It’s National Trivia Day: How Well Do You Know Your Money?
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We spend so much time worrying about money, where it comes from, how much things cost, and whether we can afford the things we need, let alone want, we don’t always stop to think that it is. money is by nature interesting. For National Trivia Day, we took a closer look at the financial facts that might make you gasp, laugh, and shake your head.
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Once upon a time there was a $ 10,000 bill
If you thought a $ 100 bill was awesome, imagine pulling out a $ 10,000 bill when shopping. In fact, you probably wouldn’t withdraw that much money, only depositing it into a bank account as quickly as possible. Although the Federal Reserve stopped printing these banknotes (along with the $ 500, $ 1,000 and $ 5,000 banknotes) in 1945, they remained in circulation until 1969, said Scott Alan Turner, CFP, Rock Star Financial Financial Planner and Consumer Advocate. Finding one today would indeed be rare.
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The million dollar penny
When is a penny worth more than a penny? Well, according to the US Mint, it actually costs around 1.7 cents to make a dime, so they’re not really worth making them. Further, according to Turner, âThe most valuable penny ever sold was $ 1.7 million. Its value was due to a printing error that occurred in 1943.
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Salt was once a form of currency
That salt shaker on your table isn’t worth much now, but ancient cultures used salt as a form of money, said Asher Rogovy, CIO of Magnifina and an investment advisor registered with the SEC. âAt the time, salt was highly regarded for its ability to preserve food. Salt also has the crucial characteristic of being easy to divide. Etymologists relate the word “salary” to the European root words for salt, such as “sal” or “salt”. It is also believed that the history of salt as a currency led to the phrase “worth your salt”.
There is no paper in your money
According to Matt Campbell, Budgetable’s CFO and Certified Financial Planner, your “paper” dollar bills aren’t actually made from the same tree-based cellulose that most papers are made from, and verified. by the US Bureau of Printing and Engraving. “Paper money is not paper, it is 75% cotton and 25% linen.” The feel of the “paper” from which dollars are made is so unique that well-trained people can detect a counterfeit bill simply by how it feels, according to How Stuff Works.
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Secret trick of counterfeiters
Campbell also pointed out that one way for counterfeiters to deceive law enforcement is to make their counterfeit bills a little less than perfect, because âtoo perfectâ bills are often a giveaway. However, the US Treasury has made US currency difficult to counterfeit, with a number of special features that require sophisticated technology to reproduce, including color-changing ink, security thread woven into the note, special watermark. and a microprint so small that it requires a magnifying lens to view it.
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What the Secret Service has to do with money
Most people associate the Secret Service with protecting the President of the United States, but it was actually created first to fight counterfeiting, said Mathias Ahlgren, founder and owner of Website Rating.
âAccording to the United States Secret Service, one third to one half of all money circulating in the United States [after World War I] was a forgery. It wasn’t until 1901, after the assassination of President William McKinley, that the Secret Service also began to protect the President of the United States.
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Don’t throw away your damaged dollars
Damaged money can always be worth something, according to Ernests Embutnieks, CEO and founder of perfectgift4.
âDon’t throw away damaged cash just because it’s been badly damaged. The Department of Engraving and Printing may be able to buy it back at fair value.
To do this, all security features must be intact in order to be eligible for a full refund of a ticket, he said. âIf you have less than half the ticket but can show how it was damaged and how the missing pieces were destroyed, you may be eligible. “
Currency of the depression era
âIn the depths of the Great Depression, many cities and counties began issuing their own currency, known as the scrip, to make up for the lack of available dollars and maintain their local economies,â said Carter Seuthe, CEO of Credit Summit Payday Loan. Consolidation. This script was usually printed on inexpensive paper, but some localities used pieces of metal, wooden coins, or even seashells for this purpose.
Pennies in your garden deter pests
Pennies, perhaps the most unnecessary form of currency, can be more useful as a natural pest deterrent in your garden. According to Adam Ng, CEO and Founder of Trusted, âPennies buried in a garden will repel slugs, which are electrically shocked by touching copper and zinc. “HGTV offers a tutorial for making a” penny ball “.
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