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Origin of Money

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Madeline Zheng

on 11 June 2013

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Transcript of Origin of Money

A common type of a modern day bill of exchange is the check. Tallies And we've had many intermediate forms of money between then and now. For instance, there were cowries in Africa and India... And in return, we get goodies. ...for other goods. ...and later, coins in China. We still use those today. But let's slow down a little bit. We'll go all the way back to the beginning of our money system.. Origin of Money Let's take a very, very, very basic look at our economic system today. can be defined as any object that is used as payment in the process of trade for materials and/or services. Barter Money Emerges Commodity Money Coins Trade Bills of Exchange Banknotes: Paper Money Paper money first emerged during the Song Dynasty in China. Being lightweight, cheap to manufacture, and convenient to carry, it was used in Europe by the 13th century and today is used across the globe. Paper money was representative money—paper itself had no great value, but the money was redeemable for a certain amount of gold or silver. Today, paper money has largely become a form of fiat money. which is money that is declared by government to possess value. are a form of currency used to facilitate trade and serve as a medium of exchange. The first coins used in trade were developed in the Iron Age Anatolia and Archaic Greece. They were created from different metals, depending on the value of the coins, and have a standardized weight and value
Most coins were circular but some were
rectangular. Silver and gold coins are the most common and recognized throughout history. Tally sticks, taking the form of a notched piece of wood, originally came into use at a time when paper was rare and costly. Initially, tallies were used as a receipt for the tax payers, but they soon came to symbolize a promise of the tax assessee to make future tax payments at specific times during the year. Tallies were also used by the crown when their resources were depleted to pay their creditors. Commodity money is money whose value comes from a commodity of which its made. Examples of items used as commodity money are gold, silver, copper, peppercorns, large stones, barley, and etc. The primary problem with bartering was the "coincidence of wants". Traders would want the same things at the same times, and desires would clash. Commodity money provided a solution for this problem — regardless of time and situation, it was always desirable. A non-interest -bearing written order used primarily in The first forms of money were crosses between barter and commodity money. Traders would use materials such as grain, obsidian, or cattle as types money from as early as 9000 BC. The things with the greatest utility were the most valuable, and the exchange of these forms of money was a part of the transforming barter system. But it hasn't always been like this. We pay cash... (in America, we use dollars as our form of cash) ...koku (units of rice) in Japan... Mr. Nation An A+ in World History! ...and look at the long journey of transformation
that money has taken over the course of history. international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date. Checks are defined as written orders to pay sums of money to a named payee or to a drawer on a specific date. Bills of exchange are similar to checks and promissory notes. They can be drawn by individuals or banks and are generally transferable by endorsements. The difference between a promissory note and a bill of exchange is that this product is transferable and can bind one party to pay a third party that was not involved in the creation. Prior to the invention of paper currency, bills of exchange were widely used; today, they are not used as often. (such as woven baskets) (such as cloth) We used to solely
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Period 5 Eels Thanks for watching! We hope you enjoyed our presentation! As much as you want! 5/26/2013 Barter is a system of exchange in which goods or services are directly exchanged for other goods or services. Centuries ago, before money was created, the barter system was widely used worldwide. People who had specific surplus things to give or sell could trade them for other things they needed. In more modern times, barter is a substitute form of trade employed in times of monetary crisis, when the value of money is unstable.
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