You can save it for a rainy day. It doesn’t buy happiness. It burns a hole in your pocket. What is it? Money! Money seems to make the world go round no matter where you are, because you can’t seem to get very far without it. Every country has established their own form of currency, and on this day 231 years ago the United States established theirs. “National Dollar Day” is celebrated each year on August 8th by people either saving or spending a dollar. While the U.S. monetary system was established in 1786, did you know that, the first dollar bill wasn’t actually printed until 1862?
What else don’t you know about the dollar?
Money isn’t actually made of paper.
You’ve heard it a thousand times, but did you know that money isn’t made of paper (and it doesn’t grow on trees either)? The U.S. dollar is actually made out of 75% cotton and 25% linen. The Crane Paper Company creates a special paper for currencies and is the main supplier for U.S. currency production. If it actually was made of paper, say goodbye to all of those dollars you accidentally let take a trip through the washing machine. The special currency paper is created to withstand trauma, taking 4,000 double folds for the bill to tear.
The most counterfeited bill is the $20
The Treasury Department works hard to design bills with security features to fight counterfeiting, but that still doesn’t stop people from printing fake money. The $20 bill is the most commonly counterfeited bill in the United States, but internationally the $100 bill takes the lead.
A typical one dollar bill lasts almost 6 years
The typical $1 note will remain in circulation for 5.8 years, while a $100 note will remain in circulation for around 15 years. You can probably guess it, but the more widely used a note is, the shorter its lifespan. The quality of notes are examined when they’re deposited into the Federal Reserve Bank to check for quality and determine if they will continue to circulate. If a bill is deemed unfit, it will be taken out of circulation and destroyed.
The $2 bill is America’s rarest currency
The first time you saw a $2 bill, you may have thought it was fake. A $2 bill is always an interesting sight, but how rare are they? The $2 bill makes up around 3 percent of all U.S. bills in circulation. Depicting Thomas Jefferson’s face, the $2 bill was first issued in 1776. It was later discontinued in 1966 only to be resumed 10 years later in honor of the United States bicentennial. While it may be exciting to come across the special note, it isn’t worth any more than face value.
The Treasury Department is redesigning the $10 bill to feature a woman’s portrait and will be revealed in 2020. The last woman to be featured on U.S. paper currency was Martha Washington during the 1880s and 1890s. The bill was a $1 silver certificate and was discontinued in 1957. While women have been seen on U.S. coins, Martha Washington’s silver certificate is the last and only time a woman’s portrait has been the focus of paper currency in the United States.
$100,000 bills are real
A 100 Grand is more than just a candy bar! Actually, it’s the largest bill ever printed by the U.S. monetary system. It was issued in 1934 and depicted President Woodrow Wilson’s face. The bill was actually a gold certificate and was not circulated to the general public. It was only used for transactions between Federal Reserve banks.
Damaged currency can be exchanged (Sometimes!)
There is nothing worse than seeing a torn dollar bill. You’ve worked hard for your money and now you are stuck with a bill is no longer acceptable because the corner has been torn off. However, don’t get too discouraged yet. Did you know that the BEP, the Bureau of Engraving and Printing, will redeem mutilated currency? As long as more than 50 percent of the note is still intact, you can submit your damaged currency to the Treasury Department to be replaced. Every year, over $30 million in mutilated currency is redeemed!
Did you spend or save a dollar to celebrate National Dollar Day? Let us know in the comments below! If your dollars need to travel across borders, World First is happy to help you with your international payment needs. Find out how we could save you time and money on international transfers here.