MONEY

errorWhenever you need to purchase something you need money in exchange. Money is the mode of payment for the valuables you need. Money can be either coins made metals or notes made of paper. Money basically gives value to the objects. Money is not necessarily to be coins and notes. Anything that gives value to the object is termed as money. Like in olden days blocks of dried tea were used as money by Tibetans. Thus money can be anything that is worth to represent the value of the object keeping the agreement of the masses in mind. During ancient times gold and silver coins were used. The term notes was introduced in China in the eleventh century. Only the bank had the authority to print these notes. But these did not had the value as that of gold. Banks exchanged these notes for gold. British banks still follow the same rule. Whereas US government stopped this exchange in 1971.

CoinserrorAbout 2,700 years ago coins were introduced. Turkish were the first to use coins made from a mixture of gold and silver called electrum. Later it was seen that it was easier to fool people using fake coins as coins were thaen used for smaller values and note for the higher ones.

MinterrorA mint is a coin and note manufacturing factory under the government control. The coins are embossed with their values and years of manufacturing and also with some unique design. This imprinting is termed as mining.

BankserrorBank is the place where all the money dealings are held. These include certain terms like deposit, cheque, cash, account. Banks keep the money safe in the deposits. They also lend the money in the form of loan. Those having an account in the bank are provided with cheque facility which can be used in place of money. Banks maintain a record of all the dealings done by a client in its account that give a sense of security to the client.

Credit CarderrorLike cheques credit cards can also be used in place of money made of plastics. There are various companies that offer this credit card facility. The company makes the payment for all the purchases which is then deducted from the customer’s account after a month. Thus there is no need to actually carry the money which inturn reduces the fraud cases.

Bank NoteserrorOnly the government has the authority to print and assign proper values to the bank notes. Copying and printing of the same on the personal level is treated as crime and the one held responsible for the same is punished. Thus to avoid this some complex designs are made on the note to make the copying intricate. One such famous bank note printed is the “Thomas De La Rue & Company”.

Facts

There are over 60 communities throughout the United States that have their own form of local currency.

California has the most communities with their own currency, including many popular colleges like Berkeley and Santa Barbara.

A Quarter has 119 grooves on its edge, one more than a dime. The reason the mint started using ridges was to prevent counterfeit and devaluing of the coin.

A penny weighs 2.5 grams which is the average weight of a humming bird. A can of soda has 4 penny’s worth of sugar.

On an American one-dollar bill, there is an owl in the upper left-hand corner of the “1” encased in the “shield”.

There is a spider hidden in the front upper right-hand corner of the bill.

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