2/28/2023 0 Comments Money moneymoney![]() ![]() ![]() The system of commodity money eventually evolved into a system of representative money. Song Dynasty Jiaozi, the world's earliest paper money It is thought by modern scholars that these first stamped coins were minted around 650 to 600 BC. According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. Societies in the Americas, Asia, Africa and Australia used shell money – often, the shells of the cowry ( Cypraea moneta L. The first usage of the term came from Mesopotamia circa 3000 BC. The Mesopotamian shekel was a unit of weight, and relied on the mass of something like 160 grains of barley. Many cultures around the world eventually developed the use of commodity money. When barter did in fact occur, it was usually between either complete strangers or potential enemies. Instead, non-monetary societies operated largely along the principles of gift economy and debt. The use of barter-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied primarily on barter. HistoryĪ 640 BC one-third stater electrum coin from Lydia In the Western world a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning 'in kind'. The name "Juno" may have derived from the Etruscan goddess Uni (which means "the one", "unique", "unit", "union", "united") and "Moneta" either from the Latin word "monere" (remind, warn, or instruct) or the Greek word "moneres" (alone, unique). The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located. In the ancient world, Juno was often associated with money. The Latin word is believed to originate from a temple of Juno, on Capitoline, one of Rome's seven hills. The word money derives from the Latin word moneta with the meaning "coin" via French monnaie. Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of broad money in developed countries. The money supply of a country comprises all currency in circulation ( banknotes and coins currently issued) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). ![]() Contexts which erode public confidence, such as the circulation of counterfeit money or domestic hyperinflation, can cause good money to lose its value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. Money was historically an emergent market phenomenon that possess intrinsic value as a commodity nearly all contemporary money systems are based on unbacked fiat money without use value. The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contrasted with the beggar whose legs and arms were amputated, in the left corner. ![]()
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