6 Interesting Facts About The History Of American Money
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If you have $10 in your pocket and no debts, then you are richer than 25 percent of America. The first money printed in America was printed by private banks, and the United States government did not start printing money until after the Civil War. Here are some other facts you may not know about American money throughout history.
Become Rich with a $100,000 Note
The largest note ever printed in the United States was the $100,000 note. It was printed for under a month from December 18, 1934, and January 9, 1935. It bore the likeness of President Wilson on its front.
Get Wealthy with a $10,000 Bill
While the $100,000 note was the largest legal tender ever printed in the United States, the largest denomination bill was worth $10,000. This bill was printed from 1928 to 1934. It bore the likeness of Samuel P. Chase on its front in an effort to further his own political career as he was the United States Secretary of Treasury at that time.
Throw Away Money
Paper money has a limited lifespan before the Federal Reserve destroys it. Most dollar bills only last six years on average. Five dollar bills have the shortest lifespan on average at just 4.9 years. On the other hand, $100 bills last 15 years on average.
Burning Money
During World War II, the Federal Reserve issued special money to people in Hawaii. The bills had the state’s name stamped on their back. Each person was allowed to keep $200 in regular currency while businesses could keep $500. Then, if Japan was successful in their invasion, the United States government could quickly make the specially printed money illegal.
Find a $5,000 Bill & Possibly Go to Jail
Starting in 1918, the United States government printed $5,000 banknotes. These bills feature a picture of James Madison on their front. The government continued printing them until 1969, and President Nixon recalled all of them in that year for fear they were being used for money-laundering activities.
Collect United States Silver Money
The United States Mint has issued seven types of silver coins that are at least 90 percent silver. They are the three cent pieces, half dimes, dimes, twenty cent pieces, quarters, half dollars and dollars. The United States mint continues to make silver commemorative coins, silver bullion coins and $1 American Silver Eagle coins.
The United States has a very rich history of printing paper money starting in 1861. The government did, however, issue some treasury notes before that date. Collecting these bills and coins can be a fun hobby.
