What was the first money?

What was the first money?

The Mesopotamian shekel
The Mesopotamian shekel – the first known form of currency – emerged nearly 5,000 years ago. The earliest known mints date to 650 and 600 B.C. in Asia Minor, where the elites of Lydia and Ionia used stamped silver and gold coins to pay armies.

What are the evolution of money?

Some of the major stages through which money has evolved are as follows: (i) Commodity Money (ii) Metallic Money (iii) Paper Money (iv) Credit Money (v) Plastic Money. Money has evolved through different stages according to the time, place and circumstances.

What was used before money?

Before money, people acquired and exchanged goods through bartering. The world’s oldest known, securely dated coin minting site was located in Guanzhuang in Henan Province, China, which began striking spade coins sometime around 640 BCE, likely the first standardized metal coinage.

Which country printed paper money first?

dynasty China
Paper currency first developed in Tang dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song dynasty. The use of paper currency later spread throughout the Mongol Empire or Yuan dynasty China.

Which country used paper money first?

China
The first use of paper currency can be traced back to the year 806 AD in China where they were used as “flying currency” because of the usage of letters of credit transferred over large distances.

What are 5 stages of evolution of money?

Some of the major stages through which money has evolved are as follows: (i) Commodity Money (ii) Metallic Money (iii) Paper Money (iv) Credit Money (v) Plastic Money.

Why did cavemen not need money?

Cavemen did not need money. In their primitive economy, they did not specialize in producing one type of good and they had little need to trade with other cavemen. Most of the time it is quite difficult to separate the three functions of money.

How much money exists in the world?

around $40 trillion
Final Take. There is around $40 trillion in physical money present globally. This amount can touch a quadrillion if cryptocurrencies, broad money (M2 and M3) and investments and derivatives are added to that total.

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