History Of Money Flashcards
Three traditional societies that were self-sufficient
Hunter gatherers in South Africa
Twa in zaire
The unuit in Alaska
Self-sufficient
When you live on your own, without relying on anyone. Living off the ground
Define battering
Bartering is when you exchange goods with others: cattle were traded with chickens and many other things
Why was battering not successful
- Most people could not find what they wanted
- It was not easy to carry heavy things that were used as exchange
- It was difficult to work out the real value of items because people attach different values to different different items
Nomadic
People who moved from one place to another to live
Commodity money
Items that were used as money example: sheep would be traded for three little gold coins
What does a Goldsmith do
They kept peoples money locked away in safes. People trusted them to keep it safe
Promissory note
A promissory note is signed between one person/business and the issuer. The issuer promises to pay an amount to the payee whenever it is needed/whenever the pay needs it
Who issued the first coins in the modern world
Lydian people of Turkey
What were the first coins made of
Metal
Why with coins and effective form of exchange
Way less to carry
We’re not heavy
What is a face value
It refers to how much the coin is worth
In what year did China first use paper money
960 CE
What does gold standard refer to
All notes being exchanged for actual gold
Legal tender
Currency of a country
