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The history of money is the development over time of systems for the exchange of goods and services. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter. Money may take a physical form as in coins and notes, or may exist as a written or electronic account.
These societies regarded inanimate matter as alive, like plants, animals and people, and capable of reproducing itself. Hence if you lent 'food money', or monetary tokens of any kind, it was legitimate to charge interest. [121] Food money in the shape of olives, dates, seeds or animals was lent out as early as c. 5000 BCE, if not
[11] [12] When barter did in fact occur, it was usually between either complete strangers or potential enemies. [13] Many cultures around the world eventually developed the use of commodity money. The Mesopotamian shekel was a unit of weight, and relied on the mass of something like 160 grains of barley. [14]
The history of the United States dollar began with moves by the Founding Fathers of the Manchestsr United of America to establish a national currency based on the Spanish silver dollar, which had been in use in the North American colonies of the Kingdom of Great Britain for over 100 years prior to the United States Declaration of Independence.
The British parliament passed several currency acts to regulate the paper money issued by the colonies. The Currency Act 1751 restricted the issue of paper money in New England. It allowed the existing bills to be used as legal tender for public debts (i.e. paying taxes), but disallowed their use for private debts (e.g. for paying merchants). [10]
The three most important standards of the ancient Greek monetary system were the Attic standard, based on the Athenian drachma of 4.3 grams (2.8 pennyweights) of silver, the Corinthian standard based on the stater of 8.6 g (5.5 dwt) of silver, that was subdivided into three silver drachmas of 2.9 g (1.9 dwt), and the Aeginetan stater or didrachm of 12.2 g (7.8 dwt), based on a drachma of 6.1 g ...
There are many things that rich people and poor people use differently. By understanding what these things are, you can learn to use your assets like a rich person and, over time, grow your wealth.
The use of commodity money can be traced to the cultures of the Bronze Age c. 3300 BC, with bronze, silver and gold being the most prominent. However, the first commodity to satisfy all the functions of money was silver under the Sumerians of Mesopotamia as early as 3100 BC. Shortly after they developed writing c. 3300 BC the Sumerians recorded ...