Be in the know with top money facts

Money fact: we all use some form of currency every day but how much do we know about its origins? I’ve compiled some interesting money facts that will take you from its humble bartering beginnings, all the way to eCommerce. Maybe you’ll learn something new along the way – I did!

Money Fact 1: One of the earliest forms of currency was the Shekel, first used around 3000 BC in Mesopotamia. It represented a mass of barley, so was both a unit of weight and a unit of currency.

Money Fact 2: Paper money was first used during the Song Dynasty (960–1279 AD) in China and was known as ‘jiaozi’ (which is also the name of a Chinese dumpling!)

Money Fact 3: Money used to be a commodity that had worth of its own. Some commodities that have been used as money include silver, gold, salt, rice, shells, peppercorns, cigarettes, alcohol and candy.

Money Fact 4: Spanish dollars, or ‘Pieces of Eight,’ were considered the first ever world-wide currency as its use spread from Spanish territories to the rest of the world in the 17th and 18th century.

Money Fact 5: In 1996, the US dollar accounted for around two-thirds of the foreign exchange reserves around the world and has been considered the principal world currency since the mid-1900s.

Money Fact 6: By law, the Government has to replace any damaged bills or coins of their issue as long as you can prove which part has been destroyed or can reconstruct at least half of the actual note.

Money Fact 7: 95% of all bank notes printed each year are used to replace ones that are damaged or taken out of circulation.

Money Fact 8: World renowned cryptographer Dr. David Chaum developed the method for conducting untraceable electronic transactions. Using a blind signature protocol, banks and merchants would be assured of the validity of the transaction while users would feel safe knowing their information would be safe. Without him, there’d be no internet banking, or online shopping!