Independent Banker - October 2018 - 15

History Lesson
The story of paper money
Those bills in your wallet have a long and impressive history.
They invented gunpowder, the compass, kites and
umbrellas, so it's probably no surprise that the Chinese
were also responsible for inventing paper money.
Nicknamed " flying cash " because it was more likely
to blow away, the paper bill came into popular use
during the Tang Dynasty, more than 1,000 years ago.
Bills came complete with the ominous inscription: " All
counterfeiters will be decapitated. "
During Marco Polo's travels throughout China in
the 13th century, the Italian merchant and explorer
was impressed by the folding money but couldn't
convince Europeans to give up their precious metal
coins. It wasn't until 1661 that Sweden became the first
European country to issue its own paper money.
ICBA names NextGen
Scholarship Award recipients
In July, ICBA announced the four recipients
of its 2018 NextGen Scholarship Award. Each
banking professional will receive a scholarship to fund their
professional development and education. A scholarship
review panel selected recipients based on submitted essays
and letters of recommendation from senior management at
their banks.
Q Stefanie Gulick, vice president and credit department
manager at $488 million-asset Ledyard National Bank
in Hanover, N.H., will receive a Barret Graduate School
of Banking Scholarship.
News
Q Angela Ledding, vice president of $320 million-asset
Northview Bank in Grand Rapids, Minn., and
Sean Ulik, business development offi cer at $501 million-asset
Consumers National Bank in Canton, Ohio,
will each receive a LEAD FWD Summit Scholarship.
Q Stacy Albers, Bank Secrecy Act oversight offi cer at
$2.75 billion-asset First Bank & Trust in Brookings
and Sioux Falls, S.D., will receive a Community Banker
University Scholarship.
Congratulations to the four winners!
Here in the United States, the Massachusetts
Bay Colony issued the first paper money in 1690. It
soon became the norm for private entities like statechartered
banks, rather than the federal government, to
issue paper money. But the stress of having a number
of competing currencies during the Civil War led to
a financial crisis that a series of National Bank Acts
between 1863 and 1866 aimed to address. This created
nationally chartered banks and levied taxes against
state banks. State-issued currencies were eventually
phased out and replaced with National Bank Notes.
From then on, only the federal government could
issue paper money, and the U.S. had its first uniform
paper currency. -Julie Kendrick
Outsmart the
cybercrooks
this National
Cybersecurity
Awareness
Month
Resources
In 2017,
U.S. data
breach incidents hit a new record high of 1,579-a
44.7 percent jump from 2016. (For more on this,
see the Ledger on the facing page.)
As a community bank, your best defense is
prevention, along with a detailed plan of action
should a breach occur.
The FDIC has prepared a Cyber Challenge
specifically for community banks. Using seven
diff erent breach scenarios, the tool can help
you gauge and hone your team's operational
readiness for a breach. It can also kick-start
important conversations about how to strengthen
your cybersecurity. Visit bit.ly/CBcyberchallenge
to get started.
independentbanker.org Q 15
http://www.bit.ly/CBcyberchallenge http://www.independentbanker.org
Independent Banker - October 2018

Table of Contents for the Digital Edition of Independent Banker - October 2018
