History of Money

Date: 2015-10-07; view: 448.

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The history of money spans thousands of years. However, money has not been used since the beginning of man's existence. In fact, money is relatively young compared to all the years man has walked the face of the earth.

The need to trade goods made men engage in barter trades which is the earliest known method of trading. In barter trades, whatever an individual had could be exchanged for another item at an agreed rate. For example if a person had a cow and needed goats, he would look for somebody with goats and who was willing to exchange for a cow and then they would agree on the quantities.

Later on the need for standardization emerged and people came up with commodity money, which was a locally available commodity like salt, nuts, tea, or even cattle that could be exchanged for anything else. This means for one to transact or buy anything, he/she must use the commodity recognized as money in that locality.

At around 5000 B.C. metal objects were used as money.В The metals varied in value and included gold, silver, bronze, copper and other types of metals. These objects later developed to become coins, and around 700 B.C. the coins were given a certain value and therefore it made transactions much easier. The Chinese came up with paper money as early as 960 AD and this made trading and exchange of goods much more convenient.

In United States, the first paper bill was printed around 1862 and it only had three denominations of $5, $10 and $20. At that time, money was used together with other commodities such as precious metals like gold, bronze and silver.

If inflation continues to soar, you're going to have to work like a dog just to live like one. ~George Gobel