History of Money

Shenna Marie P. Mindanao BSBA-IIMWF 9:30 10:30 The History of Money Barter The first people didnt buy goods from other people with money. They implementd barter. Barter is the shift of personal possessions of value for other goods that you want. Shells At about 1200 B.C. in China, cowry shells became the first medium of exchange, or money. Commodity money A solution is to trade fruit for wheat indirectly by a third, liaise, and commodity: the fruit is exchanged for the intermediate commodity when the fruit ripens. The function of the intermediate commodity as a store-of-value can be standardized into a general commodity money, reducing the coincidence of wants problem. By overcoming the limitations of simple barter, commodity money makes the market in all other commodities more liquid. Many cultures around the world eventually developed the use of commodity money. Ancient China, Africa, and India used cowry shells. The shekel was an ancient unit of measurement of saddle and currency. A barley/shekel was originally both a unit of currency and a unit of weight. When a realm is without a currency it commonly adopts a foreign currency. convertible coinage The first known ruler who officially set standards of weight and money was Pheidon.

The first manufactured coins seems to have taken beat separately in India, China, and in cities around the Aegean sea between 700 and 500 BC.While these Aegean coins were stamped (heated and hammered with insignia), the Indian coins (from the gang river valley) were punched metal disks, and Chinese coins (first developed in the Great Plain) were signifier bronze with holes in the center to be strung to breakher. It is an electrum pass on of a turtle coin, coined at Aegina Island. This coin dates about 700 BC. separate coins made of Electrum (a naturally occurring alloy of silver and gold) were manufactured on a larger scale about 650 BC in Lydia (on the coast of what is now Turkey). The use and export of... If you want to get a full essay, order it on our website: Ordercustompaper.com

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