explain how barter system was replaced by money and compare the coins and paper notes of older period in comparison to the present coins and paper notes.
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barter system was replaced by money and compare the coins and paper notes of older period in comparison to the present coins and paper notes because:
A person holding money can easily exchange it for any commodity or service that he or she might want.
In barter, it is difficult to find a person who wants to buy what exactly the seller wants to sell. Hence, no double coincidence of wants required
It is very easy to store money with banking system in practice but it was not easy to store goods since it increase the maintenance cost.
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