Everyone uses money to buy products and pay for services. Chances are, you exchange money daily, but how much do you actually know about it? Here are four interesting facts about money that you probably didn’t know.
1. The average US family owes over $8,000 in credit card debt
Credit cards can be extremely useful when you need to get hold of cash fast. They give people greater purchasing power and flexibility when it comes to spending TBH. Credit cards can also help people build credit and earn various rewards such as miles points – OTP. However, spending money on credit cards can also lead to financial difficulties and the average US household owes $8,398 in credit card debt according to Debt.org. You should be conservative with your credit card use and have a financial plan in place to repay outstanding debt. You should also make an effort to control your spending and lower your monthly expenses. Not everyone is as flush as Post Malone or a player on the Houston Rockets or LA Lakers. For instance, you can use vouchers to save money and get cashback on purchases using Best Buy gift cards.
2. Money is produced in factories called mints
Factories run by the U.S. mint have been producing currency in this country for more than 225 years. The first US mint factory opened in 1793 and used a basic, physical process to produce engraved coins that were used as currency at the time. Over the years, coin production has evolved and high-tech machines are now used to generate the coins that are used in the US today. Before the introduction of coins and notes, people would barter for goods and services using other items such as farm animals, crops, and precious metals like gold. Now we have things like Lolli for rewards on purchases.
3. Credit cards were introduced in the US in the 1920s
Credit cards were first used in the US during the 1920s. They were issued by private organizations, such as hotels and oil providers, as a way to boost sales and encourage customer loyalty. Unlike modern-day store cards, these credit cards could only be used with the issuing merchant. The American Express Card was introduced in 1958 and the first plastic card was launched a year later in 1959. Following this, various banks and organizations started to introduce their own credit cards. Credit cards have soared in popularity over the years and the average American now has four credit cards according to a recent Experian Consumer Credit Review.
4. There are 180 different currencies
There are currently 180 different currencies used around the world that are recognized by the United Nations. The British pound is the oldest currency still in use and dates all the way back to the 8th century. You may be surprised to hear that over 20 countries use the dollar as their national currency and most of these currencies can be dated back to the Spanish dollar. The US dollar is widely accepted around the world and used in various countries including Panama, Peru, Japan, Thailand, South Korea, Ecuador, Mexico, Russia, and the Caribbean. Many countries will accept different currencies and some countries have more than one national currency in legal use.
FAQ
When were credit cards invented?
Credit cards were first used in the US during the 1920s. They were issued by private organizations, such as hotels and oil providers, as a way to boost sales and encourage customer loyalty. Unlike modern-day store cards, these credit cards could only be used with the issuing merchant. The American Express Card was introduced in 1958 and the first plastic card was launched a year later in 1959. Following this, various banks and organizations started to introduce their own credit cards. Credit cards have soared in popularity over the years and the average American now has four credit cards according to a recent Experian Consumer Credit Review.
Where are coins produced?
Factories run by the U.S. mint have been producing currency in this country for more than 225 years. The first US mint factory opened in 1793 and used a basic, physical process to produce engraved coins that were used as currency at the time. Over the years, coin production has evolved and high-tech machines are now used to generate the coins that are used in the US today. Before the introduction of coins and notes, people would barter for goods and services using other items such as farm animals, crops, and precious metals like gold. Now we have things like Lolli for rewards on purchases.
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