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History of Money 6

  1. 9000 BC


    "Barter involves the exchange of resources and/or services for mutual benefit between 2 or more parties. Early man would barter goods they had in surplus for ones they lacked. Barter has also survived throughout the ages, and is still a popular form of trade throughout the world."

  2. 9000 - 6000 BC

    Cattle and Grain

    "Cattle, which can include cows, sheep, camels and other livestock, are considered to be the first form of what’s considered money. And as many cultures began farming, items like grain and other vegetable and plant products also became standard."

  3. 1200 BC

    Cowrie Shells

    "These shells of a mollusk are widely available in shallow areas of the Pacific and Indian Oceans. China was the first area of the world to use these shells as money, but their use did spread to many other civilizations."

  4. 1100 BC

    Asian Cutlery

    "Near the end of the Stone Age, China began making imitation cowries out of bronze and copper, which are base metals. These are considered by many to be the earliest form of metal coins."

  5. 600 BC

    The first currency

    "Lydia’s King Alyattes minted the first official currency, it helped the country increase both its internal and external trade, making it one of the richest empires in Asia Minor. “As rich as Croesus” refers to the last Lydian king who minted the first gold coin."

  6. 806

    Paper money

    "Paper banknotes first appeared in China and were used from around the 9th to 15th century. Over time, production of paper notes continued to grow to the point where their value rapidly depreciated. Around 1455, paper money disappeared in China for several hundred years."

  7. 1250

    The Florin

    "A gold coin minted in Florence, Italy, was widely accepted accross Europe, encouraging international commerce."

  8. 1290

    Marco Polo travels to China

    "Marco Polo then introduced the idea of paper money in Europe."

  9. 1660

    Paper money in Europe

    "Europeans were still using coins, helped along by acquisitions of precious metals from colonies to keep minting more and more cash. Eventually, private banks started using notes for depositors and borrowers to carry around."

  10. 1816

    The Gold Standard

    "Gold was adopted as the official standard of value in England. Guidelines were developed to allow for a fixed, non-inflationary production of banknotes that represented a specific amount of gold."

  11. 1913

    Gold-Backed U.S Dollar

    "The Federal Reserve System is created in the U.S., establishing a central bank as well as gold-backed federal reserve notes."

  12. 1920s

    Charge cards

    "Department stores, hotel chains, and service stations start providing charge cards to customers with cars so they don’t have to travel their hometown bank to get cash."

  13. 1930s

    The Great Depression and the End of the Gold Standard

    "The coming of the Great Depression brought major changes in money. The first step was revising the gold standard, which involved confiscating individual gold holdings and increasing its price. By the 1970s, the dollar was completely delinked from gold."

  14. 1946

    First Credit Card

    "John Biggins invented the Charg-It card, the first credit card."

  15. Since 1970

    New standard

    "The U.S. and most of the world have used a paper-based currency whose value is regulated by a central bank. International monetary regulations are almost impossible to understand. Many feel this standard has brought unbridled monetary expansion, eroding value, stagnant wages and more."

  16. 1990s

    Online shopping and mobile payments

    "Mobile payment is money rendered for a product or service through a portable electronic device such as a cell phone, smartphone or PDA. Mobile payment technology can also be used to send money to friends or family members."

  17. 2008

    Contactless payments

    "Contactless payments cards were issued in the UK for the first time"

  18. 2009

    Virtual Currency

    "Bitcoin became the gold standard--so to speak--for virtual currencies. The appeal of virtual currency is it offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government issued currencies."

  19. 2018

    Physical vs Digital money

    "People are earning and spending money without ever touching it. In fact, economists estimate that only 8 percent of the world’s currency exists as physical cash. The rest exists only on a computer hard drive, in electronic bank accounts around the world."

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