Question

Explain the stages of development of currency.

Answer 1

first coins are prepared by China using skins of animals and birds later Greek made coins using metals like Copper silver and gold

Answer 2

The different stages of money are commodity money, paper money, metallic money, credit money, and plastic money.

EXPLANATION:

• During the period of earlier civilization commodities were exchanged in place of money.  

• Soon it gave place to coins made of metal of gold, silver, bronze and more.  

• After this came the paper money since it was not safe to carry gold and silver. The paper money today is controlled by Reserve bank of India.  

• Thereafter came in the credit and the plastic money in the economy.