From the very beginning of civilization, when someone needed something, there was a certain exchange. Initially, cattle, wheat, textiles were used for exchange, but over time, gold coins made by hand appeared. Over the past three hundred years, money has changed a lot: before, people used almost exclusively only coins, and now everyone has plastic cards. This transformation has affected all countries in the world. The United States is no exception. American "bucks" are part of the largest economic system, so there are a lot of interesting facts connected with this currency. Here are fifteen of them.
The Constitution specifies only the use of coins
The Constitution of the United States is one of the most important political documents in history, as it sets out everything that a person needs to live a life free from tyranny and oppression. Over the centuries of its existence, the American currency has undergone many changes. The Constitution was also amended, but on other topics, but the part about money remained unchanged. At the time of writing, coins were considered the best choice because money could be easily counterfeited, which is dangerous for the economy. However, as it turned out, people also forged coins, so over time, money began to change to paper.
Banks have been printing dollars for a while
A bank is a financial institution that has two main functions: accepting deposits from the public and providing loans. Because banks are critical to a country's economic stability, they are run by the state. In the United States, banks are as important as anywhere else, so much so that they even printed paper money at one time. After the Civil War, the situation changed and the government decided to control the amount of money issued, so banks were prohibited from printing new ones.
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Many types of banknotes
Every country in the world uses its own currency, and the United States is no exception. There are several denominations of bills, since 1946 there are seven of them: a dollar, two, five, ten, twenty, fifty and one hundred. There were other denominations in history. There used to be five hundred dollar bills printed with President McKinley, a thousand dollars with President Cleveland, and five thousand with President Madison. All of these banknotes were in use for no more than sixty years.
Once upon a time, foreign coins were also in use
When you travel to another country, you need to exchange money for the currency used in that country in order to pay without problems. It is impossible to use foreign currency in many countries. It is also prohibited in the States, but once the coins of other countries were accepted! This was the case until 1857, after which a ban appeared. It was canceled for a while, because the country did not have enough metal to produce the required number of coins, so Spanish dollars were quite legally used.
The most valuable banknote in history
Everyone knows that the likelihood of being robbed increases depending on the presence of paper money in your wallet according to the thief. That is why restrictions on the maximum denomination have been introduced in the United States, and now there is no money larger than a hundred dollars. This is a fairly large amount, but it is difficult to compare it with the ten thousand bill that was once issued in the States. The note bore a portrait of Chase, an employee of the National Monetary Fund. In the middle of the twentieth century, such banknotes were canceled.
Two dollar bill
If an item is considered unique or limited in quantity, its value immediately increases. Sometimes this even happens with relatively cheap items, like the two dollar bill. Such money is still in circulation, there are even two versions of the bill, one of which was printed from 1862 to 1966, and the other after 1976. There are about a million such bills. When someone receives such a bill, he immediately thinks that it is a very rare value and that it costs much more than two dollars.
Many attempts to give up a penny
There are many things that could have been abandoned long ago, because there is a more convenient replacement. That is why no one uses videotapes now. Money is also more often used from a card, so physical money becomes obsolete, especially with regard to trifles. The penny has been in production since 1793 and features President Lincoln. Surprisingly, the production of a penny costs more than the face value of a coin. Australia, Finland, Sweden and Canada have already refused small coins, while in the USA there have been attempts, but each time unsuccessful. One way or another, sooner or later even Americans will give up coins.
Counterfeiting used to be punishable by death
Since the appearance of money, there have been those who counterfeit it in order not to pay. In the digital world, it is more difficult to counterfeit money, but paper money is still in use, so they are often tried to counterfeit. If a person was caught doing this, he would have to pay a fine and stay in prison for up to twenty years, but before the punishment was much more severe. In Franklin's time, counterfeiting dollars was punishable by death!
American presidents were on Confederate money
The United States is a relatively young state, although it has survived many wars. The worst was the Civil War, which lasted from 1861 to 1865 and arose due to the abolition of slavery. The southern states tried to unite and separate. They were called the Confederation. The new state printed its own money. However, the history of the States was respected by the Confederates, so the presidents were all the same - George Washington was on fifty and one hundred dollars.
The largest denomination in the history of the world
There are already several items on this list for the large denominations of notes issued in the United States. One of them stands out from the others. In 1934, the States issued a one hundred thousand dollar gold certificate. It had a picture of Woodrow Wilson, and the certificate could only be used for a transaction between a bank and the Federal Reserve. This certificate was never used, as it was banned the next month.
Lifetime of money
Everything is affected by time, and money is no exception. They have their own lifespan, which depends on the production time and value. A ten dollar bill lasts a little less than four years, a dollar almost five, and a hundred dollars can last almost twenty years, after which it turns into an overly worn piece of paper.
Lack of living presidents on money
Having gained independence from the British Empire, the Americans decided to emphasize that the country will never again be a monarchy. In many countries, there are portraits on banknotes, and in the States, but in most states, money depicts a monarch who is in power. For the sake of distinction, the Americans decided to prohibit portraying people who were still living at the time of issuance of banknotes. This law was passed after the Revolution.
There was already a woman on the banknotes
All banknotes depict an important historical figure, usually a man. But women also played an important role in history. That is why it was recently decided that the new twenty-dollar bills will feature Harriet Tubman, a Civil War heroine. This is not a breakthrough for women - the portrait of a woman was already on dollars, it was Martha Washington, wife of George Washington.
Secret services work
The President of the United States is a very influential person, it is not surprising that attempts are made to attack him. Therefore, he is accompanied everywhere by secret service officers. Surprisingly, these employees used to belong to a branch of the Department of Finance.
There's cocaine on the money
Drugs have been a major problem for many years, and the trade in them brings in millions. Cocaine sales are huge. Many people inhale the powder with a rolled-up bill. This is such a common situation that traces of cocaine are on ninety percent of banknotes.
Marina Ilyushenko