What is money and brief history of money?

- Money is a commodity that is widely acknowledged as a means of

economic exchange. It is the medium through which prices and values are
conveyed. Money, on the other hand, is a necessity for survival in the
world. Almost anything is feasible in today's society if you have enough
money. Furthermore, you might spend money to realize any of your
desires. As a result, people put in a lot of effort to earn it. Our parents put
in a lot of effort to help us achieve our desires.
- Metal money was first used in 1000 B.C. China. Stamped chunks of
valuable metal, such as bronze and copper, were used to create these
coins. Ancient Greeks used early versions of coins as well, starting around
650 B.C. These coins would eventually be constructed of the silver and
gold that we now associate with money. Coins were a watershed moment
in money history because they were one of the first forms of currency
that allowed individuals to pay by count (number of coins) rather than
weight. Various coins have been used in different parts of the world
throughout history. The shilling and pound were widely used to describe
larger amounts of pennies around 500 B.C., 800 AD, and by the mid-13th
century. Furthermore, while the first paper money was manufactured in
China between 700 and 800 A.D., it would be several years before paper
money became widely used. China was the first country to employ paper
money, however, it was only used until around 1455. Paper money's
smaller weight enabled for worldwide trade, which brought with it both
challenges such as trust and currency wars, and opportunities to trade in
new areas for new things.
 What are the functions, Attributes and, kinds of money?
FUNCTIONS OF MONEY

1. Medium of Exchange- when it is utilized to facilitate the exchange of commodities

and services.
2. Unit of Account- It is a unit of measurement for the market value of products,
services, and other transactions.
3. Store of Value- Money must be reliably saved, stored, and retrieved in order to serve
as a store of value.

ATTRIBUTES OF MONEY

1. Anonymity 4. Physicality
2. Centralization 5. Limited Supply
3. Openness 6. Acceptability
KINDS OF MONEY

1. Fiat Money- is money whose value is determined by an official decision (fiat) by the
governing body rather than its intrinsic value.
2. Commodity Money- Its value is determined by the item from which it is
manufactured. It is impossible to replace money once it has been destroyed.
3. Representative Money- it has no intrinsic value.
4. Fiduciary Money- money that is based on the promise and faith that the issuer will
exchange it for fiat or commodity money (bank).
5. Commercial Bank Money- is a claim against a bank for goods and services purchased
through the means of withdrawing in person, check, ATMs, or online banking.

Picture of current Philippine money and is security features