History Of Money Flashcards
What is the first money that was made?
Bartering started in 900BC people used sheep,camels and other livestock as their form of currency, we still use bartering socially and in some businesses today
What is the second currency used?
Shells- in 1200BC the cowri shell was easily found in the shallow waters or the Pacific and Indian Ocean. It quickly became the most widely used form of money.
What are the advantages of cowri shell?
Easy to exchange, last longer, same value
What are the disadvantages of cowrie shell?
Easily damaged, can be lost, can’t do much, people who don’t live near a beach, unlimited sources
What is third currency used?
Modern coinage-
500BC
first modern coins, which were made from limps of silver and gold, and were stamped with gods and emperor to mark their authenticity.
What is the fourth currency used?
Leather and paper money- in 118AD, china introduced one -foot square pieces of deer skin and this was the first document use of the banknote.
What is the last currency used?
Electronic money- in our digital age, economic transactions regular take place electronically, without the exchange of any physical currency.
Where was the first coin made?
These coins were made in Lydia.
When was the first paper money made?
In 906AD , the first paper money appeared.
What type of currency will we use in the future?
Digital cash in the form of bits and bytes will most likely continue to be the currency of the future.
