Its Tuesday people...we hope yours is coming along nicely! But to nice it up some more, how about a dose of your weekly financial facts with fun on #TriviaTuesday? We focus on funny money today so gear up and enjoy! Did you know that? Before money was made of bills and coins, these items were used as currency: conch shells, ivory, clay, live animals and grain. As long as it was division and scarce, it could be money. In 1932, wooden bills were temporarily made and used in Tenino, Washington State, USA. Why? There was a major cash shortage at the time and wood was readily available. The first banks were likely religious temples. Why? Because the security was always tight. From which period are the first records of loans, deposits, currency validation and exchange? 18th Century BC in Babylon. (Ancient Greece) Whos the first banker on record? Its Pythius, a merchant banker from Asia Minor in 5th century B.C. Where does the term check or cheque come from? Its derived from the game of chess. Putting the king in check means his choices are limited, just like a modern day cheque that limits opportunities for forgery and alteration. The Knights Templar between 1118 and 1307 used a cheque system to provide their pilgrims with travel funds. They worked much like modern day travellers cheques. Where does the $ symbol come from? Its derived from the Spanish dollar sign. In 1782, the US considered choosing the Spanish peso as the country’s currency. The abbreviation for the Spanish peso (PS) later transformed into a $.
Posted on: Tue, 05 Nov 2013 07:56:44 +0000
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