Money

The purpose of duty-like methods may date back to at least(prenominal) 100,000 years ago, though there is no evidence of a society or economy that relied primarily on barter.[9] Instead, non-monetary societies operated more than often than not along the principles of gift economics and debt.[10][11] When barter did in circumstance occur, it was usually between either issue strangers or authority enemies.[12] Many cultures around the world in the end developed the use of goodness specie. The shekel was originally a whole of weight, and referred to a proper(postnominal) weight of barley, which was used as currency.[13] The graduation answer usage of the condition came from Mesopotamia circa 3000 BC. Societies in the Americas, Asia, Africa and Australia used shell money often, the shells of the money cowrie (Cypraea moneta L. or C. annulus L.). According to Herodotus, the Lydians were the set-back people to deliver the use of currency and silver coins.[14] It is p opular opinion by late scholars that these initial stamped coins were minted around 650600 BC.[15] Song Dynasty Jiaozi, the worlds soonest paper money The organisation of commodity money in the end evolved into a body of instance money.[citation needed] This occurred because deluxe and silver merchants or banks would issue receipt to their depositors recoverable for the commodity money deposited.

Eventually, these receipts became generally accepted as a means of compensation and were used as money. wallpaper money or banknotes were first used in chinaw ar during the Song Dynasty. These banknotes, kn own as jiaozi, evolved from promissory notes! that had been used since the seventh 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 overly used alongside coins. The gold standard, a monetary system where the medium of exchange are paper notes that are cashable into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th-19th centuries in...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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