forms of currency have undergone several changes since early times
Answers
Answer:
Forms of currency have undergone several changes since early times:
• The earliest system of exchange was the Barter System where goods and services were exchanged and no money was involved. However in this form of system one should have what the other needs and of similar value.
• With development in trade, money came up as an exchange medium.
• The earliest forms of currencies was made of metals such as Gold, Silver, Copper and Bronze.
• With further development, paper money came into use.
• Today Fiduciary money, where one is allowed to pay in alternate forms such as cheques has also come into being.
Forms of currency have changes since early times.
EXPLANATION:
In earlier times, the people exchanged their goods as currency. This system was the barter system. As civilization progressed, metallic coins were discovered and used as currency. Coins of gold, silver and copper were used.
Later, paper currency came into being and is till date used in addition to coins for trading purposes and also for buying goods. With the advancement in technology, the use of virtual currency has also come into being.