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1. A Brief History of Currency
It’s pretty hard to even imagine a world where money or currency didn’t exist. Most
people base their entire lives on earning enough money to get by and have a comfortable
life. Some form of currency has been around for roughly 3,000 years, and it has gone
through quite a few changes in that time.
Money as we know it is basically a way to trade goods and services indirectly, and its real
value lies in the fact that everyone accepts it as a form of payment. Here’s a brief history
of currency.
Bartering
Before there was any type of money as we know it, there was bartering. Barter refers to
exchanging or trading services, goods or resources so that each person benefits from the
transaction. One might offer carpentry skills to build a new barn in exchange for a cow
or some wheat. You could trade that same cow for some chickens, or some cotton for
tools. The limits are literally endless and many people, organizations and even
governments still engage in bartering today.
Cowrie Shells
In China around 1200 BC, the use of cowrie shells as currency became prevalent. These
mollusk shells were easily found in the Indian and Pacific oceans, and according to PBS
are longest used form of currency in all of history.
Metal Money
In around 1000 BC, the Chinese began manufacturing the first metal currency made of
copper and bronze. Metal money made from things like knives and spades was also first
used in China. Eventually, these forms of metal money evolved into round coins like the
ones we use today. Many Chinese coins were made with holes through them so they
could be strung together like a chain.
Modern Coins
The first coins that were made outside of China were created from lumps of silver around
500 BC. They ended up being made in the round shapes we know today, and were often
stamped with images of emperors or gods to let everyone know they were authentic.
Originally, these coins popped up in Lydia, which is known as part of Turkey today.
The techniques and styles of these modern-type coins were copied and refined by the
Greeks, Macedonians and Persians. Later, the Roman empire also got in on the act.
These coins were made from precious metals and had more inherent value than the earlier
Chinese coins.

2. Leather & Paper
The first actual type of banknote was made from leather and used in China around 118
BC. The first paper notes also came out of China around 800 AD. Paper was used and
overused for the next 500 years to the point where the value took a nosedive. The use of
paper money disappeared from China for several hundred years and wouldn’t be
considered common in Europe for three hundred years.
Indian Customs
Potlach and wampum are two Indian customs that came about in 1500 and 1535
respectively. Potlach refers to ceremonies where dances and rituals were performed and
gifts were exchanged. These ceremonies helped establish a leader’s social rank and
initiated people into secret societies.
Wampum refers to strings of beads that were made from clam shells. This was a form of
currency that was likely used long before the first known date. Wampum means ‘white’
which is the colour of the beads.
Gold
Eventually, gold became the standard of value in England. In 1816, guidelines and rules
were created to produce banknotes that represented a certain amount of gold. In 1900,
the United States officially enacted the Gold Standard Act. However, the gold standard
didn’t last long as the Depression hit in the 1930’s and the price of gold was devalued.
Today’s Money
Today, currency is always changing and evolving with paper money, coins and the
prevalence of electronic transactions that doesn’t require any exchange of physical
currency. International currency is a complex and confusing subject for most people, as
we try to keep up with all the changes that are made with our own country’s currency.
In all likelihood, specific coins and bills will continue to be taken out of circulation, more
polymer bills will be added and new ways to make transactions electronically will be
created.
Resources
http://www.cashtechcurrency.com/
CashTech Currency
http://www.investopedia.com/articles/07/roots_of_money.asp#axzz2LvMkR72r
Investopedia
http://www.pbs.org/wgbh/nova/ancient/history-money.html
PBS.org