Professional Documents
Culture Documents
Banking and
Finance
BRIEF HISTORY OF MONEY
Usage of term dates back to 3000 BC in Mesopotamia
Barter system – barley, cattle, services etc
Commodity money – gold and silver
Paper money – Originally receipt for commodity
Paper money first used in China during Song Dynasty
(960- 1279)
After world war 2. most governments adopted fiat
currencies
Today many countries have their own currencies
DEFINING MONEY
Anything that is accepted as regal tender