20 Things You Didn’t Know About Money

By BankBazaar | March 11, 2018

There’s so much more to money than merely being something that lets you buy stuff.

Money is something we all keep running after, all the time. No matter how much we already have, we always want more! While it’s slightly justified to aim for more wealth, the thirst for more money also needs to be kept in check at the same time.

The only thing most of us know about money is– how to make more. There are some interesting facts that most of us are unaware of. Here are twenty of them:

Additional Reading: 5 Money Moves To Make When You Wish To Retire Early

  1. Creation of the first ever Credit Card

The first Credit Card was created because a man named Mc Namara forgot his wallet at home and didn’t have the cash to pay for dinner. That’s when he came up with the idea of creating a card that could replace cash and prevent the need to carry heavy wallets around all the time. 

  1. The history of banknotes

Like a lot of other great inventions, China created paper money, during the Tang and Song Dynasties in the 7th century. The whole idea to use a light and durable ‘promise to pay the bearer’ and was thought of during the Han Dynasty in 118 BC.

  1. Money is the key to happiness

According to a study, spending on experiences tends to make you happier. Since experiences stay with you for longer as compared to things you buy, thinking about your fun experiences makes you more content.

  1. Cost of a one rupee coin

According to RBI, once melted, the total value of the metal in a Re 1 coin that weighs 4.85 grams and has a diameter of 25mm will be just 70 paise.

  1. Temples as banks

Back in the day, when money was invented, temples acted as one of the sturdiest places to store money and capable enough of keeping most thieves away.

  1. The oldest bank in the history

Italy’s third largest commercial and retail bank, Banca Monte dei Paschi di Siena SPA (MPS), founded in 1472, is the oldest banking organization with surviving banking operations. 

  1. Banknotes are not made of paper

The Indian currency paper looks a lot like paper, but it’s actually made of cotton and cotton rag. It’s basically cloth, but look and feels like a piece of paper. RBI is looking to introduce banknotes made of polymer (a form of plastic).

  1. The most expensive thing ever built

The International Space Station is the most expensive thing that’s ever been built. The total cost of construction rounds up to around $160 billion dollars.

  1. Last words of Bob Marley

The last words of Bob Marley, the world famous Jamaican reggae singer, who died of malignant melanoma were “Money can’t buy life.” 

  1. The largest banknote

The world’s largest single currency note is the 100,000-peso note created by the government of the Philippines in 1998.  

  1. Circulating currencies of the world

According to Wikipedia, there are a total of 180 recognized currencies in the world.

  1. Fear of financial institutions

Like everything else out there, there’s a term for the fear of financial institutions as well. It’s called bancophobia. If you feel weirdly scared while entering a bank, you might be suffering from this phobia!

  1. Alternate names for ATMs

Even though ATMs are mostly called Automated Teller Machines, in Britain, they’re also known as ‘the hole in the wall’. Quite a creative name, isn’t it? 

  1. Piggy banks

The ‘piggy’ in a piggy bank doesn’t stand for a pig! In Old English, pygg means a type of clay that was used to make jars to store money. That’s how pygg became piggy over time. 

  1. Money as rat food

Drug Lord Pablo Escobar was so loaded with money that rats would eat approximately $1 billion of his money every year. 

  1. Drug money

In 2009, about 90 percent of U.S. paper currency contained traces of cocaine. That means that most of those notes have been rolled up and used to snort cocaine.

  1. Daily earnings of Mc Donald’s & Apple

One of our all-time favourite food chains, Mc Donald’s makes about US$75 million per day. While our favourite smartphone and gadget makers, Apple make a whopping US$300,000 per minute!

  1. It’s expensive to be a woman than being a man

Due to the concept of gendered pricing, women end up spending a lot more than men do on an annual basis. The female variant of most of the products is priced higher than their male counterparts. This includes clothes, fragrances, cosmetics and even razors. 

  1. Faces on US currency notes

The living Presidents of the United States of America cannot have their faces on the currency notes.

  1. Gambling money

Even if you combine the money movies, sports, theme parks, music and cruise ships make, gambling still happens to make more than all of them combined.

Additional Reading: 7 Must-Have Money Management Apps To Track Your Expenses

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Category: Money Management

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