By Nikki Phipps
Most of us think we know all there is to know in relation to money. However, more often than not, this isn’t the case. For instance, do you know whose signature appears on all U.S. currency? If you guessed the President, you’re wrong. The correct answer is the Secretary of Treasury. Did you know that the date on U.S. currency symbolizes the change in design of the bill? Don’t worry; I didn’t get that one at first either. No matter what you think you know about money, you might be surprised to learn is wrong. However, you don’t need to be a collector or an expert in the field to learn about these interesting facts. All you need to do is some simple research, for fun of course.
Were you aware that Andrew Johnson has never had his face portrayed on any U.S. currency or that Woodrow Wilson’s portrait once graced the $100,000 bill, which was the highest denomination U.S. banknote ever issued that is no longer produced? In fact, there are currently only seven denominations of U.S. currency in circulation, $1, $2, $5, $10, $20, $50, and $100. Oddly enough, three cents was once the lowest denomination of U.S. paper money ever used during the Civil War period. Why? For one reason or another, people used to hoard coins; therefore, the Bureau of Engraving and Printing starting producing fractional currency in 1862 to deal with the shortage of coins in circulation. The ink and paper used to print money today, is said to be the same as that used to print money during the Civil War. Of course, if this were true, what’s up with all the counterfeiting today? To stop counterfeiting long ago, U.S. Secret Service was established. Looks like they might need some backup.
Are you aware that only one, yes one, woman has ever appeared on U.S. paper money? Martha Washington is the only woman whose portrait has ever appeared on a U.S. currency note. Her portrait was on the face of the $1 silver certificate issues of 1886 and 1891 and on the back of the $1 silver certificate of 1896. There have not been any women featured on U.S. paper currency in the entire 20th century. However, according to recent news, this is supposedly going to change. Not only is the Secretary of Treasury the one signing the currency, but this individual is also responsible for making the final decision regarding who appears on the bills. I guess we’ll have to wait and see if the decision for women to grace our currency will come to light or not.
The 1943 copper-alloy cent is one of the most sought after items by coin collectors with only about forty known to be in existence today. Did you know that the way to find out if your 1943 penny is copper is by using a magnet? If you can’t pick it up with the magnet, it’s copper, and it could be worth a lot of money to you. Knowing this might prompt more people to save those pennies. Speaking of saving, do you know where the term ‘piggy bank’ came from? People used to save their money in kitchen jars made of clay, called pygg, and many people referred to these as pygg jars. Later they became known as piggy banks.
There are numerous publications filled with these and other interesting facts about money. You may have thought you knew all there was to know about money, but you’d be surprised at how much you don’t know. Nonetheless, it’s always fun to test your knowledge either way.