Hello Dear members today I am going to post about money? How it is invented? How was its shapes in old days? How it looks like now a days? Kindly read my whole post.
What is money?
Money is primarily a medium of exchange or means of exchange. It is a way for a person to trade what he has for what he wants. Ideal money has three critical characteristics: it acts as a medium of exchange; it is an economic good; and it is a means of economic calculation. Medium of Exchange.
History Of money.
In very old days people used barter system to exchanged different type of things between each other.
Types of Exchange in the old Age.
Cattle, mainly bovine, was one of the mostly used, and had the advantages of moving for itself, reproducing and rendering services, although there was the risk of diseases and death.
Salt:
Salt was another commodity money, difficult to obtain, mainly in the interior part of continents, also used as a preservative for food. Both cattle and salt left the marks in the Portuguese language of their function as an exchange instrument, as we keep using words such as pecunia (money) and pecúlio (accumulated money) derived from the Latin work pecus (cattle).
Cowry:
Brazil used, among other commodity moneys, cowry – brought by Africans –, Brazil wood, sugar, cocoa, tobacco and cloth, exchanged in Maranhão in the 17th Century due to the almost complete lack of money
Metal:
When metal invented then people use to exchange different type of things in metal shape:
Coins:
After invention of metal People used metal to make coins. In the 7th century B.C. the first coins resembling current ones appeared: they were small metal pieces, with fixed weight and value, and bearing an official seal, that is the mark of who has minted them and also a guaranty of their value.
Gold and silver coins are minted in Greece, and small oval ingots are used in Lydia, made of a gold and silver alloy called electrum.
The first metals used in coinage were gold and silver. Employment of these metals happened for their rarity, beauty, immunity to corrosion, economic value, and for old religious habits. In primeval civilizations, Babylonian priests, knowledgeable about astronomy, taught to people the close relationship between gold and the sun, silver and the moon. This led to a belief in the magic power of such metals and of objects made with them.
When Paper Money Introduced?
In the Middle Ages, the keeping of values with goldsmiths, persons trading with gold and silver items, was common. The goldsmith, as a guaranty, delivered a receipt. With time, these receipts came to be used to make payments, circulating from hand to hand, giving origin to paper money.
In Brazil, the first bank notes, precursors of the current notes, were issued by Banco do Brasil in 1810. They had its value written by hand, as we today do with our checks.
Different shapes of money.
Money was used in different shapes like coins, papers, People used according to their needs
Monetary System:
The set of coins and bank notes used by a country form its monetary system. The system is regulated by appropriate legislation and organized from a monetary unit, its base value.
Currently almost all countries use a monetary system of centesimal basis, in which the coinage dividing the unit represents one hundredth of its value.
Normally, higher values are expressed in notes while smaller values are represented by coins. The current world trend is that daily expenses be paid with coins. Modern metallic alloys enable coins to be more durable than notes, making them more appropriate to the intense use of money as change.
The countries, through their central banks, control and guarantee the issue of money. The set of notes and coins in circulation, the so called monetary mass, is constantly renewed through the process of sanitation, substitution of worn out and torn notes
Crypto Currency:
In this modern age mostly people are using Crypto Currency. It is easy to keep easy to spent. In near future crytp currency will be very popular in all over the world.
I prepared this post from Inter net and used many sites to complete this post. I get special notes from www.bcb.gov.br. I spent two hours to complete this post. If you like my post then up vote me. Follow me I will also follow you. Have a very nice life.
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