Select Money Trivia & History:
*The word “money” is derived from the Latin monere, meaning to remind, warn, or instruct. According to Roman mythology, the derivative title Moneta was an epithet of the Roman Goddess Juno, protectress of funds.
*The word “bank” derives from the Latin banco. This was a portable bench or counter, from which medieval Italian money changers conducted their business.
*Paper money developed in Europe during the middle ages. It was customary for wealthy families to store their gold, jewels, and coins in vaults kept in the cellars of goldsmith’s shops. These goldsmiths gave written receipts for all valuables received, and these articles could be redeemed at any time with the proper receipt. Eventually, the receipts themselves began to be used as a kind of currency by people who did not want to take the trouble to go into the vault every time they needed money!
*The first paper money to appear in North America was printed on playing cards. China was the first civilization to create paper money.
*Economics comes from the Greek word okonomikos which means “skilled in household management.” Women manage most households!
*The Federal Reserve Act of 1913 positioned the United States as the source of world financial power.
*The United States is the only country in the world whose paper currency and coinage is imprinted with the slogan “In God We Trust.” The public must have faith in the dollar.
*Today one quarter of the world’s population lives on less than $500 per year.
*It costs more to buy a new car today in the United States then it cost Christopher Columbus (and his backers) to equip and undertake three voyages to and from the new world.
*In 1776, a man who earned $400 a year was considered wealthy. A worker earning $5,000 per year will be earning an adjusted equivalent of nearly $5,000 per hourly in 2078.
*Comparing a million dollars to a billion dollars in terms of time:
a Million seconds is the equivalent of 12 days
a Billion seconds is the equivalent of 31 years
*Famous American billionaires include: Bill Gates, Warren Buffet, Mayor Bloomberg, Donald Trump, Sam Walton, Hugh Hefner, Phil Knight, Michael Dell, Carl Icahn, Sam Walton, Steve Jobs…the beat goes on.
*A trillion dollars is the equivalent of 31,688 years; the United States is a 15 Trillion Dollar Economy.
*Doubling a penny every day over a 30 day period yields $5.36 million dollars!