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Transcript of Shells
Notes & Coins
The Development of Money
People figured out that they could use shells to trade since they were everywhere they went. Specifically the tortoise shells. That is being time consuming since you had to take the time to find shells
The barter system includes exchange of some goods with other goods where no money is involved. This brought up problems such as unequal value, the items being indivisible.
People even got to the point where they used shark teeth for money as sharks were considered pretty dangerous back in those days.
Then the people in China were fond of rice so they started using that as the trading resource since they had a lot. But this brought up a problem with perishable goods and there had still been no real standard of unit of account.
People then realized there were tons of minerals underground so they started using precious metals such as gold to make money and that worked out perfectly.
Back in China after realizing the rice wasn't working out they simply started making notes and coins realizing it has several different advantages such as being fast and never running out of the material being used at that time.
Now we've finally came out with more ways to represent money cheques, credit, debit etc.
This was BIG. They'd finally figured out a successful way to keep money going. The bartering system had finally help set the sophisticated system that is set today.
Definition of money now:
Anything that is generally accepted as a medium of exchange for goods and services.
Definition of money back then:
There was none.