changes in forms of money in history
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The history of money concerns the development of social systems that provide at least one of the functions of money. Such systems can be understood as means of trading wealth indirectly; not directly as with barter. Money is a mechanism that facilitates this process.
Money may take a physical form as in coins and notes, or may exist as a written or electronic account. It may have be legally exchangeable for something with intrinsic value representative money or only have nominal value fiat money
Money may take a physical form as in coins and notes, or may exist as a written or electronic account. It may have be legally exchangeable for something with intrinsic value representative money or only have nominal value fiat money
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The history of money: from barter to bitcoin
Money has been a part of human history for almost 3,000 years. From the origins of bartering to modern money, this is how the system has evolved
At the dawn of humanity, bartering was used in lieu of money to buy goods. As early man began to rear domestic livestock, one of the earliest forms of barter included cattle, sheep, as well as vegetables and grain.
The first known currency was created by King Alyattes in Lydia, now part of Turkey, in 600BC. The first coin ever minted features a roaring lion.
Coins then evolved into bank notes around 1661 AD. The first credit card was introduced in 1946.
The infographic below shows how money has developed from these early roots through to Apple's instant iPhone payments and bitcoin - the world's first decentralised crytocurrency.
Wearable technology is set to disrupt the world of money once more, as Barclaycard trials a contactless payments wristband.
The advent of modern bartering has brought the system full circle.
Money has been a part of human history for almost 3,000 years. From the origins of bartering to modern money, this is how the system has evolved
At the dawn of humanity, bartering was used in lieu of money to buy goods. As early man began to rear domestic livestock, one of the earliest forms of barter included cattle, sheep, as well as vegetables and grain.
The first known currency was created by King Alyattes in Lydia, now part of Turkey, in 600BC. The first coin ever minted features a roaring lion.
Coins then evolved into bank notes around 1661 AD. The first credit card was introduced in 1946.
The infographic below shows how money has developed from these early roots through to Apple's instant iPhone payments and bitcoin - the world's first decentralised crytocurrency.
Wearable technology is set to disrupt the world of money once more, as Barclaycard trials a contactless payments wristband.
The advent of modern bartering has brought the system full circle.
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