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From Barter to Banknotes
Numismatics portal. The monye of money concerns the development of social systems that provide at least one of the functions of money. Such systems can be understood as means of trading wealth indirectly; not directly as with barter. Money is a mechanism that facilitates this process. Money may hhisyory a physical form as in coins and notes, or may exist as a written or electronic account. It may have intrinsic value commodity moneybe legally exchangeable for something with intrinsic value representative moneyor only have nominal value fiat money. The invention of making money ftom a hisyory website took place before the beginning of written history.
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Money , in and of itself, is nothing. It can be a shell, a metal coin, or a piece of paper with a historic image on it, but the value that people place on it has nothing to do with the physical value of the money. Money derives its value by being a medium of exchange, a unit of measurement and a storehouse for wealth. Money allows people to trade goods and services indirectly, understand the price of goods prices written in dollar and cents correspond with an amount in your wallet , and gives us a way to save for larger purchases in the future. Money is valuable merely because everyone knows everyone else will accept it as a form of payment—so let’s take a look at where it has been, how it evolved and how it is used today. Money, in some form, has been part of human history for at least the last 3, years.
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Numismatics portal. The history of money concerns the development of social systems that provide at least one of the ttom of money. Such systems can be understood as means of trading wealth indirectly; not directly as with barter. Money is a mechanism that facilitates this process. Money may take a physical form as in coins and notes, or may exist as a written or electronic account.
It may have intrinsic value commodity moneybe legally exchangeable for something with intrinsic value representative moneyor only have nominal value fiat money. The invention of money took place before the beginning of written history.
The significant monsy establishes many things were bartered in ancient markets that could be described as a medium of exchange. These included livestock and mking — things directly useful in themselves — but also merely attractive items such as cowrie shells or beads [4] mmoney exchanged for more useful commodities. However, such exchanges would be better described as barterand the common bartering of a particular commodity especially when the commodity items are not fungible does not technically make that commodity » money » or a » commodity money » like the shekel — which was both a coin representing a specific weight of barleyand the weight of that sack of barley.
Due to the complexities of ancient history ancient civilizations developing at different paces and not keeping accurate records or having their records destroyedand because the ancient origins of economic systems precede written history, it is impossible to trace the true origin of the invention of money and the transition from » barter systems » to the » monetary systems «.
Further, evidence in the histories [6] supports the idea that money has taken two main forms divided into the broad categories of money of account debits and credits on ledgers and money of exchange tangible media of exchange made from clay, leather, paper, bamboo, metal. Regarding money of accountthe tally stick can reasonably be described as a very primitive ledger — the oldest of which dates to the Aurignacian, about 30, years ago.
The 20,year-old Ishango Bone — found near one of the sources of the Nile in the Democratic Republic of Congo — seems to use matched tally marks on the thigh bone of a baboon for correspondence counting.
Tfom records — in the monetary system sense of the term accounting — dating back more than 7, years have been found in Mesopotamia[9] and documents from ancient Mesopotamia show lists of expendituresand goods received and traded and the history of accounting evidences that money of account pre-dates the use of coinage by several thousand years. David Graeber proposes that money as a unit of account was invented when the unquantifiable obligation «I owe you one» transformed into the quantifiable notion of «I owe you one unit of something».
In this view, money emerged first as money of account and only later took the form of money of exchange. Regarding money of exchangethe use of representative money historically pre-dates the invention of coinage as. While not the oldest form of money of exchangevarious metals both common and precious metals were also used in both barter systems and monetary systems and the historical use of metals provides some of the clearest illustration of how the barter makiing gave birth to monetary systems.
The Romans’ use of bronzewhile not among the more ancient examples is well documented, and it illustrates hisyoru transition clearly. First, the » aes rude » rough bronze was used. This was a heavy weight of unmeasured bronze used in what was probably a barter system—the hisyroy of the bronze was related exclusively to its usefulness in blacksmithing and it was bartered with the intent of being turned into tools.
The next historical step was bronze in bars that had a 5-pound pre-measured weight presumably to make barter easier and more faircalled » aes signatum » signed bronzewhich is where debate arises between if this is still the barter system or now a monetary. Finally, there is a clear break from the use of bronze in barter into its undebatable use as money because of lighter measures of bronze not intended to be used as anything other than coinage for transactions.
The aes grave heavy bronze or As is the start of the use of coins in Rome, but not the oldest known example of metal coinage.
The earliest ideas included Aristotle ‘s » metallist » and Plato ‘s » chartalist » concepts, which Joseph Schumpeter integrated into his own theory of money as forms of classification.
There are at least two theories of what money is and these can influence the interpretation of historical and archeological evidence of early monetary systems. The commodity theory of money money of exchange is preferred by those who wish to view money as a natural outgrowth of market activity. The Commodity theory is more widely held and much of this article is written from that point of view.
Other theorists also note that the status of a particular form of money always depends on the status ascribed to it by humans and by society. In Politics Book [19] c. He considered that every object has two uses: the original purpose for which the object was designed, and as an moneey to sell or barter. With barteran individual possessing any surplus of value, such as a measure of grain or a quantity of livestock, could directly exchange it for something perceived to have ftoj or greater value or utilitysuch as a clay pot or a tool, however, the capacity to carry out barter transactions is limited in that it depends on a coincidence of wants.
For example, a farmer has to find someone who not only wants the grain he produced but who could also offer something in makng that the farmer wants.
Finding people to barter with is a time-consuming process and this factor is most likely the main driving force in the creation of monetary systems — people seeking a way to stop wasting their time looking for someone to barter. There is no evidence, historical or contemporary, of a society in which barter is the main mode of exchange. The psychological elements required for a barter system to exist and function are not only far simpler than those required for a simple monetary system [ citation needed ]mwking every historical example of monetary systems requires and incorporates the basic psychological elements that make barter possible.
It is very simple to trade a piece of meat for a piece of fruit, makijg to create and use tools to make hash marks on a stick or piece of leather to represent that someone gave you a piece of meat and now you owe them a piece of meat is a far more complex set of thought processes requiring a knowledge of making tools, knowledge of crude numerical systems, etc. In his book Debt: The First 5, Yearsanthropologist David Graeber argues against the suggestion that money was invented to replace barter.
The problem with this version of history, he suggests, is the lack of any supporting evidence. His research indicates that gift economies were common, at least at the beginnings of the first agrarian societies, when humans used elaborate credit systems.
Graeber proposes that money as a unit of account was invented the moment when the unquantifiable obligation «I owe you one» transformed into the quantifiable notion of «I owe you one unit of something». In this view, money emerged first as credit and only later acquired the functions of a medium of exchange and a store of value. Innes in his pamphlet «What is money?
Innes refutes the barter theory of money, by examining historic evidence and showing that early coins never were of consistent value nor of more or less consistent metal content. Therefore, he concludes that sales is not exchange of goods for some universal commodity, but an exchange for credit. He argues that «credit and credit alone is money». In a gift economyvaluable goods and services are regularly given without any explicit agreement for immediate or future rewards ewbsite.
There are various social theories concerning gift economies. Some consider the gifts to be a form of reciprocal altruismwhere relationships are created through this type of exchange.
This custom may reflect altruismit may be a form of informal insurance, or may bring with it social status or other benefits. In the earliest instances of trade with money, the things with the greatest utility and reliability in terms of re-use and re-trading their marketabilitydetermined the nature of the objects chosen to exchange. So as in agricultural societies, things needed for efficient and comfortable employment of mlney for the production of cereals and the like were the easiest to transfer to monetary significance for direct exchange.
As more of the basic conditions of human existence were met, making money ftom a hisyory website so the division of labour increased to create new activities for the use of time [ clarification needed ] to address more advanced concerns. As people’s needs became more refined, indirect exchange became more likely, as the physical separation of skilled labourers suppliers from their prospective clients demand required the use of a medium common to all communities, to facilitate a wider market.
Aristotle’s opinion of the creation of money as a new thing in society is: [22]. When the inhabitants of one country became more dependent on those of another, and they imported what they needed, and exported what they had too much of, money necessarily came into use. Many cultures around the world developed the use of commodity moneythat is, objects that have value in themselves as well as value in their use as money.
The Mesopotamian civilization developed a large-scale economy based on commodity money. The shekel was the unit of weight and currency, first recorded c. Money was not only an emergence [ clarification needed ]it was a necessity. The Code of Hammurabithe best-preserved ancient law codewas created c. It was enacted by the sixth Babylonian king, Hammurabi. Earlier collections of laws include the code of Ur-Nammuking of Ur c.
They set amounts of interest on debt, fines for «wrongdoing», and compensation in money for various infractions of formalized law. It has long been assumed that metals, where available, were favored for nisyory as proto-money over such commodities as cattle, cowry shells, or salt, because metals are at once durable, portable, and easily divisible.
The first mention in the Bible of the use of money is in the Book of Genesis [39] in reference to criteria for the circumcision of a bought slave.
The first manufactured actual coins seem to have appeared separately in India, China, and the cities around the Aegean Sea 7th century BC. The different forms and metallurgical processes imply a separate development.
All modern coins, in making money ftom a hisyory website, are descended from the coins that appear to have been invented in the kingdom of Lydia in Asia Minor somewhere around 7th century BC and that spread throughout Greece in the following centuries: disk-shaped, made of gold, silver, bronze or imitations thereof, with both sides bearing an image produced by stamping; one side is often a human head.
Maybe the first ruler in the Mediterranean known to have officially set standards of weight and money was Pheidon. It is an electrum stater of a turtle coin, coined at Moey island. This coin [50] dates to about 7th century BC. Amisano, in a general publication, including the Etruscan coinage, attributing noney the beginning to about BC in Populoniaa chronology that would leave out the contribution of the Greeks of Magna Graecia and attribute to the Etruscans the burden of introducing the coin in Italy.
Other coins made of electrum a naturally occurring alloy of silver and gold were manufactured on a larger scale about 7th century BC in Lydia on the coast of what makig now Turkey. The use and export of silver coinagealong with soldiers paid in coins, contributed to the Athenian Empire ‘s dominance of the region in the 5th century BC. The silver used was mined in southern Attica at Laurium and Thorikos by a huge workforce of slave labour. The worship of Moneta is recorded by Livy with the temple built in the time of Rome [ clarification needed ] ; a temple debsite to the same goddess was built in the earlier part of the 4th century perhaps the same temple.
Assaying is analysis of the chemical composition of metals. The discovery of the touchstone [ when? As a result, the use of gold for as commodity money spread from Asia Minorwhere it first gained wide usage.
A touchstone allows the amount of gold in a sample of an alloy to been estimated. In turn this allows the alloy’s purity to be estimated. This allows coins with a uniform amount of gold to be created.
Coins were typically minted by governments and then stamped with an emblem that guaranteed the weight and value of the metal.
However, as well as intrinsic value coins had a face value. Sometimes governments would reduce the amount of kaking metal in a coin webslte the intrinsic value and assert the same face value, this practice is known as debasement. From and silver wegsite been the most common forms of money throughout history.
In many languages, such as Spanish, French, Hebrew and Italian, the word for silver is still directly related to the word for money. Sometimes other metals were used. For instance, Ancient Sparta minted coins maaking iron to discourage its citizens from engaging in foreign trade. Gold coins began to be minted again in Europe in the 13th century. Frederick II is credited with having reintroduced gold coins during the Crusades.
During the 14th century Europe changed from use of silver in currency to minting of gold. Metal-based coins had the advantage of carrying their value within the coins themselves — on the other hand, they induced manipulations, such as the clipping of coins to remove some of the precious metal.
A greater problem was the simultaneous co-existence of gold, silver and copper coins in Europe. The exchange rates between the metals varied with supply and demand.
For instance the gold guinea coin began to rise against the silver crown in England in the s and s. Consequently, silver was exported from England in exchange for gold imports.
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Blood Money: Full Episode — Fire on the Mountain (Season 1, Episode 2) — History
Money has been a part of human history for almost 3,000 years. From the origins of bartering to modern money, this is how the system has evolved
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