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- Walter
Cavanagh from USA has a total of 1,397 different credit cards,
which together are worth more than $1.65 million in credit. He
keeps his collection in the world's longest wallet, which is 2550
ft in length and weighs 17.49 kg.
- In
1940, silver coins fell from the skies on to the town of Gorky,
Russia. A tornado had lifted up an old money chest and dropped
the coins it contained as the wind carried it long.
- The
heaviest gold coins ever minted in the world were the 1000 Mohur
of Mughal emperor Jahangir which had a diameter of 20 cm and contained
383.75 troy ounces or almost 12 Kilograms of pure gold!
- All
sorts of things have been used as money at different times in
different places like Amber, beads, cowries, drums, eggs, feathers,
ivory, kettles, leather, mats, nails, oxen, pigs, quartz, rice,
salt, vodka, yarns, and even zappozats (decorated axes), till
we finally had paper currency!
- The
lightest money ever used was made of feathers and was used on
the Pacific Island of Santa Cruz. The heaviest money ever used
was made of stone and used on another Pacific Island called Yap.
These stones were 12 feet tall and weighed more than 500 pounds.
- An
1804 silver dollar, which was one of the only 15 left, and valued
at $500,000 fetched $1.815 million at an auction in New York.
- The
richest person of all time is John D Rockfeller, whose wealth
was estimated at about $900 million in today's terms.
- In
625 B.C., metal coins were introduced in Greece. They replaced
grain - usually barley - as the medium of exchange. Stamped with
a likeness of an ear of wheat, the new coins were lighter and
easier to transport than grain, and did not get moldy.
- Rich
King Croesus of Lydians in Asia Minor issued the first money of
gold - an oblong piece - in the 6th century. Soon the Greeks began
minting money in the shape of discs, striking them with detailed
high relief. Romans introduced the familiar serrated edges of
today's coins as a way to discourage the practice of shaving off
thin slices.
- The
first paper notes printed in the United States were in denominations
of 1 cent, 5 cents, 25 cents, and 50 cents. The U.S. Department
of the Treasury first issued paper U.S. currency in 1862 to make
up for the shortage of coins and to finance the U.S. Civil War.
- When
using the first pay telephone, a caller did not deposit coins
in the machine. He or she gave them to an attendant who stood
next to the telephone. Coin telephones did not appear until 1899.
- Florence,
Italy was the first city to mint its own gold coins in 1252.
- Cleopatra
was no older than 18 when she became the queen of Egypt. Despite
her glamorous image today, she is depicted on ancient coins with
a long hooked nose and masculine features.
- An
expert in testing coins is called a "shroff."
- The
Cree Indians, one of the Native American tribes used smoking pipes
as currency.
- Leather
money was issued in China in 118 BC. Also, Indian Sultan Mohammed
bin Tughlaq tried to make his own leather coinage in the year
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Bank
of Venice: Forerunner of modern banks
The first institution similar to a modern bank was established at
Venice in 1171. It began when the Republic fell short of funds during
wartime period, and had to take recourse to a forced loan. The contributors
to that loan were allowed an annual interest of four percent on the
sums they had obliged to lend. A corporation was set up named the
Chamber of Loans (later known as the Bank of Venice) to look after
the process.
The
corporation soon got involved in more transactions. It had begun with
an initial investment, which it found useful in the business of buying
and selling exchange, in time becoming a dealer in this business.
Thus, it adopted the process of Discount, or lending money upon mercantile
paper- an important role of modern banks. Also, because of its highly
dependable character, merchants began to keep their money in the Chamber
for safekeeping. Thus the concept of Deposit, an important function
of modern banking was floated.
The
Bank of Venice was without a rival for many years. In the fifteenth
century, similar institutions were established in Genoa and Barcelona. |
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