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There have been five main stages in the development of money. Each stage being the result of men’s attempt to find objects that display characteristics of good money. ... 1:
The earliest form of money was good. Knives, bead and shoes among other objects were used, as money bacause many people were willing to accept these in exchange of their products. However, such commodity money was quickly abandoned because many of the goods did not possess the essential characteristics of a good money > divisibility, portability, durability and security. ... 2:
Precious metals, such as gold and silver, have always been scarce enough to make them possible money. ... Throughout history the temptation to clip coins, trimming a fine filing of the precious metal from the edges has been greater than the fear of being caught. ... 4:
The early goldsmiths issued the first paper money in UK who accepted deposits of precious metals for keeping in their safes. ... 5:
Goldsmith receipts for deposits of precious metals were to become the first paper money, and goldsmith the first banks. Today the government>owned Bank of England has the sole right to issue paper notes, but this money can no longer be converted into gold.
Informative questions:
Who Invented Money?
Money means different things to different people — to you it may mean coins, notes or credit cards. ... In short, money is whatever we think has value. ...
The first written records of the use of money date from 1200BC, in the area of land now known as Southern Algeria, although then it was covered with water. ... Twelve shekels in todays money would buy you hundreds of prostitutes, all better looking than Hammurabis daughter, who was by all accounts rather dull.
Approximate Word count = 1332
Approximate Pages = 5.3
(250 words per page double spaced)
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