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Transcript of Money
In my opinion, I think there will be no more paper money. We will just start using credit cards for every thing. Coins will also be obsolete because no one wants to carry them around. Its easier to just carry a little card.
One of my other thoughts is that people will just start using their phones as credit cards. Right now phones can be used for anything so it wouldn't surprise me if everyone uses phones to pay for their groceries and other stuff.
Where Money Originated From
Around 700 BC the Lydians were the first in the western world to use and make coins. Other countries would soon start mining to use metals to make money. After coins were given a certain value, it became easier to compare it to things people wanted to buy.
Money is a "current medium of exchange in the form of coins and banknotes." It is a form of bartering that has modernized in civilization, and comes in the shape of paper bills and metal coins.
History of the Money Design
In 700 B.C., the Lydians designed the gold coin as currency, because it was simple to cut and shape metals. It was also a more convenient way to pay.
Trade bills of exchange became common at the end of the middle ages. A trade bill of exchange is a bill that was used as a credit system. The bill was designed for a safer way to travel with money.
Paper money became common around the world in the 1700s. Paper money was designed to be more convenient than coins. Instead of carrying metal you can carry something that weighs less but cost the same.
Today we now use credit cards which was designed for instant use no matter where you are
First Lydian coins
Bartering, trading with valuable artifacts or services, has been around since the beginning of civilizations.
9,000-6,000BCE: livestock and crops were used for barter for other services or goods
3,000BCE: first banks appear in Iraq holding gold, metals, grain and tools
First Lydian Coin
Trade Bill of Exchange
Ever since the introduction of money, we have tried to duplicate it in our own ways. Money is everywhere in life, yet the illegal production
of money does not seem to bother any of our morals. Another ethical issue is the theft of money from stores, restaurants, banks, etc.. A recent example of this is someone named Martin Shkreli who raised the price of AIDS medication by over 5000%.
1,300BCE: shells and nuts were used as a form of currency in Europe, as well as Asia
1,000 BCE: China used the first ever metal coins made out of Gold
687BCE: Turkey ordered first ever gold/silver coins
US Paper Money
"History of Money." <i>Wikipedia</i>. N.p., n.d. Web. 14 Sept. 2015. <https://en.wikipedia.org/wiki/History_of_money>.
Gold was used as a form of currency for over 1,000 years in the Americans and England Cities
1816: Gold is England's official standard value and prints the first "pound"
1879: Gold is the United States official value and prints the first "pennies"
Banknotes are also known as paper bills used as another form of currency in many countries
806CE: The Emperor of China created the first paper banknotes
1661CE: Sweden issues Europe's first paper banknotes
1860:Western Union conducts the first ever electronic transfer (EFT)
1950:The first credit card is released as a "Diner's club card"
1967: England invents the first ever public ATM
1999: Mobile banking is begins in Europe
2009: Bitcoin creates the first ever digital currency