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History of Money Timeline

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Riley Rosinski

on 15 November 2012

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Transcript of History of Money Timeline

History of Money by Riley Rosinski Barter is the exchange of personal possessions of value for other goods that you want. From 9,000-6,000 B.C., livestock was used as a unit of exchanged. Eventually people started to use crops for barter. Barter 500 B.C., pieces of silver were the earliest coins. They were eventually were imprinted with numerous gods and emperors to mark their value. These coins were usually made from bronze, gold, and silver. Silver Wampum In 1500, North American Indians engaged in potlach, which means the exchange of gifts at banquets, dances, and various rituals. Potlach Shells First Metal Money Leather Currency Noses Paper Currency Gold Standard Depression Today Tomorrow 1200 B.C., cowry shells became the first medium of exchange in China. China, in 1,000 B.C., tools made of metal were also used in China as money. Tools such as knives and spades. These coins usually had holes in them so you could put them together on a chain. In 118 B.C.,One-foot square pieces of white deerskin were exchanged for goods. This was the beginning of paper money. During the ninth century A.D., the Danes practice cutting the noses of those who were careless in paying the Danish poll tax. Brutal, but the first step of punishment when it comes to not paying what needs to be paid. In China from the ninth century to the fifteenth century A.D., first paper money was used as currency. The Europeans still would not have paper currency for several years. 1535, wampum starts to get used by North American Indians as their currency. These were strings of beads made from clam shells. 1816, England makes gold a benchmark of value. This helps prevent inflation. The U.S. went on the gold standard in 1900. Ever since the depression in the U.S. from the 1930s, the U.S. tried to end tying currency to gold. the U.S. has already changed its $100 and $20 banknotes. Nations are continuing to change their currencies. Most money is being exchanged electronically over the internet, known as digital cash.
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