Money Through The Years
Everyone loves money. Some of us wish we had more of it, some give their money away, yet all of us can't survive without it. We work to make money so that we can live it's that simple. The history of money spans thousands of years back in time. There have been many items that were thought to have value or
multi-currency, since the beginning of time, which were used as a source of payment. It all started with bartering.
Barter is the exchange of personal goods for other goods that you may want or need. This type of payment for goods started at the very beginning of humankind and, believe it or not, is still used today. Whether it was the exchange of livestock or crops, bartering was the start of it all. Then, at about 1200 B.C. in China, cowry shells became the medium of exchange. The cowry has served as money throughout history even to the middle of this century.
China, in 1,000 B.C., produced mock cowry shells at the end of the Stone Age. This is the first known development of metal currency. Metal then became popular, as knives and spades were also used as money. These are what we have modeled today's coins off of. Later, at about 500 B.C., pieces of silver were eventually imprinted with numerous gods and emperors to mark their value. These new coins were composed from metals such as bronze, gold, and silver, which had great value.
In 118 B.C., banknotes in the form of leather money were used in China. This is believed to be the beginning of paper money. Then from the ninth century to the fifteenth century A.D., in China, the first actual paper currency was used as money. Through this period the amount of currency skyrocketed causing severe inflation. In 1500, North American Indians used potlach for payment, which is a term that describes the exchange of gifts at banquets, dances, and various rituals. Potlach eventually got out of control because of the need to surpass others' gifts. Everyone wanted the best community status and would do anything to get it.
In 1816, England made gold a target of value. This meant that the value of currency was secured to a certain number of ounces of gold. This would help to prevent inflation of currency and the United States eventually jumped on the gold bandwagon in 1900. Now, during this present day, nations continue to change their currencies and electronic money is already being spent over the Internet through
international payments. Whether we want to admit it or not, money makes the world go round. Even though it will continue to change, it will forever have the same effect on the people who have it.
Money Through The Years
By: Britney Lodato
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