Speeli
  • Facts
  • Geography
  • Health
  • History
  • Nature
  • Psychology
  • Science
  • Wiki
Speeli
  • Facts
  • Geography
  • Health
  • History
  • Nature
  • Psychology
  • Science
  • Wiki
  • Economy
  • Wiki

Who invented money?

  • Alex Williams
  • April 19, 2021
  • 2 minute read
Knowledge
  1. What is money?

    Money of itself has no actual value. It can be in any mode, such as a metal coin, shell, or paper piece. Its value is defined by people on the piece of paper. In today’s time, money has become a commodity accepted by everyone for exchanging goods and services. But, almost every country has its specific system and paper money.

  2. Barter system

    Before the invention of money, there was a barter system used. In this system, people used to exchange commodities from one another. For example, farmers would give grains in exchange for wheat, etc. in such cases, and these commodities become money. This is the system that was invented in the earliest days of human beings on earth.

  3. Why did the barter system stop?

    With time, people realized that it was not much successful as people started disagreeing on exchanging the commodities because they thought the other product did not have that much worth.

    Also, the other problem that occurred was some people would not need the product another person is offering. Because of these kinds of problems, commodity money was introduced.

  4. An issue with commodities

    In ancient times, the term commodity was mainly used for tea, salt, cattle and seeds. Using these commodities eliminated some of the difficulties of the barter system. Still, it fostered other concerns as these things were not easy to move because some were perishable and challenging to store.

  5. The idea of money

    All these issues led to the creation of money in the form of coins. Precious metals were used at that time to create these coins. The fact of who invented money is still unknown, but it is being said that its usage began back in 5000 B.C. (See How much money is in the world?)

  6. History

    Around 770 B.C., it is considered that Lydians were the initial western culture to make coins. Later, all the different countries began to make their own coins with specific values. This system made it really simple for people to calculate the objects’ worth and pay accordingly.

    After some time, people stopped making coins from precious metals and started making money on paper and coins from non-precious metals. The new system began in which the government or bank would give the money in exchange for people offering gold or silver.

  7. What is used today?

    In today’s time, fiat money is used as the primary source of exchanging commodities. Money has so much worth today because the government decree provided it such value. As per law, it is unlawful to say no to the legal currency in the inclination of some other payment method. (See How Much Would A Shilling Or A Pound Cost In Today’s Us Money?)

  8. When was the first paper money issued?

    The first paper money was created in the U.S on March 10, 1862. The notes were printed of value $5, $10 and $20. Congress approved them on March 17, 1862.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
alex1
Alex Williams

Alex Williams is a PhD student in urban studies and planning. He is broadly interested in the historical geographies of capital, the geopolitical economy of urbanization, environmental and imperial history, critical urban theory, and spatial dialectics.

You May Also Like
JAN23 What is Extrusive Volcanism 1
View Post

What is Extrusive Volcanism?

  • Jack Williams
  • May 20, 2023
JAN23 What is Difference Between Fission and Budding 2
View Post

What is the Difference Between Fission and Budding?

  • Jack Williams
  • May 19, 2023
JAN23 What are Drawbacks Of Urbanization
View Post

What are Drawbacks of Urbanization?

  • Alex Williams
  • May 9, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Posts
  • JAN23 How to Preserve a Live Starfish 1
    How to Preserve a Live Starfish?
    • May 16, 2023
  • JAN23 Which is Not a Characteristic of Enzymes 1 2
    Which is Not a Characteristic of Enzymes?
    • May 8, 2023
  • JAN23 What are the Things You Need to Survive 1 3
    What are the Things You Need to Survive?
    • May 6, 2023
  • JAN23 How are Lake Superior Agates Formed 4
    How are Lake Superior Agates Formed?
    • April 25, 2023
  • JAN23 Why do People Wear Little Spoon Necklace 1 5
    Why do People Wear Little Spoon Necklace?
    • April 1, 2023
  • JAN23 What are Generalist Species Examples 4 6
    What are Generalist Species Examples?
    • April 1, 2023
About

Speeli’s mission is to summarize the internet’s knowledge into Speeli summaries. By doing so we will make the process of finding information extremely fast.

Top Stories
  • JAN23 What is Extrusive Volcanism 1
    What is Extrusive Volcanism?
    • May 20, 2023
  • JAN23 What is Difference Between Fission and Budding 2
    What is the Difference Between Fission and Budding?
    • May 19, 2023
  • JAN23 What are Drawbacks Of Urbanization
    What are Drawbacks of Urbanization?
    • May 9, 2023
  • JAN23 What Simple Machine is a Broom
    What Simple Machine is a Broom?
    • April 29, 2023
  • JAN23 How Long is an Eon
    How Long is an Eon
    • April 26, 2023
  • JAN23 Why Do Bees Eat Honey 1
    Why Do Bees Eat Honey?
    • April 26, 2023
Speeli
  • DMCA
  • Privacy Policy
  • Terms of Service
  • What is Speeli?
Simplifying the Internet, One Summary at a Time!

Input your search keywords and press Enter.