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Money was invented before written history began. [1] [2] Consequently, any story of how money first developed is mostly based on conjecture and logical inference.A significant amount of evidence establishes that many things were traded in ancient markets that could be described as a medium of exchange.
Legal tender, or narrow money (M0) is the cash created by a Central Bank by minting coins and printing banknotes. Bank money, or broad money (M1/M2) is the money created by private banks through the recording of loans as deposits of borrowing clients, with partial support indicated by the cash ratio. Currently, bank money is created as ...
Ancient types of money known as grain-money and food cattle-money were used from around 9000 BCE as two of the earliest commodities used for purposes of bartering. Anatolian obsidian as a raw material for Stone Age tools was being distributed from as early as about 12,500 BCE, and organized trading of it was occurring during the 9th millennium ...
Congress continued to issue paper money after the Civil War, the most important of which was the Federal Reserve Note that was authorized by the Federal Reserve Act of 1913. Since the discontinuation of all other types of notes (Gold Certificates in 1933, Silver Certificates in 1963, and United States Notes in 1971), US dollar notes have since ...
Ephesus' great temple of Artemis has provided evidence for the earliest coins yet known from the ancient world. [nb 1] The first structures in the sanctuary, buried deep under the later temples, date back to the eighth century BCE, and from that time on precious objects were used in the cult or dedicated to the goddess by her worshippers.
Who invented Bitcoin? That question has become a captivating mystery for the digital age along the lines of whatever happened to D.B. Cooper or who was Deep Throat in the Watergate scandal.
Antique crank-operated cash register, with display showing money in French francs and centimes. An early mechanical cash register was invented by James Ritty and John Birch following the American Civil War. James was the owner of a saloon in Dayton, Ohio, US, and wanted to stop employees from pilfering his profits. [3]
The ease with which paper money can be created, by both legitimate authorities and counterfeiters, has led to a temptation in times of crisis such as war or revolution, or merely a spendthrift government, to produce paper money which was not supported by precious metal or other goods; this often led to hyperinflation and a loss of faith in the ...