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G7 econs sept


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G7 econs sept

  1. 1. Money Through the Ages SEPTEMBER 6, 2012
  2. 2. Contents What is money? Bartering Development of money Money around the world Exchanging currency Electronic money The future of money
  3. 3. 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?
  4. 4. Before money was invented, people used… Bartering
  5. 5. 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
  6. 6. 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.
  7. 7. Assignment Ancient Greeks: first to look at coins as a form of art. Explore coins from around the world.
  8. 8. 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.
  9. 9. 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.
  10. 10. Money Around the World Task: Explore money around the world. Popular currencies: US$, Euro.
  11. 11. Exchanging Currency Why? Purpose: To help you trade in your money for the right amount of foreign currency. Task: Currency conversion
  12. 12. Electronic Money Discuss various examples. Discuss the advantages and disadvantages of using electronic money.
  13. 13. References Clifford, T. (2009). Money through the ages. Vero Beach, FL: Rourke Publishing LLC. y.htm htm ml