Money, money, money. It’s a rich man’s world. There are not many things every country in the world has in common. We celebrate different religions, different holidays, eat different food and speak different languages. However, one thing connects all of mankind. We all need money to survive.
We need money for food, shelter, and clothing. The knowledge of earning and saving money is embedded in us. Even the Vatican City, the headquarters of the Roman Catholic Church, uses Euros. Since money is so important, test your knowledge with this quiz. See how much you know about these different currencies and money in general without spending any.
It is probably no surprise that every country has its own production of money. The name of the government building that produces said money are called Mints. Coins have been in society for over 2000 years. Introduced in the kingdom of Lydia (ancient Turkey region) in the 7th Century BC, coins were made by placing lumps of cooper, silver, and gold into the coin die mould. These moulds were made into a flat surface, like a rock. It was then compressed. Then, the workers would add another coin of the same type together to make a complete coin. Now, the process is done with hydraulic coining presses. Aside from mining, new coins are also made from old coins. When a currency is updated, old coins can be exchanged for the newer models at banks.
Paper cash is made differently. The paper used to make US currency is not the same as newspapers. Instead, it is a special blend of linen and cotton. This is because if it was made from ordinary paper, it would be too easy to replicate money in fake currency. To authenticate notes, there is also a watermark that can be seen in the light on $5 notes. On more expensive notes, such as the $100 bill, a 6mm wide 3-D security ribbon is woven into the paper. Since 2013, the UK has been working on updating their banknotes and coins. Now, the UK notes are made of polymer, a transparent plastic that is harder to be damaged than paper. They are also harder to counterfeit. The British Pound is the most faked currency, even though the US dollar is the most famous currency the world. On average, counterfeit money has cost the British economy £1.5 million, according to the Bank of England.
Money is also important on a global scale. Trade centres are apolitical organisations that supply businesses with international trade. The most important financial centre in the world is in New York, known as the One World Trade Centre. The World Trade Association is connected to 330 trade centres in over 100 countries. Some of these centres are in Milan, Nariobi, Frankfurt, Aleppo, and Cali. This is important because many businesses are international. Think about Amazon, Disney, Apple, and Microsoft, just to name a few. That is also why when you order certain items, there is an added VAT (value- added tax) to account for production and distribution of these goods. This also applies to when you use the forex services (or foreign exchange services) when you are travelling to another country.
Money is also a symbol of the country. The note has symbols important to the history and culture of the country. Usually, the face printed on coins and notes are important to the country. In New Zealand, the Kiwi is on the one-dollar coin. This bird is considered to represent the uniqueness of New Zealand and its heritage. On the British Pound, there is a portrait of Queen Elizabeth II, the monarch. The Queen has been featured on countless countries yet has consistently been on the pound coin. On the American nickel, it features former president and founding father, Thomas Jefferson. On the Indian Rupee, there is a portrait of Ghandi. Japan’s Yen currency banknotes have influential writers and scientists.
One of the most frequently exchanged currencies is the Euro. As of 2020, 19 countries use the Euro currency. All these countries are part of the EU and form the Eurozone. This is impressive, seeing as though the Euro currency was only introduced as an accounting currency in 1999. In 2002, physical banknotes and coins were introduced into day-to-day life. At this time, many countries had their own currency. Finland had the currency of Morkka, and France had the currency of Franc. By converting to the Euro currency, many countries in the EU were able to keep a stable marketplace both nationally and internationally, and though cash and digital transactions.
Of course, credit and debit cards are everywhere. Nowadays, everyone has a credit or debit card. This helps build up a person’s credit and is essential to banking. Credit cards were introduced in 1958 by Bank of America in California. This was the first widely available credit card accepted by marketplace. AMEX also began issuing their own credit card. Barclays Card of the UK issued the first credit card out of US. The earliest credit cards soon experienced issues with security. The company IMB in 1970 created magnetic strips which allowed the back of the card to be read privately by a machine. This proved invaluable to stopping theft and fraud with paperwork. To make it extra secure, Personal Identification No (PIN) were introduced. Now, with the increasing value of crypto currency and Bitcoin, who knows where money and currencies will go next?
