Published by: Carolyn Smith, Executive Assistant
As a woman I can say that I love money – so much so that shopping is one of my favorite things to do. But shopping would not be shopping without money, so therefore, I can say that I truly love money. In fact, I do not think that we would be able to survive without it – even if you do not like to shop. Money is necessary when taking care of everyday living expenses. We live in a society where money is at the center of it all. There are costs associated with mortgages and rents, transportation costs whether you own your own car or perhaps take the bus or Uber or Lift. We need money for food, vacations, you name it – we need money to survive.
You can be the most frugal person in America – money is still necessary. It’s just the way that it is, we cannot live without it. Have you ever thought about where money comes from or what even happens to it prior to us spending it?
With that said, I hope that you will enjoy some interesting facts about money.
- More money is generated through gambling than movies, cruise ships, theme parks and recorded music combined.
- One million $1 bills weigh 2,200 pounds. You probably wouldn’t want to try to put them in your wallet.
- The Federal Reserve is missing 2/3 of the $100 bills they printed. They counted all of the $100 bills there are in banks, cash register, etc. and found that close to 2/3 of the $100 bills are unaccounted for. In other words, they are most likely overseas.
- The typical lifespan of a $1 bill is just 18 months. While the lifespan of a $100 bill is close to 9 years.
- Here is the breakdown:
- $1 bill – 18 months
- $5 bill – 2 years
- $10 bill – 3 years
- $20 bill – 4 years
- $50 bill – 9 years
- $100 bill – 9 years
- Coins – 30 years
- You can make your worn-out money crisp again. It takes about 4,000 double folds (first forward and then backward) before a bill will tear. You can restore the life of your bill somewhat by ironing it.
- Germans used money as wallpaper. After World War I, hyperinflation wreaked havoc on the German currency, causing it to lose almost all its value. As a result, people would give money to kids to play with, and many people used it as wallpaper.
- Only 8% of the world’s currency is actual physical money. No, the rest isn’t Bitcoin. Most transactions are all done digitally so not physical currency exchanges hands. Think about how often you pay for things with your credit card or debit card, or online using PayPal. Therefore only 8% of currency is physical money.
- All 50 states are listed across the top of the Lincoln Memorial on the back of a $5 bill. In order to read them, you are going to need a magnifying glass.
- Pennies in your garden deter pests. Pennies buried in a garden will repel slugs, which get electric shocks from touching copper and zinc.
- A penny costs more to manufacture than it is worth. It costs the government roughly 2.4 cents to make a single penny. No wonder we’re in debt!
- If you laid out a mile of pennies it would total $844.80, using this standard, the U.S. is roughly $2.5 billion in pennies wide from coast to coast.
- Ever wonder why there are grooves around the edges of quarters or dimes? There are 119 grooves around the edges of quarters while a dime has 118. The grooves are there to make it harder for people to scrape metal off. There was a time when coins were made from silver and gold. People could make a nice illegal living by shaving coins and then selling the precious metals.
- If you have in your pocket or wallet three quarters, four dimes and four pennies, you have $1.19. That is the most money you can have in coins without being able to make change for a dollar.
- The lottery kills you. Sticking with he lottery, a person who drives 10 miles to buy a lottery ticket is 3 times more likely to die in a car accident while driving to buy the ticket than they are in winning the lottery. Just another reason why you are better off saving and investing your money instead.
At the end of the day, money gives all of us options in life. Money can open many doors for us all. Knowing just a few of the fun facts listed above can help you start a conversation with family and friends – you may even impress them with what you know.
(Source: Reader’s Digest, The U.S. National Archives, via Money Smart Guides)