Hey there! I’m John Green, and welcome to my salon. Today, we’re diving into some cool and quirky facts about U.S. cash. Did you know that before 1929, U.S. bills were 50% larger than the ones we use today? People called them “horse blankets” because of their size. Let’s explore more interesting tidbits about U.S. currency, brought to you by Allstate.
Have you ever wondered where the paper for U.S. money comes from? It all started with the Massachusetts Crane Paper Company, which got the contract after the Revolutionary War. This was a thank-you to the owner for letting Paul Revere keep his horses in his barn during the revolution. Today, Crane Paper Company is based in Sweden and also makes money for countries like Thailand and Mexico. Talk about globalization!
Did you know that U.S. paper money is made partly from linen, which makes up 25% of its weight? Linen is naturally resistant to bacteria and gets stronger when wet. Back in Benjamin Franklin’s time, people would sew up torn bills with a needle and thread. Even today, if you have at least 51% of a bill, it’s still considered legal tender.
Speaking of Benjamin Franklin, he supposedly designed the first American penny, called the Fugio cent. Instead of “In God We Trust,” it said “Mind Your Business.” While pennies cost more than two cents to make, it would be fun if they still had that original phrase. “In God We Trust” first appeared on U.S. currency in 1864, thanks to a minister who wanted some recognition of the Almighty on our money during the Civil War.
Ever wondered where old cash goes? It ends up on a farm in Delaware, where more than four tons of U.S. paper money is turned into compost every day. In the past, worn-out bills were burned or pierced, but now we’re more environmentally friendly. Fun fact: America’s early nickels, called half dimes, were partly made from George and Martha Washington’s recycled silverware.
Quarters have 119 ridges, while dimes have 118. These ridges were designed to stop people from shaving off metal and devaluing the coins. If a merchant felt a smooth edge, they knew it had been tampered with.
When Salmon P. Chase was Secretary of the Treasury in 1861, he put his own portrait on the first $1 bill. Later, he was honored on the $10,000 bill for his work in modernizing banknotes. There are still about 300 of these bills in circulation, but they’re worth much more than $10,000 today—up to $140,000!
The Philadelphia Mint once had a bald eagle named Peter as a mascot. He lived there in the early 1830s, sitting on printing presses and flying around the city. The Eagle Silver Dollars printed in the late 1830s were modeled after him. The U.S. Treasury also once bought a watchdog for the first mint instead of hiring police.
After the bombing of Pearl Harbor, the U.S. issued new bills with “Hawaii” overprinted on them. This was to ensure that if Japan took control of Hawaii, the U.S. could declare these notes worthless. About $200 million was recalled, and the government tried to burn it all in a crematorium in Honolulu. Today, one of those $20 bills is worth about $4,000!
There are some controversies about Andrew Jackson being on the $20 bill, as he wasn’t a fan of paper money. Most portraits on dollar bills face the same direction, except for Alexander Hamilton.
Back in 1825, the Philadelphia Mint had a rule that you couldn’t visit on “Saturdays and rainy days.” No one really knows why!
Thanks for joining me on this journey through the world of U.S. cash. Remember, you can’t keep a bald eagle at the office!
Imagine you are tasked with designing a new form of currency for your school. Think about the size, material, and design elements you would include. Consider the historical facts you’ve learned, such as the use of linen in U.S. bills and the unique phrases like “Mind Your Business” on the original penny. Present your currency design to the class and explain your choices.
Conduct a simple experiment to understand the composition of U.S. bills. Gather different types of paper and fabric, including linen, and test their strength when wet. Compare these materials to see why linen might be a good choice for making money. Document your findings and discuss how the composition of money affects its durability.
Create a timeline that highlights key events in the history of U.S. currency, such as the introduction of the “Hawaii” overprint notes and the use of recycled silverware in early nickels. Use images and short descriptions to make your timeline visually engaging. Share your timeline with the class and discuss how these events reflect changes in society and technology.
Investigate the purpose of ridges on coins by examining quarters and dimes. Research why these ridges were added and how they prevent tampering. Then, design a short presentation or poster that explains the importance of these features in maintaining the integrity of currency.
Participate in a role-play activity where you and your classmates simulate the operations of the U.S. Mint. Assign roles such as designers, historians, and security experts. Discuss and decide on the features of a new coin or bill, considering historical influences and security measures. Present your final product and the reasoning behind your decisions to the class.
Sure! Here’s a sanitized version of the transcript:
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Hi, I’m John Green. Welcome to my salon. This is a Mental Floss video. Did you know that before 1929, the U.S. Mint produced currency that was 50% larger than today’s notes? The bills were affectionately called “horse blankets” because of their size. That’s just the first of many interesting facts about U.S. cash that I’m going to share with you today, presented by Allstate.
Let’s start with where our money comes from. The Massachusetts Crane Paper Company makes the paper for U.S. currency and got the contract after the Revolutionary War as a thank-you to the owner for allowing Paul Revere to stable his horses in his barn while he rode for the revolution. Nowadays, Crane Paper Company is headquartered in Sweden and also produces currency for Thailand and Mexico, showcasing globalization.
Linen, which makes up 25% of U.S. paper money’s weight, is naturally resistant to bacteria and is very hard to get wet or damp. In fact, it gets stronger when wet. U.S. paper money has been made partly with cloth for quite a while; back in Ben Franklin’s day, people used to sew up torn bills with thread and needle. U.S. paper currency is still considered legal tender if you have at least 51% of the bill.
Speaking of Ben Franklin, he supposedly designed the first American penny, known as the Fugio cent. Instead of “In God We Trust,” the coin read “Mind Your Business.” While I’m generally opposed to pennies, which cost more than two cents to make, I do wish it said “Mind Your Business” instead of “In God We Trust.” The phrase first appeared on U.S. currency in 1864, three years after a minister from Pennsylvania petitioned for some recognition of the Almighty on our money. This move was partially a PR effort to suggest that God was on the Union side during the Civil War.
So, where does old cash go? It goes to a farm in Delaware, where more than four tons of U.S. paper money is mulched into compost every day. In previous eras, worn-out bills were pierced or burned, but we’re much more environmentally conscious these days. Interestingly, according to a 2008 New Yorker piece, America’s early nickels were called half dimes and were at least partially produced from recycling George and Martha Washington’s silverware.
We often put quarters in the “pork chop party fund,” but in honor of George Washington, maybe we should use half dimes. Quarters have 119 ridges, while dimes have 118. The ridges on coins were intended to prevent people from shaving off metal and devaluing the coins. If a merchant felt a smooth edge, they could tell it had been tampered with.
When Salmon P. Chase was Secretary of the Treasury in 1861, he was tasked with issuing and popularizing America’s new greenback currency. Being a humble politician, when he had to choose a portrait for the first $1 bill, he chose himself. Oddly enough, Chase had a lasting impact; when the U.S. Treasury decided to issue $10,000 bills, they put Chase on the bill to honor his work in modernizing banknotes.
So, where are those $10,000 bills? Apparently, they’re still in circulation, with roughly 300 of them around. However, you’d be foolish to try to spend one at a local store, as they command as much as $140,000 on the open market. The most valuable coin ever printed by the U.S. government is the American Eagle platinum coin, issued in 1997. It’s a 1-ounce $100 coin, and it’s good to have one so that if anyone asks, “Hey, can you change $100?” you can say, “No, but I do have a hundred in change.”
The Philadelphia Mint used to keep a bald eagle as a mascot—an actual eagle named Peter, who lived at the mint in the early 1830s. He sat on printing presses, befriended employees, and was let out every night for evening flights around the city. Supposedly, the Eagle Silver Dollars printed in the late 1830s were all modeled on him. Peter wasn’t the only pet kept by the U.S. Treasury; records showed that three dollars were spent to purchase a watchdog for the first mint instead of hiring police.
After the bombing of Pearl Harbor, the U.S. recalled all the money in Hawaii and issued new bills with the word “Hawaii” overprinted on them. The idea was that if Japanese forces took control of Hawaii, the U.S. could immediately declare all Hawaiian overprint notes worthless. About $200 million was recalled at the time, and the U.S. government tried to burn all of it in a crematorium in Honolulu. However, when the money overwhelmed the furnace, the military had to commandeer additional furnaces in Oahu to get the job done. For the record, one of those $20 bills overprinted with “Hawaii” is worth about $4,000 today.
There are many issues with Andrew Jackson appearing on the $20 bill, including that he wasn’t a particularly good leader of the United States and was opposed to paper money. Most portraits on dollar bills face the same direction, with the exception of Alexander Hamilton.
Finally, I returned to my salon to tell you that in 1825, the official rules of the Philadelphia Mint stated that you could not visit on “Saturdays and rainy days.” No one’s quite sure why. Thanks for watching Mental Floss, made with the help of many wonderful people, and thanks to our friends at Allstate for bringing you today’s video. As I always say to my friend Craig Benzine, you cannot keep a bald eagle at the office.
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Let me know if you need any further modifications!
Money – A medium of exchange that is widely accepted in transactions involving goods and services. – In ancient times, people used different items like shells and stones as money before coins and paper bills were invented.
Bills – Paper money issued by a government or central bank, used as a form of currency. – The United States began printing paper bills during the Civil War to help fund the Union army.
Currency – The system of money in general use in a particular country. – The euro is the official currency used by many countries in the European Union.
History – The study of past events, particularly in human affairs. – Learning about the history of the Industrial Revolution helps us understand how modern economies developed.
Economy – The system of production, consumption, and distribution of goods and services in a particular geographic region. – The Great Depression was a severe worldwide economic downturn that occurred in the 1930s.
Paper – A material used for writing, printing, or as a medium for currency. – The invention of paper money in China revolutionized trade by making transactions easier and more efficient.
Coins – Metal pieces used as money, typically issued by a government. – Ancient Romans used coins made of silver and gold to trade goods across their empire.
Treasury – A government department related to finance and taxation, responsible for managing public revenue. – The U.S. Treasury Department plays a crucial role in managing the country’s finances and producing currency.
Globalization – The process by which businesses and other organizations develop international influence or start operating on an international scale. – Globalization has led to increased trade and cultural exchange between countries around the world.
Mint – A place where coins are manufactured under government authority. – The U.S. Mint produces billions of coins each year for circulation throughout the country.
