, as all of the bills are green. The reason for this is simple: green is the one color most resistant to discoloration and fading. Quite an intriguing development to think about.
#3 Printed Monopoly Money Outweighed US Cash Production In 2013
It is not often one finds out that central banks are not the ones printing the highest amount of money in circulation. Monopoly, the popular board game, sees nearly US$50bn of its currency printed every year. In 2013, the Bureau of Engraving and Printing printed a total of US$1, 3bn. Although these things have somewhat shifted in recent years, Monopoly money is far more common than actual cash. Some Bitcoin enthusiasts would speculate both types of currency have the same value, which is zero.
#2 The Milliard Hungarian Pengo
This is not the name of a new evil villain in an upcoming superhero movie. The Milliard Hungarian Pengo was issued in 1946, and holds the title of “largest numerical bill ever circulated”. With a face value of 1,000,000,000,000,000,000,000, it seems impossible to print that many zeroes on one bill. Another fun fact is considering how the Milliard Hungarian Pengo below as only worth US$0. 20 in 1946.
#1 There Is No Dollar Sign On US Currency
A fun fact about the $ is how it was used to represent foreign currency before the issuance of the first US Dollar back in 1875. Interestingly enough, no single US Dollar bill or coin features the dollar sign. Quite an unusual development, considering the US Dollar has been around for over 140 years now.
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