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The History of Money
Transcript of The History of Money
Were considered the earliest forms of metal money [1,2,4].
Metal tool money (knives and spades) were also first used in China [2,4] and were later developed into the primitive versions of round coins . Turkey 600 B.C.E. Silver Coins are first made from precious metals such as silver, bronze, and gold in Lydia (modern day Turkey) [1,2,4,5]. Italy 494 B.C.E. The first dated coin is made in Sicily, Italy and is dated year 1 . 206 B.C.E. Silk Road Spices, tea, silk, horses, tools and so forth are widely traded . 118 B.C.E. Leather Money Leather money (one-foot-square bank pieces of white deerskin with colorful borders) are issued in China [1,2,4]. Considered to be the first documented type of banknote [1,4]. Ireland 800-900 C.E. The Nose In Ireland, whomever failed to pay the Danish poll tax had their nose cut off as punishment [1,4]. 806 C.E. Paper Currency The first known paper notes is used in China [1,2,4]. North America 1500 C.E. Potlach North American Indians held Potlachs which were gatherings where gifts were exchanged and banquets,dances and rituals were performed [1,4]. Potlachs were used to establish a leader's social rank . 1535 C.E. Wampum The North American Indians used wampum, which were stings of beads made from clam shells, for money [1,4]. England 1816 C.E. The Gold Standard Gold is made the standard value in England [1,4]. Pakistan 1867 C.E. First Bank The first bank is established in Pakistan . U.S.A 1930 C.E. End of the Gold Standard The gold standard is revised in the U.S.A and the price of gold is devalued in response to the Great Depression [1,4]. Canada 1936 C.E. Bank of Canada Bank of Canada is established . 1950 C.E. First Credit Card Diner's Club credit card invented [1,2,5]. Present Day.... Economic transactions regularly take place electronically using digital cash . 1966 C.E. Master Card MasterCard makes its debut . June 27, 1967 C.E. First ATM The First electronic ATM is made .