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This article has been written to help you learn about the
history of money. Enjoy!
Brief history of how it all started
In the beginning there was barter, barter is simply the exchange
of resources or services for mutual advantage, and it dates
back to the beginning of humankind, around 9,000 to 6000 BC
people used to trade cattle, which could have included anything
from cows, to sheep, to camels. It's hard to believe that
this is the way things used to be, let now take a quick look
at how coins was introduced.
History of coins
It was not until 1,000 BC, that the first metal money and
coins were used. Bronze and Copper coins were manufactured
first in China at the end of the Stone Age then around 500
BC, outside of China, the first coins 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 back then.
The history bank notes
Around 118 BC, believe it or not leather was used first 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.The first paper banknotes appeared
in China. In all, China experienced over 500 years of early
paper money, spanning from the ninth through the fifteenth
century. Over this period, paper notes grew in production
to the point that their value rapidly depreciated and inflation
soared.
It was not until 1816 that Gold was officially made the standard
of value in England. At this time, guidelines were made to
allow for a non-inflationary production of standard banknotes
which represented a certain amount of gold.
Banknotes had been used in England and Europe for several
hundred years before this time, but their worth had never
been tied directly to gold. In the United States, the Gold
Standard Act was officialy enacted in 1900, which helped lead
to the establishment of a central bank.
In the United States, the gold standard was revised and
the price of gold was devalued. This was the first step in
ending the relationship altogether. The British and international
gold standards soon ended as well, and the complexities of
international monetary regulation began.
Today, currency continues to change and develop, as evidenced
by the new bank notes that we see issued every other year
Electronic Money, Digital cash in the form of credit cards
and debit cards is becoming a more important new currency
of the future.
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