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Unformatted text preview: Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure 11 Figure 10 Figure 12 Lin 1 In this day and age, money is a legal tender 1 when creditors are legally appreciative to accept it in payment of amount overdue (“What is legal tender” 1). The money that the people used in the early ages is disproportionate as the money that the communities use today. It is especially difficult to say exactly how old the term “money” is. When research the phrase “money” can find out that payment of some kind was used all the way back to 2200 B.C. Back in the days, money was never just a metal coin or a piece of paper as the world today. In the early forms of money incorporated stones, shells, beads and fur. The people in the early ages did not buy merchandise from other people with money, they bought goods by trading. For instance, if you were a farmer, you would trade your corn with a shoemaker for shoes. The shoemaker would offer shoes to a butcher in exchange for meat. This concept of trade was called bartering 2 . This category of exchange started at the beginning of humanity and is still utilized today, but eventually got to be moderately difficult. From 9,000-6,000 B.C., 1 1 Legally valid currency that may be offered in payment of a debt and that a creditor must accept. 2 2 To trade by exchange of commodities rather than by the use of money. The exchange of personal possessions of value for other goods that you want. Lin 2 livestock 3 was frequently used as a component of exchange. In addition, people used crops for barter after agriculture developed (“The History of Money” 1). In the history of money, approximately around 1200 B.C., in China, cowry shells developed into the first medium of exchange, or money. All the way through history even to the middle of this century the cowry has hand around as money. The primary metal money, mock cowry shells was invented about 1000 B.C., in China. They can be put into consideration as the original development of metal currency. In addition, tools made of metal, like spades and knives, were also used as money in China. The Chinese coins were frequently made out of base metals which had holes in the middle of the coins, therefore that you could put the coins all together to formulate a chain. From these reproductions, we developed today's round coins that we use on a daily basis (“The History of Money” 1). However, the worldwide use of paper money and coins took a long time to occur. Even into the early days of the United States, trading or bartering was still a fashionable way to exchange merchandise and services. “Before the early settlers won the war with the intention of created the United States there was Spanish, English and French money used. But, in sequence to pay for the war, we needed to develop one universal currency for all the colonies. In actual fact the well- known Paul Revere designed the first coins for the Continental Currency” (“History of Money” 5). “After we won the war along with the new U.S. Constitution was “After we won the war along with the new U....
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This note was uploaded on 04/22/2008 for the course NUR 5214 taught by Professor Wu during the Spring '08 term at Nova Southeastern University.
- Spring '08