EVOLUTION OF MONEY IN THE PHILIPPINES A Term Paper Presented to Mr. Gregorio Calamba Holy Cross Of Davao College, Inc.
In Partial Fulfilment Of the Requirements for English 2 By: May Rose R. Gonzaga 12 October 2010
Functions of Money 1. Detecting Counterfeited Bills III. History of Money 1. Effects of Money in the Economic growth
. Introduction A. Conclusion A. The Body A.I. Kinds of Money 2. Background about the topic II. The Significance of Barter 2. Coinage B.
How they pay their expenses?. The most beautiful coins designed ever produce were the Dos Mundos or Columnarias. ³one commodity for another´. through this also it helps to our economic growth. Through this working man. For short how can they meet the demands of their needs if they don¶t have money?. They need money because how can they eat their meals without money to buy?. It is ³the direct exchange of´. and vice versa.
. what their medium of exchange?. Yes barter. Because we cannot purchased things without exchange of it. Barter?. significance of barter. In the Philippine coinage. Lucky who are in the rural areas because their need are in nature. Many people said money is very important. But when he died?. functions of money.Introduction
This term paper information about money coinage. The coin is the product of coinage. Coin is defined as a mass of metal cast in some convenient shape with a definite weight and fineness. Lots of people investing and saving money. Through this man find a ways to get money. how it is evolve. The earliest coins brought to the country from mexico were the Macuqinas or the cobs. Like a rich man he has lots of money. As a student we must know were money came from. Like people here in urban areas. of goods for goods. But in practical situation money is very important. Now a day¶s money is important. Nobody can do that. He can bring with him his money?. service for service. The coin ³Piloncito´ is a named after sugar receptacles they resemble called ³pilon¶. Money is the standard medium of exchange in business transactions. On the other hand in the time of our ancestors. But it cannot buy our true happiness. Yes it is important. The function of it. It is refers to the currency and coins which are in the circulation and legal tender. Today¶s teenagers find ways how to get money to meet their needs. In this term paper you can read more information about money. and kinds of money. the circulation of money helps the economic growth. The barilla was the first copper coin minted in the Philippines. But we cannot deny that they need also money for their some needs that nature can¶t give. He needs to find a job and receive a salary. Because without money we cannot buy what we want. Barter is one of the earliest systems of exchange.
it is time consuming and very convenient for individuals to use the barter system and it lacks generalized purchasing power. The buy and sell are products of money economy. when they came here in the Philippines in 1521 they brought with them the first European coin called teston. find ways to look for another medium of exchange. money is a medium of exchange and his quality of exchange ability serves as its most significance purpose. A coin in the form of a buttonshaped gold nugget was the next developed as a medium of exchange. The yellow money cowry was practiced in the IndoPacific region. When the Galleon trade exercised the earliest coins during the Spanish colonization was the Macuqinas or the cobs. dye wood. carabao horns. Money is the standard medium of exchange in the business transactions. good for goods exchange of rice for fish: services for services. It is differ to another tools only in the sense that every man has opportunity to use it. and a like.( Laman and Bernardo. 2001. This are the acceptable currency that period. it was difficult to find or to look for a person who has the things you need also a person who wants the things you offering for exchange. Through this difficulties man invented. the used was the used of gold. It has a
. service for goods. a named after sugar receptacles they resembled and called ³pilon¶. the pre-Hispanic settings the first used was the use of seashells market the transition from the barter system. there was no common denominator to measure the value of goods and services sought for exchange.Barter as a form of exchange also a system was the first stage of monetary development. services for goods. and silver wires rolled up like the wax tapers. money is differ from barter in that only one party gets an objective that may directly and immediately satisfy his desire. ³one commodity for another´. It is refers to the currency and coins which are in the circulation and legal tender. Barter in ancient time it is the practiced throughout the Philippines also worldwide. The gold ornaments and altering were used specifically trading with the Arabs and the Chinese. There are some difficulties of barter system like. Through this money it simply buys a kilo of rice and paid it how much the price of it. wax cloth. It is a tool conceived to overcome difficulties that barter system brought. metal bells. 1995). Also it is the first silver coin. Then it was led to the evolution of money. of goods for goods. the service of a barber for a service of a tailor. The first mention was the pre-Hispanic Chinese-Philippine relations. the seller receives it. It is the ³direct exchange of´. The coinage in the Philippine. The buyer gives up the money. This coin was called ³Piloncito¶. During the Spanish occupation. Through this money it gives a step to the social. Then between the 8th to 14th centuries. most of the goods traded have unequal values. Also money according to Leuterio and Estepa. The development of money was helped us to made easier our transactions. But this system find more difficulties because it is hard to find whose need of good for service. small seashells. economic and political development of time. our ancestors begun to trading in gold. services for services and vice versa. Also it gives knowledge to the man to create another system of exchange to meet our needs. a carpenter does a house for a kilo of a who meat. There are lots of examples of barter system that exercise earlier.
enables consumers to manifest their preferences for certain goods which they purchased in the market. shapes. and limited coinage. ii productively and unproductively. are by saving and investing. money has been observed to discharge the following incidental functions. Investing on the other hand can be made in 1) business. weight and designs of coins but allows people to bring their precious metal to the mint to convert such into standard coins. another name for the Roman goddess Juno has been defined in a number of ways. As a store value. During the early times our coins were made abroad. Example if you keep the money from the bank. Money was derived from Moneta. it becomes productively because you are earning interest from it. in the performance of such basic function. There are also kinds of coinage the free coinage. the first copper coins to be minted in the Philippines and after how many colonizers came to our country currency changes.irregular. Coins are made metal alloys rather than pure metals so as to give them durability. Also known as the full-bodied money. Since money is acceptable widely it enjoys a generalized purchasing power and can serve as store value. These coins called the Dos Mundos or Columnarias. 3) money market. Coinage define by westerfield as ³the act of manufacturing uniform coins´. it maintains a mint in order to minimize expenses and provide employment opportunity. The two ways of keeping the money for future use. All debts
. there by replacing gold and silver coins made of metal and alloys as base. Money as a deferred payment because money as standard deferred payments in all debts which are in contracts are expressed in terms of money. As a medium of exchange. Money as medium of exchange. and as a differed payment. The gratuitous coinage is the total responsibility of minting borne by the government and the limited coinage was the government precious metal in an open market and mint them as a medium of exchange at face values higher than material content to facilitate trade. These coins circulated over 183 years from 1585 to 1768. It is clear to the definitions of money is to facilitate exchange transactions of goods and services. As a unit of account. It is used as a yardstick in pricing of things. However. or a means of exchange. 4) real state property and 5) jewellery. The free coinage that government defines sizes. but with the creation of Central Bank. Standard coins are made of metal like gold. oddly-shaped coins stamped with a cross on the other side side and a royal coat of arms on the other. 2) corporate or government securities. money measures the value of goods and services. money can kept for future use. Central Bank was established. There are two methods keep money in the bank. as a store value. It means the holder of money have desire weather he/she spend it when he/she likes to. money does not eliminate certain difficulties that attend to every barter transaction but at the same time. gratuitous coinage. The monetary unit of country is used as standard value. In 1994. During the reign of King Philip the fifth of Spain the first rounded machine struck coins with milted edges appeared. It is one of the most beautiful coin ever produce. The denominations from 50 centavo contains 75% silver and 25 alloy. The peso that we have right now that issued by the treasury contains 80% silver and 20% alloy. It came the time of the coins ³Barillas¶. as a unit of exchange. It is monetary system in which the value of commodity circulating as money or metal coins is the same as the non-monetary and monetary purposes. The coins that circulated today is limited coins.
money is merely a conveyance where the flows of production is facilitated and enlarge through specialization and division of labor. Like the paper money it is used by almost all countries or the world. The eyes ³sparkle´. it is evolve from the simple monetary exchange to a measure or a standard value and as a store value. It is also covered the characteristics of a good money. it is refers to the monetary supply. Last is the durability of money. There are some attributes of good money namely. The elasticity. Although it divided to smaller denominations it is the same equivalent. it is refers to the money chosen would have to withstand normal wear and tear. the genuine. homogeneity and durability. It is important that when we received money especially large equivalents. General acceptability refers to the willingness of people to accept the money in exchange in the values of money being circulated. The portability refers to the quality of money being easily carried from place to place. are clear. The notes to be remember also we need to familiarize to check the money are the paper. Not only one using money but a million of people using it every day. The cognizability. portrait. Stability value is dependent on control measures adopted by the monetary authority. Because it summarized it on how we used our money. For the money not to be easily broke or damage. vignette and cleanliness of the print. that made of the same material and posses equal values. For money to be able to perform the four functions. hair and etc. we always put to our minds to check the money if it is counterfeited bills. And last money as conveyance. In the portrait. stability of value. The genuine paper are readily feel of our fingers the main prints of the front and back of the fairly notes while in the counterfeit it generally smooth. security thread. It is always check the dots forming the detail of the face. it is important that the materials used have a good characteristic because it is circulated over our country. As above mention the functions of money. but that such parts should have equal weight and fineness. It is necessary that the material used as money should conform with his characteristics. It helps us a lot. divisibility. portability. The homogeneity. example a one piso is equivalent of four 25 centavo coins. our fingers can hardly feel the main print even on the notes. security fiber. Even also the blind can recognize by the sense of touch. Each worker performs some highly specialized task and is paid for his services in money. Good money should be acceptable to everybody in a specific territory. cognizability. According to their functions we can¶t find hard to classify when and where we can used our money. that the money in circulation could be increased or decreased according to the requirements of the trade and industry. As far as national economy is concerned. it is necessary that the money circulated is easily recognize even by a child and the unschooled. general acceptability.
. style and size of serial number. it is made by the special kind of paper which has extra strength to withstand usage. It is refers to the reserves of money. color of each denomination. As we used money it is very important that the money that we used for exchange is not fake.which are specify the payment of definite sum in the future are using as money standard of deferred payment. appears life-like. it is refers that the money should not only capable of being divided into equal parts or smaller units. water mark. background design. The divisibility. it is refers to the equivalent.
Irish and Persia times are the size of flocks and herds. A bank note refers to the promise of a bank to pay the bearer or the holder. the face value of which approximates that of the value of the metal itself. 50-piso. smudgy and poorly printed. It is dirty due to the spattering of ink on the enterior area. in the counterfeited it is simulated by printed lines. fiduciary paper money and bank note. We all know the two basic types of money. While in the counterfeited the spaced are not is evenly and poorly aligned. the spacing of numbers is uniform evenly and alignment is even. While in modern times. fakes by means of printing vertically line on the inner side of the paper. There are also some kinds of money. The lines are very clean and sharp. While in the counterfeited in general. while in the counterfeited usually dull and poorly printed. 500-piso. namely. In the past. Salt. and blotched on the intersection resulting in different scheme. were used by the English colonists in the north America. some commodities were used as money. In the serial number. While under a modern monetary system.blue. rough. the seal of the Republic of the Philippines. The details of the profile.red. While in the counterfeit the background designs often blurred. The commodity money is the type of money that has a commodity value. wool. a spurious note exhibits a ³second hand´ look. While in the counterfeited coins. commodity money. Example the basis of wealth in ancient time. dull. the genuine coins show an even flow of metallic grains. Their colors of each denomination. it is also easily erased with a ordinary rubber. In the security thread. The value of credit money is important to be equal to the value of standard money. and a number of slaves. the types of commodity are gold and silver. credit money and fiat money. The last topic that I¶ve discuss is all about the kinds of money. Also we used in especially in the business. While in the counterfeit appears ³dead´. The eye does not the same with the portrait.sharp. The 1000piso. in genuine the registry of different printed feature is perfect. on the other hand the fiduciary paper money is by a partial gold or silver
. tobacco. There are three important kinds of money. it is appears in the metallic form. this is a special thread place vertically on the paper during manufacture. it is feeling greasy and appears slimy. In the background designs. the representative paper money. the genuine note have polychrome with one predominant color. the vignette are fine. and well defined. corn.yellow. It is also connection about money. In the counterfeited there is an irregular spattering of white spot caused by non-registry or breaks of the background. In the vignette. 100-piso. in the genuine the background are multi-colored and are composed of sharp lines which are continuous are traceable even at joints. the metallic and paper money. letterings and numerals are high relief. 20-piso-orange. On the other hand as detecting the genuine and counterfeited coins. While in the counterfeit. The commodity value should equal its money value. Its security fibers in genuine the red and blue fibers are scattered at random on both surfaces. Iron was used in China. distinct and sharp. cannot be picked off. It has three types. The credit money is described as in the nature of a promissory note. The last is the cleanliness of print. the lines and dots are composing. We must know that the kinds of money. The letterings and numerals are low and worn out due to lack of sharpness and signs of filling.mauve. tea. namely. The representative money is backed up by 100% silver reserves.
a kind of money that circulates because of its legal tender power. must be acceptable when offered in payment of any obligation expressed in terms of the country¶s monetary unit. according to law. Legal tender describe as ³any kind of money which. The fiat money is issued by a government or decree. It is used by command. Last is the legal tender money.silver reserve. Examples are the fiat money that Japanese military authorities issued during the period of occupation of the Philippines.
. ³Fiat¶ a Latin word means µlet it be done´. Most of it are issued during a war.
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