Cash In With This History of Money Quiz

The largest U.S. banknote released to the public was worth $10,000. It was first released in 1918 and featured a portrait of former U.S. Treasury Secretary Salmon P. Chase (the namesake of Chase Bank). The bill was last issued in 1945 and was officially discontinued in 1969. The notes are now so rare and valuable that if one does show up in circulation it is worth more than its face-value amount.

Bills of exchange were first used in antiquity but it was in 17th-century England that checks began to be more widely used for domestic payments, allowing customers to write a check for funds held in their bank for bills that required instant payment. By the 1800s, checks became more widespread as a convenient way of exchanging money, and in 1830, the Bank of England was the first to issue a whole book of checks.

In 1988, Australia became the first country in the world to introduce polymer banknotes. These high-tech notes are waterproof, resistant to dirt, stronger, and harder to counterfeit than standard cotton-fiber paper money. Polymer banknotes last around three times longer than paper money, and are now used by more than 20 countries around the world.

When businessman Frank McNamara forgot his wallet while dining out at a New York City restaurant, he was forced to call his wife so she could come and settle the bill. The mishap inspired him to develop the concept of the Diners Club: a charge card that could be used at restaurants in place of cash. Diners Club was the first independent payment card company in the world, and the predecessor to the modern credit card.

Cowries are small shells that are widely found on beaches along the Pacific and Indian Oceans. Cowry shells were used as an early form of currency from around 1200 BCE in China, and continued to be used as currency in West Africa up until the 20th century. The shells were perfect as currency because they are small, durable, and easily counted.

The first coins to be minted as currency featured a hallmark in the shape of a lion. These coins became known as “staters,” and were used as currency throughout the Lydian Empire in western Anatolia. King Alyattes, who reigned over Lydia from 619 to 560 BCE, was the first to mint coins as currency. The Lydian stater was made from electrum, a naturally occurring alloy of gold and silver.

The first Roman coins featured depictions of animals or gods and goddesses. But in 44 BCE, Julius Caesar became the first Roman ruler to feature his own face on currency. This broke the taboo inherited from the Greeks of never placing a mere mortal’s face on money. Coinage soon became another way for rulers to enhance and exert their power, as it linked their portrait with wealth and authority.

The $5 bill was introduced into circulation in 1914, and President Abraham Lincoln’s face was chosen for the portrait. He has remained the face of the fiver ever since, despite the bill going through a number of redesigns. When the first $1 bill was released in 1862, it featured former Secretary of the Treasury Salmon P. Chase, but he was replaced with a portrait of George Washington in 1869.

The first U.S. penny to enter official circulation was designed by Benjamin Franklin in 1787. It was known as the “Fugio cent” because the copper coin featured a sun and sundial, along with the Latin motto “Fugio” meaning “I fly.” The reverse of the coin depicted a chain with 13 links, representing the original 13 colonies, encircling the words “We Are One.”

The first banknotes were issued during the Tang dynasty of China in the 9th century CE. The notes, known as “flying cash,” were issued for traders on the Silk Road. Merchants would deposit coins at the local government office in exchange for a certificate of the same value. This meant traders didn’t have to carry heavy coins and could cash certificates in other local government offices along the route.