Would you know the difference between several well-known facts about money and some rather popular myths or urban legends about money? Do you think you know all there is to know about U.S. currency? Take this money quiz to see if you can spot the finance facts from the money myths!

1. The plastic strip embedded in U.S. bank notes can help the government track and determine how much money you have on you.

False. This is a money myth. The security strip was designed with the sole purpose of deterring money counterfeiters. There is no way it can be used against the currency holder for intelligence purposes. 

2. The U.S. penny costs more to make than it is worth.

True. This is a finance fact! Depending on the year the currency is manufactured, it has cost anywhere from .97 to 1.47 of a cent to manufacture an American penny. Because this form of currency changes hands so frequently and can last for many years, the value has been justified (for now.) 

3. U.S Law states that merchants don't have to accept payment consisting of more than 100 pennies.

False. This is a big money myth that is completely untrue. U.S. law states that all money is legal tender and a form of currency. It doesn't specify how a merchant or creditor has to accept payment, however. If a store wants to have a currency rule accepting only bills smaller than $20 or refuses to take pennies at all, it is within their legal rights. (It is good business practice to let customers know of the currency rule ahead of time, however. 

4. The U.S. Treasury has been secretly producing currency called "Ameros" - coins designed to be used by a combined economic venture between the U.S., Canada, and Mexico.

False. This is a money myth. There is no economic union between the three countries and the U.S. Treasury does not produce any such form of currency. The "Amero" was designed and manufactured as a collectible coin with no cash or money value by a private novelty company in 2007. 

5. The U.S. Treasury is recalling a particular state's quarter due to failure to fit into regulation payphone and toll slots.

False. Of all the urban legends about money, this may be the easiest to believe, yet this money rumor is a myth! There has been no such currency recall. As far as anyone knows, all new state quarters are of uniform size and shape. 

6. A large percentage of U.S. paper currency carries traces of cocaine.

True. This is a finance fact. While authorities don't know the exact percentage of paper money carrying trace amounts of the drug, it has been found in up to 50% of money tested by the government. At first thought, it would seem that this was due to the way cocaine users use paper currency to indulge in the drug, and traces of the drug were left on the currency. However, this is not the reason for the high number of paper currency being affected. Once a single cocaine-exposed bill is processed through any bank or retail counting machine, any other bill following it will also be exposed to small amounts. The actual amount of cocaine is so small as to be negligible, but this finance fact still holds true! 

Many people are fascinated by the urban legends and myths that surround U.S. currency. Why shouldn't they be? Money affects each and everyone American, and is a hot topic of conversation among every social circle. For answers to your questions regarding U.S. money, visit the U.S. Treasury website. We hope you enjoyed this money quiz and learned more about the money myths and finance facts surrounding U.S. currency.