Facts About Money

Cash has a long history. Since people did not want to carry around other mediums of transactional value, cash was invented to remove the need to barter with increased convenience. Every country has pretty much adopted cash as their main form of transfer and it is valid since it is backed by the government of that country. Here are some random facts about cash:

One fact about cash is that the largest banknote ever created was in the Philippines. A 100,000 peso note was created to celebrate independence, and it has since become a very limited cash note. 100,000 pesos is about $3,000 dollars and it can be purchased for about $3,700 in 2019.

The 100,000 peso note was only the largest note created, but the most valuable note issued by a bank was a £1,000,000 not issued by the bank of England. It was meant for government use only, but some escaped into private hands and one surviving note fetched around $100,000 at an auction recently.

The first ATM was known to be an invention of the British bank Barclays, but it was supposedly thought of by an inventor, John Barron. It was supposed to be a way to withdraw cash without the bank having to be open, but at the time, plastic cards were not developed and the only way to withdraw cash was through an imprinted paper you need to get from an open bank.

Did you know bills wear out and are taken out of use? Since $1 bills are used the most often, they usually only last around twenty months, whereas a $100 bill can last around seven years.