50 Fascinating Facts About Money for Kids

Want to help your kids develop a better understanding of money? Check out these 50 fascinating facts about money for kids!

1. The word “money” comes from the Latin word “moneta,” which means “mint.”
2. In the UK, the currency is the British pound (£).
3. Coins have been used as a form of money for over 2,500 years.
4. The smallest coin in the UK is the 1p coin, and the largest is the £2 coin.
5. The Bank of England is responsible for issuing banknotes in the UK.
6. The Bank of England was founded in 1694, making it one of the oldest central banks in the world.
7. The Bank of England is located in London.
8. The Bank of England’s logo is a picture of a bird called a “goldfinch.”
9. The Bank of England issues banknotes in denominations of £5, £10, £20, and £50.
10. The Bank of England does not issue £1 banknotes.
11. The Bank of England issues polymer banknotes, which are made of a thin, flexible plastic material.
12. The first polymer banknote issued by the Bank of England was the £5 note, which features Winston Churchill.
13. The Bank of England also issues commemorative coins, which are special coins that are made to celebrate a particular event or person.
14. The Bank of England’s vaults hold around 400,000 bars of gold, worth over £100 billion.
15. The UK’s largest coin ever made was a £5 coin made in 2012 to commemorate the Queen’s Diamond Jubilee.
16. The UK’s smallest coin ever made was a halfpenny, which was last issued in 1984.
17. The Bank of England was originally founded to fund the war against France.
18. The Bank of England is sometimes called the “Old Lady of Threadneedle Street.”
19. The Bank of England’s governor is Andrew Bailey.
20. The Bank of England’s headquarters is located on Threadneedle Street in London.
21. The Bank of England’s building is over 300 years old.
22. The Bank of England was nationalised in 1946.
23. The UK’s highest-denomination banknote was the £1 million note, which was used for interbank transfers and not available to the public.
24. The £1 million note was withdrawn in 1945.
25. The £50 note features a portrait of James Watt and Matthew Boulton, who helped to develop the steam engine.
26. The £20 note features a portrait of J.M.W. Turner, who was a famous British painter.
27. The £10 note features a portrait of Jane Austen, who was a famous British author.
28. The £5 note features a portrait of Winston Churchill, who was a famous British politician.
29. The word “dollar” comes from the German word “thaler,” which was a silver coin used in Europe in the 16th century.
30. The US dollar is the most widely used currency in the world.
31. The euro is the second-most widely used currency in the world.
32. The Bank of England is responsible for setting interest rates in the UK.
33. Interest rates affect how much it costs to borrow money.
34. When you put money in a savings account, the bank pays you interest.
35. When you borrow money from a bank, you have to pay interest.
36. A penny is worth 1/100th of a pound.
37. A pound is made up of 100 pence.
38. The £ symbol comes from the Latin word “libra,” which means “pound.”
39. The euro symbol (€) was designed by a Belgian named Alain Billiet.
40. The pound sterling is the fourth most traded currency in the foreign exchange market.
41. The Bank of England was the first central bank to be established in the world.
42. In the UK, there are three banks that are allowed to issue banknotes: the Bank of England, the Royal Bank of Scotland, and the Bank of Scotland.
43. The Royal Bank of Scotland’s £1 notes are the only £1 notes still in circulation in the UK.
44. The £50 note is the largest denomination note in the UK.
45. In the UK, it is illegal to deface or mutilate a banknote.
46. The world’s oldest banknote is from China and dates back to the 7th century.
47. The Bank of England is one of eight banks that form the “G8 central banks,” which are the central banks of the eight richest countries in the world.
48. The term “credit” comes from the Latin word “credere,” which means “to believe.”
49. The term “debit” comes from the Latin word “debere,” which means “to owe.”
50. The UK’s first ever banknote featured a portrait of King Charles II and was issued in 1694 by the Bank of England.