Tags

,

Did you know that in 1690 the colony of Massachusetts issued the first paper money in the American continents?  Before paper money the people used a barter system, where people trade things or work for something else.  If you grew carrots and wanted eggs, you would bring some of your carrots to someone who had eggs and trade your carrots for their eggs.

To make trading easier, people started using coins (made out of valuable metals such as gold, silver, or copper) to represent how much something was worth.  However, it was hard to carry large amounts of coins so people started storing their coins with banks.  In exchange, the banks gave people ‘bank notes’ that were worth a certain amount of coins.  These notes or paper money were easier to carry and use.

We hope that you have a great day.  Remember to be kind.  We Love You.

Bonus Note:
Did you know that in 1690 the colony of Massachusetts issued the first paper money in the American continents?  The US Mint designs and prints the paper bills that we use in the United States.  Historically, they have printed $1, $2, $5, $10, $20, $50, $100, $500, $1000, $5000, $10000, and $100000 bills.

The mint stopped making the very large bills around the 1930’s and 1940’s.  Now they only print $1, $2, $5, $10, $20, $50, $100 bills for people to use.

We hope that you have a stupendous day.  Remember to be kind.  We Love You.

Advertisements