Last updated on June 25th, 2020 at 04:49 pm
Last Updated on June 25, 2020 Posted by Colonial Acres Coins
When paper money is in question, you may be surprised by how little we actually know about it. We have mentioned several interesting things in the first part and are bringing you part 2 of the list. Paper money, in general, is a wildly interesting topic, so in part two we will be discussing:
- The largest banknote in the world.
- A banknote with the largest value.
- An ATM that does not charge a fee.
- Replacing the banknotes.
- How did the dollar get its sign?
The Largest Banknote In The World
In case you have wondered what the largest banknote in the world is, the answer might be surprising. This banknote is the size of a sheet of legal paper. It is worth 100,000 pesos and it was created in 1998 by the government of the Philippines. They decided to create such a banknote in order to celebrate their independence from Spanish rule. At the same time, the note was not available to everyone. It was offered only to collectors – they could buy one note for around $3,700.
The Banknote With The Largest Value
Issued by the Bank of England in 1948, it was worth £1,000,000 and its issuing was actually a temporary measure during the reconstruction in the Marshall Plan after the war. It was designed to be used only by the U.S. government, but the notes were cancelled after only several months. Fortunately, just a few banknotes got into private hands, so, we are now able to see what they look like.
The ATM That Does Not Charge A Fee
John Shepherd-Barron was the inventor who devised the first automated teller machine. He presented his idea to the British bank Barclays and they accepted it immediately. The first model was made in 1967 and it was installed in London. Of course, it has many similarities with the modern version – for example, the machine also used a PIN. At the same time, the greatest difference between this and modern ATMs is the fact that the first one did not charge a fee.
Replacing The Banknotes
All bills are replaced when it becomes noticeably worn out. Situations like this happen if a banknote has been used a lot. This means that the smaller the value of a note, the more often it is being used- this is why its lifespan is short. For example, a $1 bill is used for about 21 months, while a $100 can be used for more than seven years. Because of inflation, its value will decline and this is a good reason to be quick when spending it.
How Did The Dollar Get Its Sign?
This is something no one knows for sure. But, the U.S. Bureau of Engraving and Printing believes they have a pretty good guess about it. The agency that is responsible for printing and designing the bills claims that the sign which was originally used to denote Mexican and Spanish pesos ‘P S’ was written by putting the S on top of the P. Before the issue of the first American paper dollar in 1875, this symbol was widely used. But, if you have not noticed, this is no longer the case – it does not actually appear on the U.S. currency.
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