History of Money

Topics: Money, Currency, Numismatics Pages: 2 (768 words) Published: December 24, 2012
Good morning and Namaskaram. I, Aman Jaiswal of XIth std am going to talk about the History of Money or basically how money evolved. I know none of you like history, but I will make an attempt at making it as interesting for you as I can. The evolution of money commenced years and years and years…. And years ago! So here comes the definition. Intro: Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country. But, how did money come about? The history of money begins around 2500 years ago …….. DAMN Barter: The first people didn't buy goods from other people with money. They used barter. Barter is the exchange of personal possessions of value for other goods that you want. From 9,000-6,000 B.C., livestock was often used as a unit of exchange. Later, as agriculture developed, people used crops for barter. Shells: At about 1200 B.C. in China, cowry shells became the first medium of exchange, or money. The cowry has served as money throughout history even to the middle of this century. First Metal Money: China, in 1,000 B.C., produced mock cowry shells at the end of the Stone Age. They can be thought of as the original development of metal currency. In addition, tools made of metal, like knives and spades, were also used in China as money. From these models, we developed today's round coins that we use daily. The Chinese coins were usually made out of base metals which had holes in them so that you could put the coins together to make a chain. Silver Coins: At about 500 B.C., pieces of silver were the earliest coins. Eventually in time they took the appearance of today and were imprinted with numerous gods and emperors to mark their value. These coins were first shown in Lydia, or Turkey, during this time, but the methods were used over and over again, and further improved upon by the Greek, Persian, Macedonian, and Roman empires. Not like Chinese coins, which...
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