The history of money

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The history of money

  1. 1. THE HISTORICAL DEVELOPMENT OF MONEY FOR GRADE 8 COMPILED BY LIHLE KHANYILE
  2. 2. Just as humans have evolved – money has evolved.  First it was Barter  Then shells  Then mental  Then silver  Then leather money  Most money today is paper money
  3. 3. Barter is when people trade or exchange (swap) goods for other goods without the use of money, like for instance trading seeds for apples.
  4. 4. Barter trade continuing  In the beginning, barter trade was the way of life.  It is a system people used to satisfy their needs and wants.  Bartering predates the use of money. As a matter of fact, money derived from bartering.
  5. 5. continuing  Commodities was the basic term of money and things like tea, salt, cattle and seeds among others were used for the exchange
  6. 6.  Became the first medium of exchange.  Shells prototype of money.  For the reason that barter was unfair to extent.
  7. 7. ‣After the use of shell the first mental money was developed and introduce. ‣The coins had holes in the middle so that they could be carried on strings, making it easier to control large sums of money.
  8. 8. Sliver coins  After the introduction of the first mental money, sliver coins where introduced.  They were imprinted with the faces of emperors and gods to show the value.
  9. 9. Continuing  The after other metals started being used such as bronze and gold.
  10. 10.  leather was used as banknotes.  They were made form deerskin.
  11. 11. Beginning of paper money Paper money was developed after all the other medium of exchanged where introduced one after the other. up to this day notes (paper money) is used as evidence of ability to pay.
  12. 12. Today  As money has changed over the years and today we have coins and paper notes.  Value has also started to change too. Past Present
  13. 13. Notes
  14. 14. Definition of money  A medium that can be exchanged for goods and services and is used as a measure of their values on the market.  Medium of exchange (item accepted for exchange)  Store of value (value stored over time)  Unit of Account (common measure of goods/services)
  15. 15. Advantages of money  Portability (easily transported)  Durability (lasts when handled)  Divisibility (divisible into smaller units)  Limited Availability ( available in limited supply.
  16. 16. In the future coins and notes may be taken over by cards or even better microchips in jewelry that can just be scanned.
  17. 17. In conclusion  Considering the advantages of money as compare to the other forms of medium exchange used previously, one can understand the reason why money has lasted longer than the others.  This is the reason why the government only make a few changes.  E.g South African notes now have Mandela’s face.
  18. 18. References Johnson, K. N (2014). The history of money. http://www.slideshare.net/Kaynijo/the- history-of-money-updated-to-feb-2014?qid=9c490122-0ed6-4541-b802- bac072105342&v=qf1&b=&from_search=1#btnPrevious accessed 06/03/2014 SDU (Strategic Dynamics International). (2013). The history of money. http://www.slideshare.net/sdi001/the-history-of-money-24931756?qid=551308ce-1558- 47d2-97c5-2e997e1eaa33&v=default&b=&from_search=2 accessed 06/03/2014 Vita, A. (2011). History of money. http://www.slideshare.net/alessandravita91/history-of-money-7488613?qid=9f52a3e0- a85e-46a1-985b-e4072ac473b5&v=default&b=&from_search=4 accessed 06/03/2014 Worthington, C. (2011). History of money. http://www.slideshare.net/worthingtonch/history-of-money-6842449 accessed 06/03/2014

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