Fast Facts On: “Money”
Money always gets a bad rep. You’ve heard the sayings, “more money, more problems”, “cheddar breeds jealousy“, lol. Maybe I’ve been listening to too much Biggie lately, but money is accused of being ”the root of all evil”. Looking at the glass half full , I prefer to look at money as a global communicator. Think about the last time you traveled to place where the native language wasn’t English. Think about how $$ always just seems to make things happen, lol. People just know, money is business. So today in honor of those green paper notes we carry around, we have 10 fast facts about money:
- The U.S. Department of the Treasury first issued paper currency of the United States in 1862 as a result of a shortage of coins and the need to finance the Civil War.
- The Bureau of Engraving and Printing produces 38 million notes a day with a face value of approximately $541 million.
- Currency paper is composed of 25% linen and 75% cotton. Red and blue synthetic fibers of various lengths are distributed evenly throughout the paper. Prior to World War I the fibers were made of silk.
- 95% of the notes printed each year are used to replace notes already in circulation. 48% of the notes printed are $1 notes. Have you ever wondered how many times you could fold a piece of currency before it would tear? About 4,000 double folds (first forward and then backwards) are required before a note will tear.
- The following information regarding the average life of a Federal Reserve Note was provided by the Federal Reserve System – please note that the life of a note depends on its denomination:
- $ 1 ……………18 months
- $ 5 ……………. 2 Years
- $ 10……………. 3 Years
- $ 20 ………….. 4 Years
- $ 50 …………… 9 Years
- $100 ……………9 Years
- The largest note ever printed by the Bureau of Engraving and Printing was the $100,000 Gold Certificate, Series 1934. These notes were printed from December 18, 1934 through January 9, 1935 and were issued by the Treasurer of the United States to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury. These notes were used for transactions between FRBs and were not circulated among the general public.
- The 100 dollar note has been the largest denomination of currency in circulation since 1969.
- The legend, “In God We Trust,” became a part of the design of United States currency in 1957 and has appeared on all currency since 1963.
- Martha Washington is the only woman whose portrait has appeared on a U.S. currency note. It appeared on the face of the $1 Silver Certificate of 1886 and 1891, and the back of the $1 Silver Certificate of 1896.
- The hands of the clock in the steeple of Independence Hall on the reverse of the $100 Federal Reserve Note are set at approximately 4:10.
Oh and “ if you had 10 billion $1 notes and spent one every second of every day, it would require 317 years for you to go broke.”
Happy “Taking 317 years to be broke” Ladies!! xx
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