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Evolution of Money
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LOI # 1: Evolution of money
What does evolution mean?
Can you guess what is happening in this picture?
The plant is evolving from a seed into an adult plant
Can you connect it with a Key Concept?
Perspective
Function
Responsibility
Causation
Connection
Change
Form
Learning goal
Represent evolution of money using Timeline
Read the given scenario
Reflect!
Jack and the Beanstalk
Once upon a time there was a poor boy who lived with his mother. His name was Jack. His mother used to milk the cow every day and sell the milk for their living. After some days, the cow became old and she stopped giving milk. Jack’s mother decided to sell the cow.
Why do you think Jack’s mother got so angry?
Was it a fair trade/ exchange?
Why?
Barter system
'Barter system is an old method of exchange
Timeline of money
500 BC
1455
1200 BC
The first known paper banknotes appeared in China
500 BC
Modern Coinage
9000 BC
Coins developed out of lumps of silver
1200 BC
1455
Cowrie Shells
Paper Money
1000 BC
- Debit Cards
- Credit Cards
- Pre-paid cards
One-foot-square pieces of white deerskin with colorful borders
First Metal Money
9000 BC
118 BC
Barter of livestock, grains, vegetables and other plant products
Bronze and Copper cowrie imitations were manufactured by China
Leather Money
Metal coins with holes and tools, like knives and spades, were also used in China as money
The Present
Plastic Money
118 BC
The Present
1000 BC
Why do you think money kept on changing over the years?
Recall Standard unit of measurement
#1
Why do we need them?
#2
Think critically!
#3
Let's find the answer!
- Human beings needed a reasonable means of exchange
- A method of payment to handle economic activities was required
- Just like we need standard units of measurement to have uniformity, to measure things with accuracy
And this is how forms of exchange (money) evolved overtime around the world
Follow-up Task:
- Explore the evolution of your own currency, the Pakistani Rupee by watching the given video: https://www.youtube.com/watch?v=GDq9XvC89jY&feature=youtu.be
- Note down the important events and create a timeline using the given criteria:
Criteria
- My timeline has all the important dates
- Brief description of events is mentioned
- Dates are mentioned in a chronological order
Take a stretch break...
If $ 1 = Rs. 167
What will be $ 3 equal to?