Question

Difference between ancient money and modern money

Answer 1

The difference between ancient money and modern money are as follows-

Ancient money-

• In the ancient days, gold coins, grains, etc., were used to use as money.
• There was no fixed value of money.
• The barter system was very prevalent.

Modern money-

• In the modern-day, the currency is printed. Money comprises currency notes, coins, and even digital money.
• The value of money is fixed.
• The barter system is not adopted in the modern era.

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Answer 2

Answer:

1. In ancient times, people utilized grains, gold coins, copper coins, and other forms of cash, but today, people use currency notes, coins, plastic money, and other forms of currency.
2. In ancient days, money was not sanctioned by any universal authority, however in modern times, the Reserve Bank of India authorizes cash.

Explanation:

Ancient money:

• Prior to the introduction of paper notes and coins, people used a variety of coins such as gold, silver, and copper that were issued by the government and had the government's seal.
• People used items like as livestock and crops for transaction purposes before the use of coins.
• Traditional currency had a lower store of value than current currency.
• Money is the store of value, which we keep for future use, but products cannot be stored because they die, hence they lack the store of value function.

Modern money:

• Modern Money  is anything that has a monetary worth and is commonly accepted for transactions.
• Paper notes and coins are examples of modern money.
• Aside from these two, there are several sorts of money, including e-money and mobile wallets, which are currently used as money in our economy.
• Paytm, which is widely accepted nowadays, is the best illustration of new kinds of money, or e-money. In remote places, new kinds of e-money are not accepted by people who do not have access to the internet.
• Because of the RBI's promissory note, paper notes and coins are accepted everywhere in India.
• Every piece of modern money will serve as a store of value.