Money

he use of barter-like methods may date back to at least 100,000 years ago, though there is no severalize of a society or economy that relied primarily on barter.[8] Instead, non- financial societies operated largely along the principles of gift economics. When barter did occur, it was usually mingled with either complete strangers or potential enemies.[9] Many cultures nigh the world eventually developed the use of commodity money. The shekel was primarily a unit of weight, and referred to a specific weight of barley, which was utilise as currentness.[10]. The first usage of the term came from Mesopotamia circa 3000 BC. Societies in the Americas, Asia, Africa and Australia utilise shell money often, the shells of the money cowry (Cypraea moneta L. or C. doll L.). According to Herodotus, the Lydians were the first people to introduce the use of specious and silver coins.[11] It is thought by modern scholars that these first stamped coins were minted around 650600 BC.[12] The ashes of commodity money eventually evolved into a system of representative money.[citation needed] This occurred because gold and silver merchants or banks would issue tax revenue to their depositors redeemable for the commodity money deposited.

Eventually, these receipts became generally current as a means of payment and were utilize as money. Paper money or banknotes were first used in China during the Song Dynasty. These banknotes, known as jiaozi evolved from promissory notes that had been used since the 7th century. However, they did not displace commodity money, and were used alongside coins. Banknotes were first issued in Europe by Stockholms Banco in 1661, and were again also used alongside coins. The gold standard, a monetary system where the medium of exchange atomic number 18 paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th-19th centuries in Europe. These gold standard notes were made profound tender, and redemption into gold... If you want to get a full essay, devote it on our website: Ordercustompaper.com

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