1775: to pay for the Revolutionary War, the US issued Continentals, the first fiat money.1862: to pay for the Civil War, the US issued fiat currency called Greenbacks. These notes were green on the reverse side.Early Native Americans traded wampum, strings of white whelk shells. Spanish dollar was accepted as money in the US until 1857. Commonly known as pieces of eight. Also used in Canada. Later both countries have their own $.
PayPal, Internet transfer via banks, ATM, kiosks.
G7 econs sept
Money Through the Ages SEPTEMBER 6, 2012
Contents What is money? Bartering Development of money Money around the world Exchanging currency Electronic money The future of money
What is Money? Bills and coins Used to exchange for goods or services, or to pay a debtQuestion: What did people use in the early days beforemoney was invented?
Before money was invented, people used… Bartering
Funny Money Cowry (shell of a sea snail): Africa, China, India and North America Salt: early Romans Gold and silver rings: ancient Egyptians Rings and jewelry: tribes in the Celtic regions of Europe Donut shaped stones: Yap islanders of the Pacific
Gold and Silver Coins The first coins were minted around 600 B.C. in ancient Lydia. Made of electrum, an alloy of gold and silver. Stamped with a lion’s head. Gold and silver are worth more than the face value of the coin.
Assignment Ancient Greeks: first to look at coins as a form of art. Explore coins from around the world.
Representative Money Money itself was worth nothing! The government promised to back up the money or exchange it for silver or gold. Representative money was used in the US from the late 19th to the early 20th century. Gold and silver certificates were official currency in the US for a time.
Fiat Money Money that is not backed by gold or other metals. Fiat ~ from the Latin for let it be done. It’s worth nothing but accepted because the government declares it official money. The government needs more money than they have.
Money Around the World Task: Explore money around the world. Popular currencies: US$, Euro.
Exchanging Currency Why? Purpose: To help you trade in your money for the right amount of foreign currency. Task: Currency conversion
Electronic Money Discuss various examples. Discuss the advantages and disadvantages of using electronic money.
References Clifford, T. (2009). Money through the ages. Vero Beach, FL: Rourke Publishing LLC. http://www.historyforkids.org/learn/economy.mone y.htm http://library.thinkquest.org/C004203/economic01. htm http://www.pbs.org/wgbh/nova/moolah/history.ht ml