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6 interesting facts about finance

The world of finance is full of curiosities that you may not know about. If you want to find out where the piggy bank came from, what the first banknotes were and how many banknotes Queen Elizabeth II appeared on, be sure to read this entry!


And from curiosities: the piggy bank was created by mistake

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As it turns out, the pig has become a symbol of saving by mistake. In the olden days money was stored in clay kitchen jars, which from the Old English language were called “pygg”. Over the years, changes in pronunciation meant that the jar began to say “pig”, which also means pig in English. In the nineteenth century, a potter decided to combine both elements – since then we associate the piggy bank only with piggy.


Why are Jews associated with usury?

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For Christians, borrowing at interest was a sin. In 1179, moneylenders were excommunicated at the Lateran Council III. However, the Jews found excuses for usury – they believed that the Bible says that borrowing at a foreign interest was not a sin. Hence social exclusion. Jews appeared in Venice in the 16th century and became an important source of financial services there. An area of ​​the city was separated for them on the site of an old iron foundry (from the Italian “ghetto” literally “smelter”). Those who stayed in Venice for more than 2 weeks were marked – they had to wear a yellow letter O on their backs, and then a scarlet hat.


When did the banknotes become more popular?

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The first banknotes appeared in China in the 9th century AD. Marco Polo was the first person to bring news of paper money to Europe. It wasn’t until the 17th century that Europeans began to use banknotes as a substitute for coins.
Earlier, stone discs, shells or grains were used as money.


Where does the word bank come from?

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Banking was born on the Apennine Peninsula. The word we use today – “bank” – came from the Italian “banco”, which is the table at which traders sat. At the time when the trader became insolvent, the table was overturned, where the word “bankrupt” from the Italian “banca rotta”, meaning translating a broken bench, destroyed table.