Friday, 16 October 2015

The story of money

               Money was not always the way people traded their goods or services, in the ancient times it was the barter system, people gave away what they had for what they wanted, this didn't always work as whatever they have might not be in demand so they would be left to starve.
           
              One of the oldest currencies known to man was  Anatolian obsidian a hard glass mineral which existed in 12000 bc i.e during stone age people gave away this stone in exchange of other stone's "me needs that caved thingy, I give this shiney thingy".
             Cattle and grains were used as money in 10000 bc and was used as late as the mid 20 century AD in Africa.
       "Moo" "Moo" "Moo".

Roman Silver coin

Chinese paper money

Lydia

         Then gold was a widely used form of money as everyone desired gold, soon gold coins were made by smiths.
         First form of Banks existed in Babilonia at around 3000 bc in the form of temples and palaces to store grain, cattle, precious metals.
 "How did the cattle not eat the grain?"
     
  Cowrie shells were used as currencies in China at  1200 bc, they were also in Africa and other parts of Asia.
First coins were supposedly minted in Lydia which is in middle east, the currency was made of gold and silver  it existed in 600 bc.
       " Roman phylosophers criticised the idea called it capitalism". But soon joined the party and started giving loans for interests in 400 bc.
      Around 250 bc Chinese cash coins were introduced, these were made of copper with a circle or square in the middle, these were state made. These were one of the first state owned coins made, along with the India and Lydia.

       Jewish temple coins had been around since 0 AD ,which was the only money allowed to be spent in and around the temple, pilgrims were supposed to exchange their currency for the copper coins.  "was probably a secret  scam to collect gold and silver made in Rome and Greece".
        At 1000 AD paper money in China was introduced, which unfortunately stopped after 500 years of use after repeated inflations and reforms. ( we have been using paper currencies foe only around 200 years we still have time to reach that point ).
        In 1619's Tobacco money was widely used in Virginia after just 100 years after its introduction there.
       The gold Smith paper bonds were introduced in 1650's which formed the basis of morden banking which is for an another day.
     Soon countries started minting their own currencies in 1700, bank of England was one of the first to do so. That is how the present day money was born.

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