The name comes from a clay pot shaped like a pig, not from pigs themselves
A piggy bank is called that because of a misunderstanding that stuck around for centuries. In the Middle Ages, people in Europe stored their spare coins in small clay pots made from an inexpensive material called pygg — a type of orange-brown clay. These pots became known as "pygg pots" or "pygg banks."
When English potters in the 1600s received orders for "pygg banks," they heard the word "pig" instead of "pygg." Rather than correct the mistake, they started making the pots in the shape of actual pigs. The name stuck, and the pig shape became the standard. By the time people realized the original word was about the clay, not the animal, the pig-shaped bank was already too popular to change.
The confusion happened because spoken English in that era didn't distinguish clearly between the clay term and the animal. Once manufacturers began producing pig-shaped versions, the visual association made the name feel natural, and the original meaning of "pygg" faded from common knowledge.
Key Takeaways
- The word "piggy bank" comes from "pygg," a type of medieval clay used to make storage pots, not from the animal itself.
- English potters in the 1600s misheard "pygg bank" as "pig bank" and began making them pig-shaped to match the name they thought they heard.
- The pig shape became so popular that it replaced the original pot design, and the original meaning of "pygg" was forgotten.
- Piggy banks served the same purpose then as they do now: a physical container that makes saving coins feel separate from everyday spending.
Why people actually used clay pots for money
Before modern banks existed, most people kept their coins at home. A dedicated pot or container served a practical purpose: it separated savings from the money you used for daily expenses. The clay pot was cheap to make, durable enough to last years, and small enough to keep in a corner or on a shelf.
The design had one feature that made it work as a savings tool: the opening was small and often on top, which meant you could drop coins in easily but couldn't reach in to grab them without breaking the pot. That friction — the effort required to access your money — was the whole point. It made saving feel intentional and made spending your savings feel like a real decision, not a casual reach into a jar.
Wealthy people used locked boxes or chests. Working people and children used clay pots. The piggy bank was a tool for people who needed a physical barrier between themselves and their own money.
How the pig shape spread across the world
Once English manufacturers started making pig-shaped banks in the 1600s and 1700s, they exported them to other countries. The shape was distinctive and easy to recognize, so other potters and manufacturers copied it. By the 1800s, pig-shaped banks were common in North America, Europe, and other regions where English trade had influence.
The pig shape also worked well for mass production. A mold could be made once and used hundreds of times, making pig banks cheaper to produce than irregular pot shapes. Manufacturers in Germany, Japan, and the United States all began producing their own versions, each adding local details — some with coins slots on the back, some with removable plugs on the bottom, some decorated with paint or glaze.
The name and shape became so linked that people stopped asking why it was called a piggy bank at all. It was just what you called a small savings container shaped like a pig.
The difference between a piggy bank and a real savings account
A piggy bank teaches one lesson that a bank account teaches differently: that saving requires separation. When you put coins in a piggy bank, you are physically removing them from circulation. When you open a bank account, you are doing the same thing digitally — moving money into a place where you don't see it every day and can't spend it without a deliberate action.
But a piggy bank has limits that a bank account does not. Your coins are not insured if the bank breaks or is lost. You earn no interest on the money sitting inside. You have no way to transfer funds, set up automatic deposits, or access your money from anywhere except your home. A bank account does all of those things.
For children, a piggy bank is often the first savings tool because it is concrete and visible — you can see the coins accumulate. For adults, a bank account serves the same psychological purpose (separating savings from spending money) but with security, growth, and flexibility that a clay pig cannot provide.
Why the name has lasted even as the design changed
Piggy banks today look nothing like medieval clay pots. They come in plastic, ceramic, metal, and glass. Some are shaped like animals other than pigs. Some have digital displays or electronic locks. Some are designed to count coins automatically. Yet we still call them piggy banks.
The name persists because it is familiar and because it describes the function, not the form. A piggy bank is any small container designed to hold coins as savings, regardless of what it looks like. The word has become generic, like "kleenex" for tissue or "band-aid" for adhesive bandage — the original specific product name became the common term for the whole category.
The pig shape itself has also remained popular because it is memorable and appeals to children. Manufacturers know that a pig-shaped bank is more likely to be used and kept than a plain box, so they keep making them. The original mistake from the 1600s has become a design standard that nobody questions.
What piggy banks teach about money behavior
The piggy bank works because it creates friction between you and your money. That friction is intentional. When saving requires you to physically put a coin in a container, walk to where the container is kept, and make a conscious choice to add to it, you are more likely to save regularly than if the money just sits in your wallet.
Modern banks use the same principle digitally. Automatic transfers move money from checking to savings before you see it. Savings accounts are separate from checking accounts so you don't accidentally spend the money. Some banks charge a fee if you withdraw from savings too often, creating a small friction cost. All of these features exist because the piggy bank principle still works: people save more when there is a barrier between them and their money.
The name "piggy bank" carries that history with it. It reminds us that saving has always been about creating separation, whether in a clay pot, a locked box, or a digital account.
Frequently Asked Questions
Did pigs have anything to do with the original piggy bank?
No. The original medieval pots were made from pygg clay and had nothing to do with pigs. English potters misheard "pygg bank" as "pig bank" in the 1600s and began making them pig-shaped. The animal shape was an accident that became permanent.
When did people stop using actual piggy banks for savings?
Piggy banks remained common household items through the 1900s, especially for children. As banks became more accessible and checking accounts became standard, fewer adults used them for serious savings. Today they are mostly toys or decorative items, though some people still use them for loose change.
Why do piggy banks have a slot on top instead of an opening?
The small slot made it harder to take money out without breaking the bank. That difficulty was the feature, not a bug — it forced you to commit to saving rather than treating the bank as a convenient coin holder you could raid whenever you wanted.
Are piggy banks still useful if I have a bank account?
They can be. Some people use a piggy bank for spare change or as a visual reminder to save. The psychological effect of watching coins accumulate in a physical container can reinforce the savings habit, even if the amounts are small compared to a bank account.