Most SURPRISING Facts About US Money!


From the dilemma of keeping the penny, to
deciding who goes on the $20 bill, here are 8 surprising things you probably didn’t
know about Money in the US. 8. Pennies and Nickels Are Expensive! In 2013, Canada officially withdrew pennies
from circulation, citing the excessive and impractical costs of production. The United States has yet to follow suit,
but is faced with the same dilemma: our pennies and nickels cost more to make than they’re
worth. Some experts even argue that the continued
production of these coins, particularly the penny, could ultimately bankrupt the government. While that claim might be a stretch, or at
least probably isn’t likely to happen anytime soon, pennies are, indeed, an economic burden
in this country, with one cent costing 1.7 cents to make. This doesn’t sound like a huge discrepancy,
but the cost adds up. Meanwhile, each nickel costs eight cents to
produce. So, what’s the answer to this problem? Changing the composition of coins would possibly
make them easier to counterfeit and would adversely affect coin-based businesses, such
as laundromats and vending machines, to the tune of billions, because this would force
them to update their machinery. Should the U.S. follow suit with Canada and
also get rid of the penny? That might be the most practical answer, as
the penny doesn’t appear to be missed by our neighbor to the north. Who can blame them? Pennies seem to be more trouble than they’re
worth, on both the individual and government level. What do you think? Let me know in the comments below! 7. Where Are All the Dollars? In 2016, the Federal Reserve reported that
there’s at least $1.4 trillion in U.S. currency currently in circulation. But the whereabouts of only about 15 percent
of that money is known, with an astounding two-thirds of $100 bills being included in
that figure.The traceable funds are mostly located in banks and being used for everyday
transactions throughout the country. So, you’re probably wondering…where’s
the rest of it? In an interview with American Public Media’s
Marketplace, Edgar Feige, an emeritus professor of economics at the University of Wisconsin-Madison,
explained this phenomenon, known as the currency enigma, stating: “It’s hard to figure
out where this currency is and why so much of it is out there.” In other words, the currency enigma is pretty
much just what it sounds like. Of course, there are some plausible explanations
for the whereabouts of at least some of this missing money. Not surprisingly, a portion of it is being
circulated throughout the “shadow economy,” which is dictated by illegal transactions
and generally upheld by cash, since cash is the most anonymous form of payment. The size of the shadow economy, which includes
things like drugs, illegal gambling, and other things I shouldn’t be saying on YouTube,
is estimated at hundreds of billions of dollars, according to Feige. It’s believed by some experts that more
than 20 percent of the country’s gross adjusted income could be accounted for by the booming
shadow economy at certain points throughout history. Some economists, on the other hand, believe
that black market proceeds constitute a relatively small portion of the country’s missing money
– perhaps just ten percent. It’s likely that a large portion, if not
most, of the missing money is overseas. The US dollar is seen throughout the world
as a stable and reliable form of currency; therefore, it has the tendency to be hoarded
by most countries in large amounts, and in CASH. Not everyone trusts their banks!! It’s estimated that there’s roughly $80
billion in U.S. funds stashed in Russia alone. 6. The Biggest Counterfeiter of US Currency Over the years, North Korea has developed
a reputation for being very skilled at creating fake American money. For decades, the “hermit kingdom” was
responsible for the existence of a sophisticated counterfeiting program that generated near-perfect
$100 bills. U.S. officials dubbed these bills “supernotes”
and believe that at times, North Korea earned up to $25 million per year from this phony
currency. In 2013, the Federal Reserve redesigned the
$100 bill to help combat counterfeiting by including additional security features on
the banknote. However, as history has proven time and time
again, people who are intent on manufacturing convincing copies of money will find a way. And counterfeiters always adapt. That appears to have happened in December
2017, when a shockingly realistic counterfeit $100 bill was discovered in South Korea. It was found at a Seoul bank and was described
by forgery experts as nearly identical to the real thing, and stoked concerns of counterfeiting
occurring within the elusive neighboring country to the north. There’s no direct evidence to link North
Korea to the recently-discovered fake $100 bill, but an operation sophisticated enough
to replicate the money so accurately would cost somewhere in the neighborhood of $100
million – an investment most crime rings would be unwilling to make, according to Yi Ho-Joong,
head of the counterfeit center at KEB Hana Bank. The lack of proof that North Korea is behind
the widespread counterfeiting of U.S. money has, understandably, led some people to maintain
their doubts about who’s truly to blame for the mass manufacturing of fraudulent funds. All things considered, however – including
North Korea’s disrespect for the U.S., the uncorroborated claims of defectors of a counterfeiting
center in Pyongyang, and the country’s history of trafficking counterfeit funds to generate
foreign exchange, it’s a distinct possibility that these supernotes are, in fact, being
created in the hermit kingdom. And now for number 5, but first be sure to
subscribe if you haven’t already and click the notification bell so you don’t miss out
on the latest videos! 5. The Largest Bill Ever Made The 1934 $100,000 gold certificate was the
largest bill ever produced and is therefore a commonly sought-after item by amateur collectors,
individuals in possession of fakes, and those hoping to get rich overnight. Don’t get your hopes up, however. These banknotes were printed specifically
for transactions between Federal Reserve banks and were never meant to fall into public hands. Not a single one was ever owned by a public
domain, and the government kept meticulous track of them. Traceability of the gold certificate was maintained
so well, that currency experts state with certainty that all that were issued have been
redeemed. This doesn’t stop hopeful prospective owners
of a gold certificate from calling the professionals and asking about its value. AntiqueMoney.com’s resident paper money
expert, Manning Garrett, receives so many calls about the item, he’s had to issue
a disclaimer on the website reminding people that it’s “100% impossible to own one
of these” and “if it was authentic, it would be illegal to own.” 4. Where’s the President? Did you know there’s no President on the
Highest-Denomination bill ever issued to the public? The largest bill ever issued into public circulation
by the federal U.S. government was the $10,000 bill. It was first printed in 1918, was last printed
in 1945, and was discontinued in 1969. Unlike the $100,000 gold certificate, the
$10,000 bill was available for common use, and according to the U.S. Treasury, some people
still have them. You’d probably think that such a valuable
banknote would be adorned with the portrait of one of our nation’s former leaders, but
this isn’t the case. Featured on the $10,000 bill is a man named
Salmon P. Chase. He was treasury secretary at the time of the
passage of the National Banking Act of 1863, during the Lincoln Administration, and later
went on to become chief justice of the Supreme Court. In 1969, the same year the $10,000 bill was
discontinued, the $5,000, $1,000, and $500 bill were also called out of circulation. Since then, the largest American banknote
that can be exchanged is the $100 bill. 3. No Portraits of Living People Allowed In recent years, rumors have circulated on
the internet and on social media that living former presidents, such as Barack Obama, were
slated to appear on U.S. money. But this simply isn’t possible, because
it’s against federal law for portraits of living people to appear on American currency. This law was passed in 1866 as the result
of an embarrassing mix-up on behalf of Spencer M. Clark, the superintendent of the National
Currency Bureau at the time. Due to the hoarding of coins made of precious
metal during the Civil War, the U.S. Treasury was repeatedly forced to issue paper coins
to make up for the shortage. Prior to the third issuing of the five-cent
note, Congress requested for the portrait of famous Lewis and Clark explorer William
Clark to be printed on the money. The document containing this request allegedly
only identified the desired portrait by the name “Clark.” Spencer Clark went ahead and had the money
printed with his own likeness on it, and Congress was not happy about the decision, to put it
lightly. Russell Thayer, a Congressman from Philadelphia,
was especially outraged by the mistake, and pushed for an amendment to U.S. currency law. Since the passage of the amendment on April
7, 1866, no American money has featured a living person. 2. BOOKER T. WASHINGTON In 2016, plans to introduce the first woman
to a U.S. bill in over a century were announced by the Department of Treasury. Abolitionist and former slave Harriet Tubman
would not only hold the distinction of being the first woman on American money in over
100 years, but she would be the first African-American featured on a U.S. banknote. Plans to incorporate the heroic woman’s
image on the $20 bill have been halted by the Treasury Department’s reluctance to
commit to the change since the beginning of the Trump Administration. The first African-American to be featured
on an American coin was Booker T. Washington, who appeared on a special edition 1946 half-dollar. During the post-Civil War Reconstruction era,
Washington helped educate freed slaves, believing that learning was the first step in their
path toward future success. The commemorative coin bearing his portrait
also contains the words “FROM SLAVE CABIN TO HALL OF FAME.” Understandably, many people feel that it’s
long overdue for the government to implement a more racially diverse array of portraits
on U.S. currency. There are, however, some conflicting opinions
surrounding the matter, as evidenced by the Trump Administration’s reluctance to move
forward with plans to feature Harriet Tubman on the $20 bill. On the other hand, some critics of the planned
change believe that placing a former slave on money is an “extension of the commodification
of enslaved people,” as explained by Professor of History and African American Diaspora Studies
at the University of Texas at Austin, Daina Ramey Berry in an article for Slate. For now, the future of the $20 bill remains
a mystery. 1. The US Mint Has Produced Coins for Other Countries The United States Mint has produced approximately
10.7 trillion coins for over 40 countries, starting in 1875 with the manufacture of two
coins for Venezuela. The year before, Congress had authorized the
Mint to manufacture coins for other countries, as long as the foreign country paid for it
and the Mint’s obligations for producing U.S. money were met. Next, in 1895, five million 20 centavos coins
were produced for Ecuador by the Mint facility in Philadelphia. Production of coins for other countries occurred
nearly every year after that until 1984, and was seen as a diplomatically strategic and
beneficial move by the government, especially when the money was being made for countries
experiencing shortages during wars. Creating coins for other countries ceased
to be a regular occurrence after the Mint produced Panamanian coins in 1983. The only coin production for another country
since then was in 2000, when a two-coin Leif Erikson commemorative set was issued jointly
by the U.S. Mint and Iceland. Whether the U.S. will produce coins for other
countries in the future is unknown. Thanks for watching!! Let me know if you would like a part 2 about
surprising facts about money from other countries in the comments below!! Be sure to subscribe and see you soon!! Byeeee

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