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Origin Of Currency Essay

827 words - 4 pages

The origin of currency
Conor Starling
ITT-tech

Thesis:
Most large projects today, including Building a business, involves spending large amounts of money

The Origin of Currency
From food to water and shelter to accessories everything purchased today is purchased with a form of currency. In fact many large projects today, including building a business, involve spending large amounts of money. How did all this money come to be? Did it just appear from thin air? Well
that’s highly unlikely; the first types of trade couldn’t have been pure money or valuable metals
but more like pieces of meat from skinned animals to help with purchasing and building things. This
form of ...view middle of the document...

The farmers grow the foods and then pay for services with those goods.
After the Bartering system the labor note was introduced, these labor notes were based on the time spent performing a service and then you could use the notes as trade for goods or services. This currency eliminated price value between different markets, and arose when paper currency was an innovation. This would stop profit taking though a middle man; all exchanged products would be priced only in terms of the labor and was represented in the maximum ‘cost the limit of price. Labor notes of trade became the basis of exchange in London, and in America and were extremely short lived.
Coinage was introduced began to be used and is in fact still in use today, making it the longest use of currency. Around 1000 B.C metal in the shape of knives and spades made from bronze was used in the Zhou dynasty. The first actual rounded coin was created almost simultaneously in both India and China in cities around the Aegean Sea around 700 and 500 B.C. Most Aegean coins had stamps on them which were made from heating and hammering it with the insignia, while Indian coins were punched with metal disk. The Chinese coins sometimes had holes in the center of them to be strung together by string. The more valuable coins...

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