You might not think much about the money you use every day, but there are some surprising facts about your bills and coins that could both fascinate you and come in handy.
$2 Bills Were Once Thought to Be Unlucky
The $2 bill was first introduced in 1862. For most of history, it was considered unlucky and unpopular.
The back of the bill features John Trumbull’s painting “Declaration of Independence,” but it’s missing five of the 47 people in the original painting.
While conspiracy theories surround the $2 bill, the real mystery might be why some figures were left out of the final design.
A Bill’s Lifespan Averages Up to 15 Years
Bills wear out over time and are eventually taken out of circulation. The $1 bill is the most used and lasts about 5.8 years.
Surprisingly, the $10 bill has the shortest life at about 4.5 years. The $5 bill follows at 5.5 years.
Meanwhile, the $20 and $50 bills last longer, averaging 7.9 and 8.5 years, respectively. The $100 bill lasts the longest, with an average lifespan of 15 years.
Damaged Currency Can Still Be Redeemed
If you have torn or damaged money, don’t throw it out. The Bureau of Engraving and Printing might redeem it at full value.
If you have more than half of the note, including any security feature, you can qualify for redemption.
Even if you have less than half, you might still qualify if you can prove how the note was destroyed and that the missing parts were lost.
Commemorative Coins Raise Money for Causes
Congress occasionally authorizes the U.S. Mint to produce special commemorative coins. These coins are legal currency but aren’t usually meant for circulation.
Selling them to collectors has helped raise hundreds of millions of dollars for museums, monuments, and other programs.
“In God We Trust” Has Faced Legal Challenges
The motto “In God We Trust” first appeared on paper money in 1957, but it was on the penny starting in 1909, the dime in 1916, and most other coins since 1908.
Some people have objected to the religious message. In 2017, a Chicago man named Kenneth Mayle filed a lawsuit claiming the motto violated his rights.
The case was dismissed, and an appeal was later rejected.
Early Americans Opposed Putting Faces on Coins
American coins originally featured images of Liberty and the bald eagle, not famous faces. This was to avoid similarities with British coins, which depicted monarchs.
Americans, fresh from winning independence, wanted to distance themselves from British influence.
Hidden Faces Appear on Bills Under Light
If you hold a bill up to the light, you’ll see a second image of the portrait. For example, on a $100 bill, you can see Benjamin Franklin’s face on both sides of the bill in the blank space next to the portrait.
Security Threads Glow in Different Colors
To spot counterfeit money, check the embedded security threads under UV light. Each bill glows a different color:
- $5 bill – blue
- $10 bill – orange
- $20 bill – green
- $50 bill – yellow
- $100 bill – pink
Paper Money Isn’t Made of Paper
Despite being called “paper money,” U.S. bills are made from 75% cotton and 25% linen, a blend that makes them more durable than regular paper.
There Was Once a Money Shortage in the U.S.
Under British rule, American colonies weren’t allowed to make their own money and had to rely on existing coins or bartering.
In 1652, Massachusetts secretly began producing coins, all stamped with the year “1652” to avoid detection.
Even after the British discovered this, Massachusetts continued minting coins for years.
States Almost Had Their Currencies
Under the Articles of Confederation, both Congress and individual states were allowed to issue money.
If that had continued, you would have needed a different currency for each state you visited. Eventually, the government decided to establish a single national currency.
Money Had Some Strange Nicknames
The Coinage Act of 1792 created gold coins with odd names: the $2.50 coin was called a “quarter eagle,” the $5 coin a “half eagle,” and the $10 coin an “eagle.”
Other countries also have unusual money slang: “toad” (Denmark), “pasta” (Spain), “lobster” (Australia), and “mosquito” (Germany).
Early Coins Were Sized by Value
Before 1804, silver coins didn’t have denominations on them. The only way to tell their value was by their size. Quarters didn’t bear the “25c” marking until 1804.
The Civil War Brought Paper Money Into Circulation
The U.S. government began issuing paper money (greenbacks) in 1861 to fund the Civil War.
These “Demand Notes” helped secure loans from Northeastern banks. All U.S. money issued since 1861 is still considered legal tender at face value.
Postage Stamps Were Once Used as Money
During the Civil War, people hoarded coins made of silver and gold because of their value. This caused a coin shortage, so the government temporarily allowed postage stamps to be used as payment.
When stamps also became scarce, the government issued “fractional currency” (bills worth less than $1) starting in 1863.
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