Sure, you use cash every day, but how much do you really know about the almighty dollar?
I'll tell you what I know, there's a president on each bill. Which president graces which denomination? Hmm...good question….can’t say that I know that. Oh, money's green; I know that too.
As long as I’m being honest, the majority of my experience with cash involves not having any - isn't that what debit cards are for?
Regardless of whether or not you carry the green stuff, cash bills or "notes" as the Federal Reserve Bank calls them are seriously interesting (and valuable) pieces of legal tender. Not only is cash the simplest way to purchase the stuff we use every day, Federal Reserve notes have a rich and fascinating history.
Let's take a look at 10 fun facts about money brought to us the Federal Reserve.
10 Things You Never Knew About Money
• Twenty-six million notes are produced a day by The Bureau of Engraving and Printing. As if the volume wasn’t impressive enough, the face-value of those notes is $907 million!
• Currency isn’t actually made of paper at all, but rather fabric! Currency bills are comprised of 25 percent linen and 75 percent cotton.
• The largest bill the Federal Reserve produces today is the $100 bill.
• Cash is strong. It takes approximately 4,000 double folds (forward and backward) to tear a note!
• It literally costs money to make money. It costs approximately 6.4 cents to produce a note of U.S. currency.
• It would take 454 Federal Reserve notes to make one pound (weight pound, not £). Each note weighs approximately one gram.
• The almighty dollar became the official U.S. unit of currency in 1785, but it wasn’t until 1963 that the motto “In God We Trust” appeared on paper currency.
• Did you know the average lifespan of a U.S. note depends upon its denomination?
$1 bill lasts 21 months
$5 bill lasts 16 months
$10 bill lasts 18 months
$20 bill lasts 2 years
$50 bill lasts 4.5 years
$100 bill lasts 7.5 years
• More than 90 percent of U.S. currency is comprised of Federal Reserve notes.
• The U.S. Secret Service was established during the Civil War to combat counterfeiting.
For more fun facts about money, be sure to visit FederalReserveEducation.org. We bet you'll never look at cash the same way again!
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