I love money, you love money, in fact, you’d be pretty hard pressed to find someone who doesn’t. So in light of my more recent serious and controversial posts, I wanted to talk about something a little more fun this time around. I think money and finance is fun and interesting, but if you don’t, here are the ten most AMAZINGLY interesting finance-related facts that I bet you didn’t know…
The original two currencies of America was the Sterling Pound, and the Spanish Dollar. In fact, the first type of U.S. currency to ever be issued was a mere $2,000,000. It was issued in 1775 by the Continental Congress. Every new issue of this currency steadily devalued it against the Sterling Pound, and the Spanish Dollar.
Did you know that money has a short life span? On average a $1 bill lasts only 18 months, a $5 bill will last two years, and a $10 bill will last three years. This is why the U.S. Bureau of Engraving & Printing has to reprint $541 million worth of currency each year.
The largest numerical bill ever to circulate in the world was 1,000,000,000,000,000,000,000, and it was the Millard Hungarian Pengo, issued in 1946. At the time, it was only worth $.20 in the U.S.
The first ATM to ever exist was at Barclays Bank in London, in 1967. It was invented by John Shepherd-Barron while bathing in his tub, or so he claimed. Guess what else? That ATM didn’t charge a fee…
The U.S. “$” sign has long been in use to represent foreign currency prior to the the issue of the first U.S dollar in 1875. Not only that, but the “$” symbol never has, nor does it now, appear on any U.S. currency.
On September 30th, 1980 (just 12 days prior to when I was born, 10/11/1980) the U.S. national debt was $907 billion. Fast forward 30 years later, and the U.S. national debt is over 14 times larger. I’m scared for what the next 30 years might bring.
Disregard the overall national debt for a moment, and consider that the amount of debt the U.S. owes to China only equates to an average of $10,000 for every American family.
American’s currently owe about $875 billion in student loans, which is more than our country collectively owes in credit card debt. Shocking since the average college student spends less than 30 hours a week on academics overall…. remembering my college years, I would say 30 hours is quite the generous number.
Student loan debt is increasing at a rate of $2,853.88 per second…. this this might eventually outpace our national debt???
Currently, there is more steel created per hour than the amount of gold that has been dug up in our entire history. Steel jewelry anyone?