There are two legends about lucky money.
Legend 1:
In ancient times, there was a little demon called "Sui" who would go out on New Year's Eve and touch the heads of sleeping children with his hands. The children would often be frightened. Start crying, then get headache and fever, and become a fool. Therefore, every family would sit up and stay awake with the lights on on this day, which is called "keeping evil spirits at bay".
A couple had a son in old age, whom they regarded as their darling. On New Year's Eve, they were afraid that "evil spirits" would harm their children, so they took out eight copper coins to play with their children. When the child was tired from playing and fell asleep, they wrapped eight copper coins in red paper and placed them under the child's pillow. The couple did not dare to close their eyes. In the middle of the night, a gust of dark wind blew open the door and blew out the lights. As soon as "Sui" reached out to touch the child's head, a flash of light burst out from the side of the pillow, which scared "Sui" and ran away. The next day, the couple told everyone how to wrap eight copper coins in red paper to scare away the "evil spirit". In the future, if everyone learns to do this, the children will be fine.
Legend 2:
This legend originated from the ancient "suppression". It is said that in ancient times there was a ferocious beast called "Nian". Every night after 365 days, it would come out to harm people, animals and crops. Children are scared, and adults use the sound of burning bamboo to drive away the "year" and comfort the children with food, which is "suppressing the fright". As time went by, it evolved into using money instead of food. In the Song Dynasty, there was "squeezing money". According to historical records, Wang Shaozi of Nanbei was rescued by the imperial chariot because he was being carried away by bad guys on the way. He was rescued by the imperial chariot. Song Shenzong gave him "golden rhinoceros money to suppress the shock". Later it developed into "lucky money".
It turns out that the eight copper coins were transformed by the Eight Immortals and came to protect the child secretly. Because "祟" and "Sui" are homophonic, it gradually evolved into "New Year's money". In the Ming and Qing Dynasties, "money woven into the shape of a dragon was woven through colorful ropes, which was called lucky money. Those who were given to children by their elders were also called lucky money." Therefore, in some places, the New Year's money given to children is called "string money." In modern times, it evolved into a red paper package with one hundred copper coins given to the younger generation, which means "long life." For the grown-up juniors, a silver dollar is placed in the red paper bag, which means "everything will make a lot of money". After the currency was changed to banknotes, elders like to go to the bank to exchange new banknotes with linked face numbers for their children, wishing their children "continuous promotion".
Children’s money is “lucky money”, and old people’s money is “lucky money”. "New Year's money" for the elderly means that they can live a few more years without growing older.