The printing press removed several large factors of discipline which had previously moderated the actions of desperate or irresponsible governments. Precious and rare commodities which have held prominence in peoples minds for millennia have proven to be excellent currency stabilizers. Paper money was now “fiat” currency, underpinned by the authority of the bank and nothing else. From the origins of bartering to modern money, this is how the system has evolved 1100 BC: Early Chinese civilizations are credited for the first use of standardized currency in the shape of miniature, bronze casts of replica knives and spades. The first official currency ever, was minted out of gold and featured a roaring lion’s head. Over time, the currency evolved as humankind developed new technologies and increased its knowledge. These casts eventually evolved into round shaped coins, with holes in the middle that allowed them to be strung together. This breakthrough brought credit cards into the information age. Mastercard also developed a system to allow for chip cards to be operated globally. 1800 AD: The gold standard was an innovative concept that combined the best aspects of paper money with those of coins. 5354 words (21 pages) Law Essay. It is fascinating and almost magical how money appeared on our planet. It supports tokens representing fiat currency, cryptocurrency, commodities, or any other unit of value such as frequent flier miles or mobile minutes. The History of Money Explained in One Infographic. Most societies in the world today are used to thinking of gold as a representation of wealth. The first “money” was discovered in Anatolia – the birthplace of human civilization. by marketing in Navvi News/Fall 2014. 1998 AD: PayPal was founded in California and it allowed its members to leverage the medium of the internet to make payments and transfer money. 1933 AD: The USA, crippled by the effects of the Great Depression, abandoned the gold standard to allow the government to pump money into the economy and stimulate recovery. But the best example of a commodity based financial system is the Egyptian use of wheat. They were both rare but at different times in history in different regions one had a history of value and the other did not. For several centuries, the British pound was “the gold standard” for most of the world. Fundamental to all of these gradually evolved or fiat currencies is the belief in the minds of buyers and sellers that they have value. Barter trade was a real goods exchange system with perfect transparency and no residual effects and no distortions. By chris erickson • Dec 4, 2020 . The cowrie shell is a product of the Indian Ocean (principal source was the Maldive Islands), comes in various sizes and is attractive to both the eye and the touch. Understanding Money: The History of Finance, Speculation, and the Stock Market. 1997 AD: European banks began to offer mobile banking with primitive versions of smart phones. On interest-bearing notes of 1863, Justice can be seen holding her scales. The History of Money by Jack Weatherford is split into three main sections, each dealing with a different era of money. The first minted coins are thought to have been made in Ancient Turkey in the Kingdom of Lydia around 600 BC. Here are some fun facts about how money has changed! 1994 AD: The advent of the World Wide Web server and browser gave birth to the online shopping ecosystem.One of the first instances of an online purchase was a pepperoni pizza from Pizzahut. Before that time, historians generally agree that a … The first practical “coin” outside of China where and weight and purity of the new currency was accepted without question was stamped in Cappadocia around 2200BC. 1990 AD: Chip technology was introduced. From beads on a string (wampum) to sea shells (cowrie shells) to tokens and coupons and lumps of metal. It was made out of a rare white deerskin and its edges were painted with bright colours. Money has been a part of human history for almost 3,000 years. Another three centuries later it is one of the things about China which most astonishes Marco Polo (see Bank notes in China ). Each head of cattle was called a caput, which is Latin for “head.” So, a person with a lot of cattle had lots of caput or “capital,” a word still used today to describe money. More and more people are becoming aware of cryptocurrencies and combined with the demonetisation of numerous government issued currencies, Bitcoin rallies to a 3 year high in terms of its value. But wheat possessed most of the fundamentals, certainly enough to make a financial system work for hundreds and perhaps thousands of years. Number One: Early Money. The book does lack the intellectual depth and rigour of say, fellow anthroplogist Greaber's 'Debt - the first 5000 years', or economic historian Davies' 'A History of Money'. The History of Money www.jamesrobertson.com 2 Money gradually developed out of various different features of early societies, such as ceremonies and feasts, or compensation for killing a man or a bride-price for marrying a woman. It was issued by King Alyattes of Lydia, now part of modern day Turkey. ed. 1950 AD: The Diners Club released its first card and was used in more than 20 restaurants in New-York to pay for bills without the need for cash. The way we use money has even changed in the last few years. It’s not the actual money but a card, credit or debit, made of plastic, used to deposit or withdraw money, through banks directly or ATM machines. Paper money has zero intrinsic value. Americans were able to trade in $20.67 for an ounce of gold while one dollar was defined to be equal to the value of 23.22 grains of pure gold. Did you know that over the last 10,000 years, money has changed a lot? It was still real goods exchange on both sides of the transaction. Without further ado, let’s talk about where money came from and where it’s going today. Ethereum is used as a platform for decentralized applications, decentralized autonomous organizations, and smart contracts. The first bank notes were printed on paper nearly 1000 years ago in China preceding Europe by 500 years. 1290 AD: European explorer,Marco Polo,was amazed by Chinese paper currency and discussed it extensively in his book, “The Travels of Marco Polo”. 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