With America’s 250th birthday on the horizon, we’ve been in a bit of a historical mood.
And if you’re like us, you’ve probably wondered about the history of one of the oldest financial tools for kids: the piggy bank. No? Just us? Either way, we couldn’t stop thinking about how, at some point in history, someone made a clay pig and decided it was the perfect place to store their life savings. Strange? Absolutely. But as it turns out, the piggy bank actually has a surprisingly deep history behind it. So, is the story as simple as “someone liked pigs,” or is there more to it? Let’s look at the rich history behind one of the world’s most recognizable symbols of saving money and how a farm animal somehow became the face of financial responsibility.
Early History
Now, get ready for this: there’s really a mystery behind the history! In a 1989 book, Charles Panati claimed that piggy banks were named after a type of orange clay used in the 15th century called “pygg.” Over time, this idea became one of the most popular explanations for the origin of the term "piggy bank".
There’s just one problem: it’s probably not true.
That’s right, the famous “pygg clay” story appears to be more myth than history. No real evidence has ever been found proving that a special clay called pygg existed. A real farce. A true hog hoodwink. What historians do believe is that the word “pygg” was once used to describe certain household clay containers and pots. As the language evolved over time, potters began associating the word with the animal pig and started shaping the containers like pigs instead. Children loved them, and the design stuck.
The pig connection also made sense culturally. At the time, pigs were often associated with prosperity and wealth because of their value to farmers and their well-fed appearance. Apparently, financial symbolism used to be a lot more bacon-themed.
Here’s another fun fact: early piggy banks didn’t have a removable plug or opening at the bottom like modern ones do. If you wanted your money back, you had to physically smash the bank open. Some historians even believe this is where the phrase “don’t break the bank” may have originated, although the phrase itself became popular much later. Who would’ve thought one of the oldest financial education tools also came with a lesson in property damage?
How Piggy Banks Came to America
Like many traditions, the piggy bank crossed the Atlantic with German immigrants at the start of the 19th century. The exact phrase “piggy bank” made its official debut in a newspaper article in 1913, cementing its status as a beloved children’s toy. This also coincided with the explosion of ceramic manufacturing, meaning the toys could be mass-produced and suddenly almost every child could own one. This is when piggy banks truly became a household symbol. Apparently, America looked at a pig-shaped coin container and collectively said, “Yes. This is financial literacy now.”
Over time, American financial institutions began adopting piggy banks as promotional items to encourage children and adults to open savings accounts. Some banks even gave out piggy banks that locked and could only be opened by a teller, making it much harder to “accidentally” spend your savings on candy or a new baseball glove before depositing it. Financial institutions framed these household savings banks as educational tools that taught responsibility, patience, and the importance of saving money. Somewhere along the way, the pig officially became the face of financial responsibility.
Piggy banks also exploded in popularity through American pop culture. By the mid-20th century, they were everywhere: cartoons, advertisements, comic strips, toy stores, and classrooms. The image of the smiling pink pig holding coins became instantly recognizable, even to people who never owned one themselves. At this point, America didn’t just adopt the piggy bank; it fully committed to the bit, deciding that nothing says “serious financial planning” quite like a cheerful pink pig silently judging your spending habits from a dresser shelf.
From Ceramic Pigs to Digital Wallets
Today, you’re far more likely to tap a phone screen than drop a coin into a ceramic pig, but the idea behind the piggy bank hasn’t really changed. It’s still about intentionally setting money aside, just in a world where “change” looks a little different.
Modern savings tools have essentially digitized the piggy bank concept. Automatic transfers, round-up savings features like our Boost! program, and goal-based savings accounts all do the same thing those old ceramic pigs did: quietly stash money away before you have a chance to spend it. The only difference is you don’t have to physically shake anything to see how much is inside anymore. While it may not be as charming as a ceramic pig, it’s certainly more efficient and significantly less likely to be broken open with a hammer on a desperate Saturday afternoon.
In a way, the piggy bank never really disappeared. It has just upgraded from ceramic and coins to apps and automation, continuing its long tradition of making saving money feel a little more tangible, even when it’s completely digital.
Same Idea, New Tools (No Hammer Required)
While we can’t offer you a ceramic pig that quietly stares at you every time you spend money, we can offer savings options designed to make building good financial habits a little easier, whether you’re saving for emergencies, a big goal, or just trying to make future-you a little happier. Because at the end of the day, the method has changed, but the idea hasn’t: set money aside today, thank yourself later!