In the beginning, people bartered. Barter is the exchange of a good or service for another good or service, a bag of rice for a bag of beans. However, what if you couldn't agree what something was worth in exchange or you didn't want what the other person had. To solve that problem humans developed what is called commodity money
A commodity is a basic item used by almost everyone. In the past, salt, tea, tobacco, cattle and seeds were commodities and therefore were once used as money. However, using commodities as money had other problems. Carrying bags of salt and other commodities was hard, and commodities were difficult to store or were perishable.
Coins and Paper Money
Metals objects were introduced as money around 5000 B.C. By 700 BC, the Lydians became the first in the Western world to make coins. Countries were soon minting their own series of coins with specific values. Metal was used because it was readily available, easy to work with and could be recycled. Since coins were given a certain value, it became easier to compare the cost of items people wanted.
Some of the earliest known paper money dates back to China, where the issue of paper money became common from about AD 960 onwards.
On March 10, 1862 the first United States paper money was issued. The denominations were $5, $10, and $20. They became legal tender by Act of March 17, 1862. The inclusion of "In God We Trust" on all currency was required by law in 1955. The national motto first appeared on paper money in 1957 on $1 Silver Certificates, and on all Federal Reserve Notes beginning with Series 1963
Good afternoon, dear forum users, what do you think about cryptocurrency and its prospects in the future?
As usual, society is divided into two camps: Those who believe in cryptocurrency and those who do not. Personally, my opinion is that the cryptocurrency itself is a very unique product that will replace any fiat! Some would say that crypto is a bubble, thanks to the news that trumpets the news channels every day. And then I tell such people to stop watching news based on the opinions of underexperts and on opinions in general. Every day you can watch how some expert speaks on a popular channel and declares to everyone that crypto is evil, etc. Wake up people, it's obvious that you are controlled by suggestion, and strangely enough, people are led to it. Of course, some will say, because the news is on a popular channel, with a popular presenter. But it is also obvious that news channels make most of the news on hype in order to keep up with competitors and also the fact that anyone with big money can pay for airtime should not be ruled out. Look at any chart, everywhere there is a peak and a bottom, and this story repeats itself. Yes, someone will say they are based on the news background of each specific project, of course, but not always, far from always. And I understand very well that the movement of the market is driven by demand. But as practice shows, demand is very easy to manage. No wonder they say money makes money. Paid for advertising, released the market, bought, paid for advertising, the market took off, sold. Workflow gentlemen!
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The invention of money has put the barter system out of use. The efficiency gains go higher with the use of money and this encourages trade and division of labor.
In various beliefs, money is still the word used for silver or gold. Money was called currency from the year 1913 the change began with the development of the Federal Reserve.
The change is applied to purely to currency notes; money has expanded over the period of years from gold, silver, copper, brass, iron, stones, shells to paper.