evolution of money
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Money is the most important invention of modern times. It has undergone a long process of historical evolution. Human beings passed through a stage when money was not in use and goods were exchanged directly for one another. Such exchange of goods for goods was called Barter Exchange.
The inconveniences and drawbacks of barter led to the gradual use of a medium of exchange. If we study history of money we shall find that all sorts of commodities like seashells, pearls, precious stones, tea, tobacco, cow, leather, cloth, salt, wine, etc. have been used as a medium of exchange (i.e., money).
It is called Commodity Money. Inadequacy of commodity money led to the evolution of metallic money (gold and silver). The problem of uniformity of weight and purity of precious metals led to private and public coinage.
This process was finally taken over by the state as one of its essential features and ultimately commodity money gave way to Paper Money which means currency notes. Nowadays, use of paper money has almost become universal along with coins made of copper, bronze or nickel, etc.
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