Hi, I’m Adrian. Welcome to our fun and informative video about money! Did you know that some types of currency are cleaner than others? In 2013, researchers in Turkey tested how long bacteria could survive on different currencies. They found that bacteria on the Croatian kuna only lasted about 3 hours, while the Romanian leu, made of plastic, could still be infectious the next day. That’s just one of the many cool facts about money that I’m going to share with you today.
Let’s dive into the history of currency. Long ago, people used bartering to trade goods they needed. One of the oldest forms of currency was animals. Experts believe that people started trading cattle and livestock around 9,000 BCE. Shells were also used as money in various parts of the world, including Asia, Australia, and North America. In some parts of Africa, shells were still used as currency as late as 1900 CE.
China played a big role in creating the money we know today. They started making coins during the Stone Age. Around 118 BCE, China used decorated leather money, which many experts consider the earliest form of a banknote. During the Tang Dynasty (618 to 907 CE), paper money became part of Chinese currency. Western countries didn’t start using paper money until the 17th century.
On the island of Yap, now part of Micronesia, people used stone money until the early 20th century. These stones were carved out of limestone and could be as large as 12 feet in diameter! In the UK, the term “quid” for one pound comes from the Latin phrase “quid pro quo,” meaning an equal exchange. Since the 12th century, the UK has held a ceremony each year to ensure coins are made to the right standards.
In Australia, Francis Greenway, a man convicted of forgery, appeared on the $10 note from 1966 to 1993. He’s believed to be the only forger to ever appear on a country’s currency. After World War I, Germany experienced such severe inflation that people used banknotes as wallpaper because they were worth so little. Zimbabwe also faced inflation, creating a hundred trillion note in 2009, worth about 40 US cents. Hungary had similar issues in the 1940s, making a 100 quintillion pengő note worth about 20 cents in America at the time.
The first ATMs needed special ink vouchers to work. There’s even an ATM in Antarctica, installed by Wells Fargo at the McMurdo Station in 1998. In Italy, banks have accepted cheese as collateral for loans for centuries. Today, cheese makers can get a 3 to 5% interest rate on a loan if they leave the cheese at the bank to mature.
Canadian banknotes have a tactile feature for people who are visually impaired. The $5 note has six dots, the $10 note has 12, the $20 note has 18, and so on. Each year, the US government destroys a lot of money, which is why you often get crisp bills from the bank. In 2010, $2.6 billion in $1 bills were destroyed. A US bill’s lifespan depends on its value; a $1 bill lasts about 3.7 years, while a $50 bill can last up to 12.6 years.
Nowadays, most transactions don’t involve physical money. About 95% of legal transactions in the US are digital. In 2009, a study found that 90% of dollar bills contained traces of substances. Queen Elizabeth II has appeared on currencies from 33 countries, first appearing on a Canadian $20 note in 1935 when she was just 9 years old.
The Euro symbol’s parallel lines represent stability, but the 500 euro note was removed from many businesses in 2010 due to its connection to crime. Only 120,000 one-euro coins are removed annually for being counterfeit, compared to 2 million one-pound coins in the UK, possibly because the pound is more attractive to forgers.
Finally, when J.K. Rowling was asked about the Wizarding World’s currency, she said a galleon is worth “about 5,” though the exchange rate varies. Thanks for joining me in this fun exploration of money! Let me know what you would buy in Diagon Alley with a galleon. Bye!
Create a timeline of the history of currency. Use the information from the article to mark significant events, such as the use of cattle as currency, the introduction of coins in China, and the adoption of paper money in the Tang Dynasty. Illustrate your timeline with drawings or images to make it visually engaging.
Research and create a comparison chart of unique currencies around the world. Include details such as the materials used, the size, and any interesting facts about their usage. For example, compare the stone money of Yap with the plastic Romanian leu mentioned in the article.
Design a quiz based on the fun facts about money from the article. Include questions about the lifespan of different US bills, the unique features of Canadian banknotes, and the history of ATMs. Challenge your classmates to see who can score the highest!
Engage in a role-play activity where you and your classmates simulate a bartering system. Use items from around the classroom or create your own “goods” to trade. Discuss the advantages and disadvantages of bartering compared to using currency.
Imagine you are creating a new currency for a fictional country. Design a banknote or coin, considering elements like security features, symbols, and historical figures. Present your design to the class and explain the choices you made.
Sure! Here’s a sanitized version of the transcript:
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Hi, I’m Adrian. Welcome to our lovely salon! This is a Mental Floss video, and did you know that some currency is cleaner than others? In 2013, Turkish researchers coded seven different currencies with various bacteria to test how long they survived. The Croatian kuna had bacteria that only survived for 3 hours, and because it’s made of plastic, the Romanian leu was still infectious the next day. That’s just the first of many facts about money and currency that I’m going to share with you today.
Let’s start with some history of currency. Originally, people bartered and traded to get the goods they needed. Animals are actually one of the oldest forms of currency; experts believe that people started trading cattle and livestock around 9,000 BCE. Shells were another early currency, and there is evidence that they were used for money at various points in time all around the world, including Asia, Australia, and North America. In Africa, there were places where shells were still used as currency as late as 1900 CE.
China is responsible for what we recognize as money today. For instance, they started making coins during the Stone Age, and many experts consider China’s decorated leather money from around 118 BCE to be the earliest form of a banknote. During the Tang Dynasty, which was around 618 to 907 CE, paper money became part of Chinese currency. Western countries didn’t begin to use paper money until around the 17th century.
On the island of Yap, which is now part of Micronesia, they used stone money until the early 20th century. These stones were carved out of limestone and could be as large as 12 feet in diameter. Legend has it that the British got the term “quid,” meaning one pound, from the expression “quid pro quo,” a Latin phrase referring to an equal exchange. Since the 12th century, the UK has had about one trial of the pence each year, a ceremony to determine that coins have been minted using the proper standards.
In Australia, a man named Francis Greenway appeared on the $10 note from 1966 to 1993, which is interesting because he was convicted of forgery in the 19th century. It’s believed he’s the only forger to ever appear on a country’s currency. After World War I, Germany experienced such severe inflation that many people used banknotes for things like wallpaper because they were worth so little. Another country that dealt with inflation is Zimbabwe; in 2009, the country had to create a hundred trillion note to keep up with inflation, which was worth around 40 US cents. Hungary also went through serious inflation in the 1940s, at one point making a 100 quintillion pengő note, which was worth about 20 cents in America at the time.
The original ATMs required vouchers imprinted with special ink, or else the machine wouldn’t be able to read and process them. Speaking of ATMs, there’s one in Antarctica! Wells Fargo installed one at the McMurdo Station in 1998. For centuries, Italian banks have accepted cheese in exchange for good rates on loans. Nowadays, a cheese maker can get a 3 to 5% interest rate on a loan if they leave the cheese at the bank to mature.
Canadian banknotes have a tactile feature for people who are visually impaired. The $5 note has six dots, the $10 note has 12, the $20 note has 18, and so on. Each year, the US government destroys a lot of money, which is why you still get crisp dollars from the bank, and it’s rare to find a bill older than the 1990s. In 2010, the government got rid of $2.6 billion in $1 bills. The average time a US bill is in circulation before being destroyed is fairly short—about 5 years. This depends on its value; for instance, a $1 bill lasts about 3.7 years, a $20 bill lasts about 5.1 years, and a $50 bill lasts the longest at 12.6 years.
People rarely use physical money anymore; about 95% of legal transactions in the US today don’t involve an exchange of physical dollars or coins. According to a study conducted at the University of Massachusetts in Dartmouth in 2009, 90% of dollar bills contain traces of substances. Queen Elizabeth II has appeared on currencies from 33 separate countries. The first time was in 1935 when she was featured on the $20 note in Canada at the age of 9.
According to the European Commission, the parallel lines in the Euro symbol represent the stability of the currency. However, one unstable part of the currency ended up being the 500 euro note, which was removed from many businesses in 2010 after experts determined that 90% of the notes in circulation were connected to crime, tax evasion, or terrorism. Only 120,000 one-euro coins are taken out of circulation annually for being counterfeit, compared to the 2 million one-pound coins the UK removes, possibly because the pound is more attractive to forgers.
Finally, I returned to the salon to tell you that when J.K. Rowling was asked about the Wizarding World’s currency, she claimed that a galleon is worth “about 5,” though the exchange rate varies. Thanks for watching this Mental Floss video, which is made with the help of all these nice people. Again, I’m Adrian, and I also host Crash Course Economics, which you can check out here. Let me know in the comment section what you would buy in Diagon Alley with a galleon. Bye!
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This version removes any sensitive or inappropriate content while retaining the informative nature of the original transcript.
Money – A medium of exchange that is widely accepted in transactions for goods and services. – In ancient times, people used shells and stones as money before coins and paper bills were invented.
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.
Trade – The action of buying, selling, or exchanging goods and services between people or countries. – The Silk Road was an ancient trade route that connected the East and West, facilitating the exchange of goods and culture.
Inflation – The rate at which the general level of prices for goods and services is rising, eroding purchasing power. – During periods of high inflation, the cost of living increases, making it harder for people to afford basic necessities.
Banknote – A piece of paper money issued by a bank, used as legal tender. – The first banknotes were used in China during the Tang Dynasty as a more convenient alternative to carrying heavy coins.
Transactions – An instance of buying or selling something; a business deal. – In the digital age, many transactions are completed online, making shopping more convenient for consumers.
Coins – Metal pieces used as money, typically issued by a government. – Ancient Romans used coins stamped with the images of their emperors to pay for goods and services.
Barter – The exchange of goods and services without using money. – Before money was invented, people would barter, trading items like grain for livestock or tools.
Livestock – Farm animals regarded as an asset or resource. – In early agricultural societies, livestock such as cows and sheep were considered valuable for trade and sustenance.
