MONEYduplicate

MONEYduplicate - The Story of Money The This is a...

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The Story of Money The Story of Money This is a presentation of the history of money and of banking since the advent of civilization. Ourania Kontopoulos, Librarian, DCCC Dr. Kyriakos M. Kontopoulos, PhD
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Functions of Money Functions of Money Medium of Exchange Store of Value Means of Payment Unit of Account Means of Deferred Payment
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Three Types of Economy Three Types of Economy SUBSISTENCE ECONOMY : No Trade BARTER ECONOMY : Exchange of Commodities MARKET ECONOMY : Trade using Money
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Bartering Adam Smith’s Model of Exchange: Two Hunters of Bears and Beavers: Quantity of Labor Theory of Value » Time to kill a bear = 8 hours » Time to kill a beaver = 1 hour » Thus: a bear = 8 beavers
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Transition from Bartering to Money forms » COMMODITY MONEY: Cowrie Shells and beads Electrum and Amber [Mediterranean Neolithic] Cups of Wheat [ Stater Wampum [NW American Indians] Furs [Hudson River, Quebec] Cod fish fillets [Norway, Iceland, Greenland] Tobacco [Virginia colony etc.]
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Enters Metallism » Practical Social Selection: » Metals win because of their: Durability Portability Divisibility Scarcity [=value]
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From Raw Metals to Coinage The Greek origin of “obolus” [“Obolos” and “Obelos”] » ( 1) thin metal rod = obelisk » (2) iron coin in Sparta [half of (c)] » (3) silver coin in Athens, worth a sixth of a drachma
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Ancient Chinese metallic commodity money
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Chinese commodity money: “Bridge-Dragons” Zhou Dynasty (Chou, 1122-770BCE), bronze, 27.6g & 15g
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Coinage Greek and Lydian Early Coins : Were made of electrum Since 650 BCE Miletus, founded in 1400 BCE by Minoan/Myceneans Had 100 colonies between 800-600 BCE
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Electrum Coin of Miletus Electrum stater of Miletus ca. 600-550BCE
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Electrum Coin of Lydia Electrum Coin of Lydia Lydo-Milesian 1/12 stater O: Head of Lion with “Nose Wart” R: Square incuse punch EL Lydo-Milesian 1/12 stater . Obverse: Lion’s head right with “nose wart” Reverse: Square incuse punch
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Lydo-Milesian Electrum Lydo-Milesian Electrum “Mysterious” Coin “Mysterious” Coin EL Lydo-Milesian 1/12 stater (1.18g), about 600-550 BC# Obverse: “Collapsing square” with two cross lines Reverse: Central pellet with eight radiating spokes
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Athenian Tetradrachmon Athenian Tetradrachmon Reverse Owl of Athena + ATHE [NA] 490BCE
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Athenian Tetradrachmon -O Athenian Tetradrachmon -O Obverse: Head of Athena wearing helmet and laurel leaves
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Olympia, Elis Olympia, Elis O: Head of Hera, wearing triple-pendant, necklace, stephane inscribed FA Λ EI N, archaistic spelling for “of the Eleians” R: Eagle with outspread wings, head turned, the whole in olive wreath
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