Fun Facts About Money

THE BUCK STOPS HERE…BUT WHY IS A DOLLAR CALLED A BUCK? Before the days of paper money, Americans traded animal skins, including deer and elk bucks, for goods and services. Hence the word "buck" to describe money…and here are a few other fun facts about money.

During the Civil War, the Bureau of Engraving and Printing was first called upon to print paper notes in denominations of 3 cents, 5 cents, 10 cents, 25 cents and 50 cents. The reason for this is that people hoarded coins for their intrinsic metal value, which created a drastic shortage. These first bills, called greenbacks, were used to pay Civil War soldiers.


Martha Washington is the only woman whose portrait has appeared on a US currency note, appearing on the face of the $1 Silver Certificate of 1886 and 1891, and the back of the $1 Silver Certificate of 1896. There have not been any women featured on US paper currency in the entire 20th century.


Why are US notes green? No one is really sure. However, in 1929, when the Bureau of Engraving and Printing began making smaller size currency, green was continued because pigment of that color was readily available in large quantities. The color is relatively high in its resistance to chemical and physical changes, and green has now been psychologically identified with the strong and stable credit of the US government.


The origin of the dollar sign — $ — has various explanations. The most widely accepted is that it is the result of the evolution of the Mexican or Spanish "PS" symbol for pesos. This theory, derived from a study of old manuscripts, explains that the S gradually came to be written over the P, developing a close equivalent to the $ mark. It was widely used even before the adoption of the United States Dollar in 1785.


Contrary to popular belief, the automobile pictured on the back of the $10 note is not a Model T Ford. It is simply a drawing by the person who designed the bill.


The United States Secret Service was originally formed in 1865 to combat counterfeit money. At that time, as much as one-third of all the money in the United States was estimated to be counterfeit. Currently, about $250,000 in counterfeit money still appears each day!


Did you know that a quarter has 119 grooves around the edge, and a dime has 118? And do you know the purpose of the ridges on the edges of coins? Without ridges, it is possible to scrape metal off coins without it being obvious. In the days when coins were made of silver or gold, a person could have made a good, but illegal, living from shaving coins and selling the precious metal.


How long does money last? The Federal Reserve System lists that a $1 bill lasts about 22 months; $5 bills for 2 years; $10 bills for 3 years; $20 bills for 4 years…while $50 and $100’s enjoy a relatively long life of 9 years. Coins, on the other hand, generally stay in circulation around 30 years.

 

[ Back To Mortgage Information ]