Money Trivia You Should Know About The US Dollar
All of us are doing our best, just to earn the Green Money, Green Bucks or in the most formal financial expression, the United States Dollar. This money trivia article about the US Dollar will let you discover a very powerful currency in the most surprising way. To our readers who are very much fascinated about the US dollar, here are some interesting bits of information that you can actually learn, use and be proud of knowing about the “In God We Trust” paper bills. Let us begin to feed our minds.
Different Money Trivia You Should Know About The US Dollar
In 1690, prior to the onset and ending of the American Revolution, the Americans had used these currencies: Spanish, French and English notes. In addition, the Massachusetts Bay Colony had circulated the first US paper money in different colonies that will later compose the United States of America. Most importantly, the United States Congress had the dollar as their national unit of currency. Along this line, the first American Bank in the history of the “Star Spangled Banner” was the Bank of North America in Philadelphia. Incidentally, it was dubbed as the country’s “first real bank”.
In the year 1789, Congress had authorized the First Bank of the United States to release the paper bank notes so as to eradicate confusion; and make the trade system much easier for the Americans. In the succeeding paragraphs, you will have the chance to be more knowledgeable about this currency which had been instrumental in bringing back the “lost glory” of a nation’s economy. Here are some of the other hidden secrets of the US dollar.
Do you know that?
- In 1862, the first sets of US dollars were printed by the United States Department of Treasury, to cover up the supply shortage of coins in the country. Also, the the said currency was employed to boost the Civil War. As far as the shortage of coins was concerned, this happened when some people had started to heap them. In effect, the values of some items had devalued so swiftly
- The first set of paper notes, were printed in the following denominations: 5 cents, 1 cent, 50 cents and 25 cents
- The Bureau of Printing and Engraving makes 38 million notes each day. It has a face value of an estimated amount of $541 million. However, this does not mean to indicate that there are $541 million more money circulating as of the present time, than in the previous years. Based on this money trivia, there are 95% of the notes being printed every year which is meant to substitute the notes, that are already in the process of monetary circulation.
- US Coins are made of copper, nickel and zinc. Moreover, the paper that is being used in the US dollar is composed of the following stuff: limen 25%, cotton 75%, Likewise, the money trivia had revealed that synthetic fibers of colors red and and blue have different lengths. Thus, they are equally distributed on the paper. But, before the outbreak of World War I silk is the predominant material being used in the US dollar
- Martha Washington was the first and only female gender whose image had appeared in a US currency. The said silhouette was reflected on the face of the $1 Silver Certificate, of 1886 and 1891. In addition, it reappeared at the rear portion of the $1 Silver Certificate of 1896
- In 1862, the term “greenbacks” was coined, as a result of the replacement of the Demand Notes, by the Notes of the United States. Most importantly, it was called as such, due to its green-colored tint to avoid the incidence of photographic counterfeiting. On the other hand, the Secretary of the Treasury was designated by the US Congress to have the United States notes to be embedded and printed as well, by privately-owned bank note firms. Then, the said bank notes were signed and appended with six seals which cannot be replicated, in any way
- The year 1863, paved the way for the incorporation of a Treasury Seal
- 1957 – The religious statement, “In God We Trust” was formally used in a US paper note. As the years passed, it was already used in all United States currencies
Now, that you have gained familiarity with the United States currency, isn’t it fun and exciting to also discover your own bank note?