Money Myths That Will Not Make You Rich
We have used money for a lot more than our fair share of things since the beginning of our lives. Money has been used for a variety of things over the years, from the extravagant to the unimportant. But one thing about money is certain: saving money is very challenging! Here are ten interesting facts about money that you can pull out of your pocket because it’s difficult to live on pennies. They might not break the bank exactly, but they can most definitely break the ice.
The original meaning of the phrase “pennies for your thoughts” on US coins is the exact opposite.
The proverb “pennies for your thoughts” is one that we have all heard. Being asked what we are thinking of is asked in a rather lighthearted manner. But the very first American coin ever produced was inscribed with something much more severe back in 1787. The Fugio Cent, a copper penny also called the Franklin Cent after its original creator Ben Franklin, had the phrase “Mind your business” imprinted on the coin. It is amusing to consider how it sounds now, even though it was originally claimed to be more of a literal financial instruction than a sarcastic warning.
Making a penny is more expensive than it is worth.
A nickel costs 7.53 cents to produce, compared to a penny’s 2.06 cents. It certainly gives “it takes money to make money” a new meaning.
More Monopoly money than actual US currency has been printed.
The company that created the well-known board game, Hasbro, has printed more Monopoly dollars than there are actual dollars in the US Federal Reserve. When compared to the Bureau of Engraving and Printing’s $974 million annual production, the toymakers’ $30 billion production of Monopoly money is pitiful.
The dangers of money are addressed in the Bible.
The expression “money is the root of all evil” is frequently used when referring to greed. This old proverb has gained so much traction that self-styled financial gurus have actively attempted to refute it. But since it came from the Bible, where it came from is really interesting. “For the love of money is the root of all evil,” reads 1 Timothy 6:10, “which some coveted after, erring from faith and piercing themselves through many sorrows.” You must admit that it is difficult to refute the Holy Scripture.
It’s considered unlucky to use a $2 bill.
Even though there are billions of these bills still in use today, they are still regarded as rare, and the $2 bill is said to bring bad luck due to its awkward denomination rather than superstition. Strangely, the federal government wanted to reduce the amount of bills circulated, so its printing was stopped in 1966 but resumed in 1976.
Money lives an incredibly brief life.
The money you have in your pocket right now has undoubtedly passed through many hands, but it is still relatively new! A bill’s lifespan varies according to its denomination and the transaction, with the majority of them not even reaching their twenties. According to the US Federal Reserve, the $1 bill only lasts 6.6 years, the $5 bill 4.7 years, the $10 bill 5.3 years, the $20 bill 7.8 years, the $50 bill 12.2 years, and the $100 bill is expected to last 22.9 years.
The substance of paper money is a lie.
Money is made of 75% cotton and 25% linen, as opposed to the majority of paper, which is made from wood pulp. Even today, people still use a needle and thread to fix torn bills from Benjamin Franklin’s time. That’s undoubtedly one way to extend the short lifespan of money!
Coin grooves serve a purpose.
Reeded edges, which are present on the majority of our coins, have a crucial function in thwarting fraud and counterfeiting. It prevents coin clipping, which is the practice of shaving off the coin’s rims and then selling the shavings for a profit, which is how it works with fraud involving coins made of precious metals like silver or other precious metals. Without the reeded edges, this is hardly noticeable and devalues the money.
Different security threads on bills glow.
A special security thread is woven into each bill. Each of the security threads can be seen under a UV light, and the way they glow varies depending on the denomination. This guards against copycat products.
Coins were scarce during the American Civil War, so postage stamps took their place.
One of the many effects of the American Civil War was the dearth of coins. Coins were still made of gold and silver in those days, making them much more valuable, which is why people tended to hoard them. Then, in response to this shortage, the government decided to permit debt repayment with postage stamps. Funny enough, however, this has also resulted in a stamp shortage.
Although it is widely believed that money is what drives society forward, there is more to money than just a neatly folded bill. Consider these facts and the background of banknotes the next time you pay for something at the store with your hard-earned money.
