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20 Surprising Facts About Money

      There are 168 different currencies in the world and billions of dollars worth of new banknotes are printed every day globally here's some of the most amazing facts about money before coins were invented in 1500 BC people used to trade in all kinds of strange commodities such as gold rice fish Bali salt tea leaves cows blood and even bat guano in America the word book to mean money comes from the days when people used to trade various animal skins including books skins as currency the art of producing money is precise and complex each coin has to be exactly the same as the next so that people accept that they are worth the same amount of money traditionally coins were made by either striking metal between two engraved dyes or by casting them in moles however in the 18th century coins were made by new steam-powered machinery which greatly increased the number of coins that could be produced in a day the production of banknotes however is a bit more complicated originally banknotes were black and white but now almost all of them are brightly coloured and feature highly complex designs which makes them harder to counterfeit but also instantly recognizable as a national currency in 1923 hyperinflation caused German currency to lose almost all of its value it became so worthless that people gave it to children to play with or even used it as wallpaper India has a banknote of zero value they look exactly the same as of a banknote but are worth exactly zero Pease you might ask what's the point well corruption in India is widespread and the major concern made government officials in India require monetary bribes for all sorts of permits and services the zero rupee banknotes serves an important purpose it is given to officials who request bribes as a statement of peaceful non-cooperation each zero rupee note bears a declaration that states I promise to neither accept nor give a bribe its sole purpose is to make a statement ironically this makes the zero rupee banknotes both valuable and worth absolutely nothing at the same time in most countries and currencies 1 pence pieces cost more money to make than they are actually worth the US Treasury spends 2.41 cells to mint each penny making a huge loss because of this to Canadian government stopped producing pennies altogether in 2013 the world's largest counterfeiter of US currency is North Korea they produce high-quality fakes that the American Secret Service has nicknamed super dollars because they so closely resemble genuine notes the production of banknotes requires 0 trees no paper is used at all all paper currency is made from a custom blend of cotton and linen usually around 25% cotton and 75% linen 90% of US bank notes contain traces of cocaine queen elizabeth ii is the queen of currency her portrait has graced the currencies of 33 different countries more than any other individual in head stewey Canada was the first country to use the British monarchs portrait on their banknotes in 1935 when it printers the at the time nine-year-old princess on its twenty dollar notes more monopoly money is printed every year than real money if you have just $10 in your pocket and no debts you are wealthier than 25% of Americans a check is only an instruction to a bank it's therefore can be written on absolutely anything and as long as it has all the necessary components it will be honored by the bank cheques have been written on doors stone slabs bananas and even cows banknotes are pretty gross a study showed that 14% of banknotes contain fecal matter and 94% contain pathogens viruses and bacteria can live on most surfaces for about 48 hours but they can live on paper money for up to 14 days Icelanders pay for things using credit and debit cards more than any other country in the world 70% of all business in Iceland is done with plastic compared to 39% in North America Australia makes his banknotes from polymer which is a type of synthetic plastic they last for 2.5 times longer than traditional cotton and linen banknotes and are surprisingly more eco-friendly they are also harder to counterfeit the UK will also be switching to plastic banknotes in 2016 some coins have grooved ridges around their edges they serve little purpose today but they were originally added in the days when coins were made from precious metals such as silver and gold people used to scrape the edges of the coins before spending them then sell the precious metals they scraped off the grooved ridges were added to stop people doing this a vast majority of the money in the world is not physical money it is simply numbers in the computers of banks money which cannot be backed by a physical commodity such as gold is called fiat money fiat money includes digital funds paper banknotes and coins these kinds of money are only valuable simply because a government declares it as an official currency however over non government backed fiat money can become valuable just because there's a high demand for it such as the emerging Bitcoin currency which has no centralized control body the only thing that makes Bitcoin and other cryptocurrencies valuable is the simple fact that lots of people desire it and want it unfine aliy if all the gold in the world were melted down into a single square block it would only be 21 meters on each side.
Thank you for reading.


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