Bangalore: We handle it every day, our advanced economy would not have existed were it not for the invention of money. Yet, there are many sides to money that we may not all be aware of. CNBC reports on 10 things we probably didn't know about money.

1. Some cities have their own local currency

Some cities have their own currency. Local currency or community currency can be very beneficial.

In 1932, the city of Wörgl in Austria with 4,000 people had 30 percent unemployment, amassed a debt of 1.3 million Austrian Shillings and still suffered the effects of The Great Depression. The Mayor decided to print local tender as labour certificates. This was immediately accepted by local merchants and the local population. In the one year that it was in use, it circulated 13 times faster than the official currency. It served as a catalyst to the local economy, tax defaults were reduced, unemployment was eliminated and no increase in prices were observed.

The Brixton Pound in The U.K, HUMbucks for Humboldt Village in The U.S and The Cape Town Talent in South Africa are some of the modern currencies in use to support fiscal localism.