Billion,Centilion, Decillion, Billion seems to have been a French creation, and was originally bi-million. The term originally meant 10^12 or one million millions, and still has this meaning in many countries today. In the US and some other countries it is used for 10^9 or one thousand million. The table below compares the names as used in the US and in Germany:
Value -----German name--------US name
10^6 ----- Million ---------- Million
10^9 ------ Millard------------Billion
10^12 ----- Billion -----------Trillion
10^15------ Billiarde -------- Quadrillion
Cajori attributes the first publication of the words above million to Nicholas Chuquet (1445-1488). Here is a quote from his A History of Elementary Mathematics with Hints on Methods of Teaching:
Their origin dates back almost to the time when the word million was first used. So far as known, they first occur in a manuscript work on arithmetic by that gifted French physician of Lyons, Nicolas Chuquet (1445- He employs the words byllion, tryllion, quadrillion, quyllion, sixlion, septyllion, octyllion, nonyllion, "et ainsi des aultres se plus oultre on voulait proceder" to denote the second, third, etc. powers of a million, i.e. (1,000,000)2, (1,000,OO0)3, etc. Evidently Chuquet had solved the difficult question of numeration. The new words used by him appear in 1520 in the printed work of La Roche. Thus the great honor of having simplified numeration of large numbers appears to belong to the French. In England and Germany the new nomenclature was not introduced until about a century and a half later. In England the words billion, trillion, etc., were new when Locke wrote, about 1687. In Germany these new terms appear for the first time in 1681 in a work by Heckenberg of Hanover, but they did not come into general use before the eighteenth century. About the middle of the seventeenth century it became the custom in France to divide numbers into periods of three digits, instead of six, and to assign to the word billion, in place of the old meaning, (1000,000)2 or 1012, the new meaning of 109
In The Book of Numbers by John Conway and Richard Guy (pp. 14-15) they write
These arithmeticians [Chuquet and de la Roche] used "illion" after the prefixesBecause of continued conflict with England for the first fifty years of the new United States existence, it was much more willing to base the foundation for its numeration system on the method of the French, who had supported them in their revolution. In spite of this, "In many textbooks prior to the War of 1812 (eg. those by Consider and John Stery 1790, John Vinall 1792, and Johann Ritter 1807) if any numbers higher than 999,999,999 were discussed, the British system was used." [for example 1,000,000,000 was one-thousand million rather than one-billion ] {from Karen D. Michalowicz and Arthur C Howard in "Pedagogy in Text", from the NCTM's A History of School Mathemaitics}
b, tr, quadr, quint, sext, sept, oct and non to denote the
2nd, 3rd, 4th, 5th, 6th, 7th, 8th and 9th powers of a million. But around the middle of the 17th century, some other French arithmeticians used them instead for the
3rd, 4th, 5th, 6th, 7th, 8th, 9th and 10th powers of a thousand. Although condemned by the greatest lexicographers as "erroneous" (Litr'e) and "an entire perversion of the original nomenclature of Chuquet and de la Roche" (Murray), the newer usage is now standard in the U.S., although the older one survives in Britain and is still standard in the continental countries (but the French spelling is nowadays "llon" rather than "llion".
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