There’s a saying that “money makes the world go round” well, it’s true because money is valuable and you can use it in exchange for goods and services all throughout the world. But why do we have a controlled supply of money? Why can’t the government print money and hand it out … Read more
The Answer: Paper currency originated in China during the rule of the Tang Dynasty (618 A.D. – 907 A.D.). It came from the need to have a way to transport large sums of money without hauling hundreds of pounds of precious metals long distances. Such convoys would attract the attention of bandits … Read more
Necessity, as they say, is the mother of invention – and so it was in the case of paper currency. China invented paper money during the Song Dynasty in the 11th century CE. The first known use of money can also be attributed to China. A cast copper coin was discovered at … Read more
The highest denominated U.S. dollar is the $100,000 banknote, featuring President Woodrow Wilson, which the Bureau of Engraving and Printing printed from 1934-1935. The $100,000 bill, however, was not released and circulated in public. Federal Reserve Banks were the only ones that used them for their internal transactions. While it can still … Read more