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The Evolution of Money
Transcript of The Evolution of Money
no common value
with development of specialized craftsmanship, barter got more important cowry shells with agreed value
Other natural goods were used in different cultures (e.g.: stones, rice, gems) First coins were made in Turkey
Made of gold, silver, copper
Value was equal to the material value Paper money was invented in China
First banks emerged
Crusaders developed "traveler checks"
banks established interest rates, debts
Britain connected their currency to the value of gold
1 gold coin equaled 21 Shilling
Other countries followed - international currency trading got possible Money got digital
Electrical money and Wall Street
PayPal, online banking, bitcoins How could the future of money look like?