Money is something we all need and use. But do you ever think about all the things you don’t know about the money in your pocket? Host Rob West and Steve Moore talk about the background of our currency and other fun facts about the money we use.
Money we all need it we all use it. But if you had a dollar for everything you don’t know about the currency you carry around well, you’d have more than you think. The paper money and coins in circulation have an interesting history that reveals some quirks about our country. Kingdom Advisors President Rob West fills us in on the background of our currency.
Let's bust the myth that the pyramid on the back of the $1 bill is part of some grand Illuminati conspiracy. It’s actually part of the U.S official seal, and is supposed to represent permanency.
A lot of people wonder why the Secret Service is part of the Treasury Department and hunts down counterfeiters. It is what the Secret Service was first organized to do back in the 1860s. It wasn’t until the assassination of William McKinley in 1901 that Congress asked the Secret Service to also protect the president.
More Monopoly money is printed each year than actually currency. The U.S. Bureau of Engraving and Printing rolls out about $975 million in new bills each year, mostly to replace old ones that have worn out. But Parker Brothers - the company that makes the popular board game - print about $30 billion a year.
The average paper currency can be folded roughly 4,000 times before it tears down the middle and gets sent to the shredder. And surprisingly, it doesn’t take long for that to happen. The average lifespan of a dollar bill is only 22 months.
There actually is a $10,000 bill. They’re not printed anymore; the largest denomination printed these days is the $100 bill. But 500, 1,000, 5,000 and 10,000 dollar notes were printed until 1969 when they were discontinued for lack of use.
A $2 bill is actually worth two dollars! Here’s where some folks get confused. They’re not what you’d call rare, but since they’re less common than other denominations in circulation people sometimes think they’re collectible.
Have you ever wondered why some coins have smooth edges and others have ridges? The technical term is “reeds”. Once upon a time, dimes, quarters and 50-cent pieces were actually made with precious metals. But unscrupulous individuals would shave off the edges and collect the gold and silver. So the U.S. Mint started putting the ridges on coins so you could tell if one had been shaved. Pennies and nickels never contained gold or silver, so they’ve never needed ridges.
The Bible contains over 2300 verses relating to money or possessions, more than any other topic.
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
Should you combine a 457 and an IRA which is currently with Vanguard if you are about to retire?
Can you combine an IRA annuity with a $10,000 loan against it with other retirement accounts?
To get the most out of the MoneyWise app should you use it daily, weekly or monthly?
If you are 62, five years from retirement, and have $60,000 of equity in your current home, should you buy a duplex to live in and have tenants cover the mortgage?
Should you guide your 13 year old twins to invest their Christmas gift cards and cash in the stock market, and if so, how do you go about doing that?
How should you invest $25,000 to create an income stream in retirement?
How does Bitcoin work?
If you and your husband are 31 and debt-free, is there any downside to putting your retirement savings on hold and paying in full for your first home?
Be sure to check out the rest of MoneyWise.org to connect with a MoneyWise Coach or access our books and our many free helpful resources. You can also find us on Facebook (MoneyWise Media) and join the conversation. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just click the Donate tab at the top of the page.
