10 Interesting Money Facts
Money Facts present the information about the tool that we use to pay various services and goods in the daily life. Even though money is a common item that we see every day, many people do not know about the history of money. Get the detail facts about money by reading the whole post below:
Money Facts 1: the first money
The first money in United States was in the form of a coin. Since 1792, the US people have been making money.
Money Facts 2: the early coin
The early coins in US were more valuable compared to the present coins. They had the actual value because they were produced from precious metals.
Money Facts 3: the paper money
The paper money in US was introduced by the Department of Treasury during the civil war in 1862. You are wrong if you think that it is made from paper. The early paper money was made from cotton. Learn more on civil war facts here.
Money Facts 4: the coin shortage
The US government created the paper money to decrease the fluctuation of money as an impact of the civil war. They did it to collect the precious metal in the coins to cover the fluctuations.
Money Facts 5: function of money
The function of money is pay for the services and goods. You can also use it to store and measure value.
Money Facts 6: form of money
Money can come in various forms. You can have it in the form of bank balances, banknotes and coins.
Money Facts 7: currency
Each country has their own currency. But some of them have a shared currency. The example of the shared currency can be seen in European Union where France, Spain, and Germany use euro as their shared currency. One European country which does use the shared currency of Euro is Britain. It still uses Pound sterling.
Money Facts 8: United States dollar
United States dollar is the most popular currency in the world. Every day, many people trade dollars. Others include pound sterling, Japanese yen and euro.
Money Facts 9: barter
Before money was invented, people used grain, live stocks, cattle and goods to exchange with goods or services. The barter era was occurred 10,000 years ago.
Money Facts 10: the first coin and paper money
The first paper money was invented in China around 1000 years ago. It was 2500 years ago that the first coins were minted.
Actually coins are more beneficial than paper money. They are long lasting and durable. Do you want to give opinion on facts about money?