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Timeline of the History of Money
Transcript of Timeline of the History of Money
History of Money 9000-6000 BCE Crops and livestock, especially cattle, were traded among people 4000 BCE Gold rings were used as money in Egypt 3000-2000 BCE Origin of banking began in Babylonia (present day Iraq) with initial deposits of grain, cattle, then precious metals
Gold was placed in temples for “safekeeping” 1500 BCE Earliest metal coins found in China 1200 BCE People began to use cowrie shells to trade, serving as “money” 670 BCE Oldest inscribed coins found in Turkey First gold coins issued by the King of Lydia in Turkey 550 BCE Lydians began producing separate gold and silver coins 494 BCE First dated coin mined in Sicily and dated as year 1 First coins to show a head. The first coin depicted an image of Alexander the Great Leather money made made from white deerskin issued in China, earliest form of banknotes 206-220 CE People began trading along the Silk Road in China 310 CE Coins are minted in Constantinople (capital city of Roman Empire) 600 CE 1200 CE The Florin, a gold coin minted in Florence, Italy, became widely accepted currency throughout Europe A mint is built in the tower of London, minting coins for the next 500 years 1500 CE 1661 CE World's first bank notes is issued in Sweden 1685 CE Coin shortage in New France (now part of Canada)--colonial authorities resorted to using playing cards as currency 1694 CE Bank of England established, the first Central Bank in the world 1720 CE Playing cards were banned from being used as currency in New France, even with the coin shortage in the country 1729 CE Due to coin shortage in New France, the King of France issued the "card money" 1793 CE United States issue the first coins under the Coinage Act 1858 CE First Canadian coinage in circulation 1862 CE First paper bill issued in America 1867 CE First bank established in Pakistan Official opening of the Ottawa Branch of Britain's Royal Mint Bank of Canada is established Credit card invented, beginning with the Diner's Club card 1967 CE First Automated Banking Machine (ABM) introduced in England First Automated Banking Machine (ABM) built in Canada 1981 CE Online banking introduced through four of New York's largest banks offering home banking, using the Videotex system 1990 CE Electronic cheques and embedden smart cards invented 1999 CE European banks introduced mobile banking, through early smart phones 2002 CE The start of Euro banknotes and coins 2012 CE Canada stopped minting the penny 9000 BCE -- 670 BCE 9000 3000 4000 1500 1200 670 560 BCE -- 220 CE 300 CE -- 1500 CE 1660 CE -- 1800 CE 1661 1694 1685 1720 1729 1793 1860 CE Beginning of electronic money with the electronic fund transfer (EFT) 1980 CE -- 2012 CE 1981 1999 1990 2002 2012 560 BCE 336 BCE 118 BCE CE The Persian drachm is issued 650 CE Paper money invented in China 1300 CE Wampum was used by the First Nations in North America
It was used to measure wealth, as well as for religious purposes 1908 CE 1935 CE 1950 CE 1969 CE