History Of Coin, Currency & Paper money..

Hy Reader's ! Hope you are all well🤗

Today I am going to tell you the history of coins, currency and paper money that How's man left the Barter System and then adopted the Currency.

What is Barter System ?

The Bartering dates back to 6000 BC. It is Introduced by Mesopotamia tribes, bartering was adopted by the Phoenicians. It generally use in local areas.

In those days it was used only in local areas. Because it was a system of giving and receiving. Giving and receiving means exchanging things. In those days people did not have coins or paper money, they were unfamiliar with currency. So if someone had a large quantity of something, he would buy something in return and exchange it for something. For Example If one has an excess of grain and the other has an animal husbandry, then they would trade in each other in this way they used to fulfill all their needs. But this But this method was not very effective. People used to take less valuable and unusual things from their valuables.So people left this system and adopted Shell's money.

Use of Sea Shells(Shell's Money)

Shell money is a medium of exchange similar to coin money and other forms of commodity money, and was once commonly used in many parts of the world. Shell money usually consisted of whole or partial sea shells, often worked into beads or otherwise shaped. People started using shells money in their exchange and they increased it so much that its value became equal to the value of a coin.

Different types of Shells were used in which the Cowries shells had Great importance.Long before our era the cowry shell was used as a means of payment and regarded as a symbol of wealth and power. This monetary usage continued until the 20th century.They were accepted in Asia, Africa, Oceania and even in certain parts of Europe. The oldest traces of their use as a currency can be found on bronze objects unearthed in China, dating back to the 13th century B.C.

But even the Shell money did not last long because the people did not find it elusive and sometimes they had to suffer in it.

The main disadvantage of using shells as money, would be a lack of:

a. Durability

b. Portability

c. Uniformity

d. Divisibility

So the main reason of Termination of Sea Shells was Uniformity.

Exchanging Gold to Gold 🪙

Until a few thousand years ago, gold was usually used exclusively for making things like jewelry and idols. Thousands of years ago, gold was just as important to people as jewelry and no one understood its importance in the same way as it is today.

It was until about 1500 BC, when the ancient Egyptian Empire, which greatly benefited from its sleeping area, Nubia, strengthened the importance of gold and, in terms of its value, introduced gold to international trade. Made the first official source of foreign exchange.

By the end of the 19th century, many of the world's major currencies were set to gold at a fixed price per ounce under the 'gold standard' and it remained in various forms for almost a hundred years. Before the introduction of the paper currency, gold was used as a currency in many countries. People used to go to bed and buy their daily necessities. But the importance of gold remains today. Currencies are still closely related to gold (paper that is exchangeable for gold on demand).

But After The World War I July 28,1914_November 11,1918 effectively ended the real international Gold standard. So Gold replaced by Paper money. Due to a lot of the paper money were printing After World war

Paper money 💵

The first paper currency issued by European governments was actually issued by their colonial governments in North America.

The printing of paper money is typically regulated by a country's central bank or treasury in order to keep the flow of funds in line with monetary policy.Paper money was adopted for trade after World War I۔even For few years after world war, Most countries had unchanging national paper standards - in which paper money could not be converted into gold and silver. People valued it so much that it continues to this day.

Then the currency system was introduced and its importance is still there today.but it had the slightest disadvantage that it used to cost a lot from people's account s .

That's why the coin was discovered because after its discovery human money became very safe because it does not cost any kind of job and it does not cause any harm. You can keep as many coins as you want in your account.

I hope readers will benefit from my article.

Stay Always Blessed ! 🤗