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Piggy bank

For the song by 50 Cent, see Piggy Bank (song). "Money Box" redirects here. For the BBC Radio programme, see Money Box (radio).

Piggy bank (sometimes penny bank or money box) is the traditional name of a coin accumulation and storage container; it is most often, but not exclusively, used by children. The piggy bank is known to collectors as a "still bank" as opposed to the "mechanical banks" popular in the early 20th century. These items are also often used by corporations for promotional purposes.

Piggy banks are typically made of ceramic or porcelain, and serve as a pedagogical device to teach the rudiments of thrift and savings to children; money can be easily inserted, but in the traditional type of bank the pig must be broken open for it to be retrieved. Most modern piggy banks, however, have a rubber plug located on the underside; others are made of vinyl and have a removable nose for easy coin access. Some piggy banks incorporate electronic systems which calculate the amount of money deposited.

Etymology

In Middle English, "pygg" referred to a type of clay used for making various household objects such as jars. People often saved money in kitchen pots and jars made of pygg, called "pygg jars". By the 18th century, the spelling of "pygg" had changed and the term "pygg jar" had evolved to "pig bank."

This name may have caught on because the pig banks were mostly used by children, and the pig is a child-friendly shape that is easy to fashion out of clay. Once the meaning had transferred from the substance to the shape, piggy banks began to be made from other substances, including glass, plaster, and plastic.

Another reason for the name piggy bank that has been put forward is based upon the idea that the coins given to the piggy bank represent the food fed to a pig by the farmer. It costs the farmer money to feed the pig which he does not get back until the pig is slaughtered for the meat (represented by breaking the piggy bank) which the farmer can then sell.

In a curious case of parallel evolution, the Indonesian term celengan (a celeng is a wild boar, with the "an" affix used to denote a likeness) was also used in the context of domestic banks. The etymology of the word is somewhat obscure, but from a Majapahit piggy bank from the 15 century A.D. one may conclude that the concept has been used for several centuries.

Uses

The general use of piggy banks is to store loose change in a quaint, decorative manner. These containers may serve other uses, such as functioning as swear jars or a hiding places for domestic contraband such as cigarettes, drugs or condoms. Modern piggy banks are not limited to the likeness of pigs, and may come in a range of animal shapes, sizes and colours. Many times a family could empty spare change into one and then split the coins when the bank is full. Many people collect piggy banks as a hobby.

Famous

In Seattle, Washington; The Pike Place Market's official mascot, Rachel, is a bronze cast piggy bank that weighs nearly 600 pounds, is located at the corner of Pike Place under the "Public Market Center" sign. Rachel was designed by local artist Georgia Gerber and modeled after a pig (also named Rachel) that lived on Whidbey Island and was the 1977 Island County prize-winner. Rachel receives roughly $9,000USD annually in just about every type of world currency, which is collected by the Market Foundation to fund the Market's social services. Locals make a habit of emptying their pockets and rubbing Rachel's snout for good luck.