Evolution Of Money Essay Starter

History Of Money Essay

The History of Money At the very beginning of the commercial world, the main form of economic exchange was Barter, Barter is the exchange of resources or services for mutual advantage, and may date back to the beginning of humankind. There are many experts that believe that animals and plant also barter their natural resourcers. barter among humans has been happening long before the use of money. Today individuals, organizations, and governments still use, and often prefer, barter as a form of exchange of goods and services. From 9,000 to 6,000 BC Cattle was used as the main form of money. Cattle, which include anything from cows, to sheep, to camels, are the first and oldest form of money. During 1,200 BC cowries were used for the first time. This was an object used as a form of currency, it was the shell of a mollusc that was found in the shallow waters of the Pacific and Indian Oceans, Historically, many societies have used cowries as money, and even as recently as the middle of this century, cowries have been used in some parts of Africa. The cowrie is the most widely and longest used currency in history.

During 1,000 BC the First Metal Money and Coins were used Bronze and Copper cowrie imitations were manufactured by China at the end of the Stone Age and could be considered some of the earliest forms of metal coins. Chinese coins were made out of base metals, often containing holes so they could be put together like a chain.

In the year 500 BC Modern Coinage was developed Outside of China. The first coins were developed out of lumps of silver. They soon took the familar round form of today, and were stamped with various gods and emperors to mark their authenticity. These early coins first appeared in Lydia, which is part of present-day Turkey, but the techniques were quickly copied and further refined by the Greek, Persian, Macedonian, and later the Roman empires. The diference from the Chinese coins is that the Chinese coins depended on base metals, while these new coins were made from precious metals such as silver, bronze, and gold, which had more value. A new form of currency was created in 118 BC, Leather Money. Leather money was used in China in the form of one-foot-square pieces of white deerskin with colorful borders. This could be considered the first documented type of banknote.

800 - 900 AD: The Nose The phrase "To pay through the nose" comes from Danes in Ireland, who slit the noses of those who were remiss in paying the Danish poll tax.

806 AD: Paper Currency The first paper...

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Essay about History of Money

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History of Money

Let us consider a problem. You catch fish for your food supply, but you're tired of eating it every day. Instead you want to eat some bread. Fortunately, a baker lives next door. Trading the baker some fish for bread is an example of barter, the direct exchange of one good for another.

However, barter is difficult when you try to obtain a good from a producer that doesn't want what you have. For example, how do you get shoes if the shoemaker doesn't like fish? The series of trades required to obtain shoes could be complicated and time consuming.

Early societies faced these problems. The solution was money. Money is an item, or commodity, that is agreed to be accepted in trade. Over the years, people have used a…show more content…

In fact, during Alexander the great’s period, the grainaries were linked together, making cheques in the 3rd century BC more convenient than British cheques in the 1980s. The Egyptians had in fact invented the first giro system.

Most early cultures traded precious metals. In 2500 B.C. the Egyptians produced metal rings for use as money. By 700 B.C., a group of seafaring people called the Lydians became the first in the Western world to make coins. The Lydians used coins to expand their vast trading empire. The Greeks and Romans continued the coining tradition and passed it on to later Western civilizations. Coins were appealing since they were durable, easy to carry and contained valuable metals.

During the 18th century, coins became popular throughout Europe as trading grew. One of the most widely used coins was the Spanish 8-reale. It was often split into pieces or bits to make change. Half a coin was 4 bits, a quarter was 2 bits, a term still used today.

Coins containing precious metals are an example of "commodity money." The item was traded because it held value. For example, the value of the coin depended upon the amount of gold and silver it contained.

The Chinese were the first to use paper money, beginning in the T'ang Dynasty (618-907 A.D.). During the Ming Dynasty in 1300 A.D., the Chinese placed the emperor's seal and signatures of the treasurers on a crude paper made from mulberry bark.

Representative money is tokens or

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