Italian money-changers did business on benches, “banco”; a broken bench — “banca rotta” — gave us “bankrupt”.
Wacky Facts
Every fact below is short, true and sourced: tap the source link under any of them to check it yourself. Share the ones that surprise you, or browse all topics.
Coins have ridged edges to stop people shaving off metal.
When coins were made of precious metals, people clipped the edges. Reeding made tampering obvious, and many coins keep it today.
The first paper money came from China.
Merchants in Sichuan used jiaozi notes in the 11th century, and the Song government later issued them officially.
Cowrie shells were used as money.
Cowrie shells served as currency across Asia and Africa for centuries, including in parts of India.
Compound interest makes money double faster than you think.
The Rule of 72: divide 72 by the annual interest rate to estimate the years needed to double money. At 12% a year, it doubles in about 6 years.
1935The Reserve Bank of India was founded in 1935.
It was nationalised in 1949 and issues all banknotes except the ₹1 note, which the government issues.
1967ATMs are about 60 years old.
The first cash machine opened at a Barclays branch in London on 27 June 1967.
2010Bitcoin’s first real purchase was two pizzas.
On 22 May 2010, 10,000 bitcoins bought two pizzas in Florida.
1987India’s first ATM opened in 1987.
HSBC set up the first ATM in India in Mumbai in 1987.
The Indian rupee was once used in the Gulf.
The Gulf rupee was issued by the Reserve Bank of India for use in Gulf states until the 1960s.
Indian banknotes carry text in 15 languages.
Apart from Hindi and English on the front, the language panel on the back shows the denomination in 15 other languages.
Paper money was first used in China.
China began using paper money during the Tang and Song dynasties, over a thousand years ago.
The ₹1 note is issued by the Government, not the RBI.
That is why the ₹1 note carries the signature of the Finance Secretary rather than the RBI Governor.
1950Credit cards began as a restaurant bill problem.
Diners Club, founded in 1950, is often called the first multipurpose charge card; the story says its founder forgot his wallet at dinner.