History of money is as profound as the mankind history. All of this started back in 1200 BC when people first started valuing and assessing things for other materials.
Bartering and Exchange
We have all read about this practice of exchange. Bartering is the first opposite form of exchanging goods and items for other commodities. Transactions were not continual and no particular value of measure was predetermined. It was as random as if one bag of rice is used to exchange one cow. Also, possessions that were traded and exchanged were termed as commodity money and most of them were livestock, grains, and seeds with other basic needs. You may wonder how, but as long as the people believe that their money has some value, it does have a value. Once they start losing faith in that money, the value drops.
Taxation
The term tax was first introduced in Egypt about 5000 years ago. Taxes were collected at the point of time when payments were made in the exchange of goods and labor.
Use of Metal
The first use of metal as a form of money took place around 3000 years ago in China. The metal was molded and finally engraved it in a form as to resemble the cowry shells. Later, they were also used in other countries and cultures as a medium of exchange.
Coin
First coins minted were the Lydian lion in Lydia, which is known presently as Turkey. Furthermore, The coins were prepared of golden and silver alloy and had a loin’s head engraved on one side.
Paper Money
Scientists consider that the paper money was the by-product of block printing. It was brought together in Tang dynasty of China around 1000 years back. Finally, it has come down to today where most of the notes are a specially designed cloth made mostly from cotton and linen but not paper.
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