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The Evolution of Money

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Rudi Peyreder

on 16 May 2013

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Transcript of The Evolution of Money

The evolution of money Barter and direct exchange 6000 B.C 700 B.C. Natural money First coins 1200 B.C. 2013 2050 Modern money systems 1200 1816 Paper money and european banking Gold standard Rudolf Peyreder goods were only traded directly
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
Credit Cards
PayPal, online banking, bitcoins How could the future of money look like?
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