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History of Money
History of Money G8
| Term | Definition |
|---|---|
| Classic Cash, Paper Money, Electronic Money | The three distinct stages of money |
| Barter | Exchange of resources or services, used by early humans for mutual advantage and as the primary way of transaction; still with us today |
| Cattle | The oldest and first form of money, it is considered a commodity money |
| Bushels of wheat | Payment in the form of grain in the ancient world |
| Amber | Primitive money in the form of harden sap; it attractive appearance, portability, and rarity made it a good form of money |
| Wampum | Native American money kept on strings like some forms of Chinese money, usually in the form of a belt with designs |
| Kettle | Metal pot used for boiling water, primitive currency |
| Gong | Flat metal musical percussion instrument that is hit with a mallet, primitive currency |
| Oxen | Draft animal used as form of primitive money |
| Zappozats | Decorative axes used as money |
| Salt | Used by the Romans to pay their soldiers |
| Ivory | Found in teeth and tusks, elephants are a common source of this |
| Thimbles | Worn for finger protection while sewing, used as a primitive currency |
| Rice | Crop used as money in China |
| Dog's teeth | Used as money in New Guinea |
| Small tools, Gambling counters | Both of these were used as money in China |
| Quartz pebbles | Used as money in Ghana |
| Cowrie shells | Money first used in China, longest used currency in history (used in 7 of the 8 eras) |
| Metal disks | Used as money in Tibet |
| Limestone disks | Used as money on the Yap Islands |
| Safe deposit box | Zigurats in Mesopotamia were a very early form of this |
| Metal tool/ knife and spade money | First metal money, cowrie shell imitation from China; round holes allowed for easy carry |
| Electrum Lydian coins | First coins, made in Turkey from a gold silver alloy and stamped with lions head |
| Delos | Banking center, a Greek island |
| Giro | Greek form of credit transaction |
| Augustus Caesar | Reformed Roman monetary system by introducing taxes and pure gold and silver coins |
| Edict on Prices | Issued by Emperor Diocletian as an attempt to control inflation; ultimately fails |
| Gold soldidus | Roman coin implemented under Constantine |
| Leather money | First form of a banknote from China, made of white deerskin to make them scarce, moneylenders wrote on them |
| Vikings | Slit the noses of people in Ireland who did not pay their poll tax |
| Rus' | Name given to the people in modern day Russia by the Vikings |
| T'ang Dynasty | Progressive Chinese dynasty that implemented a paper currency predecessor |
| Mulberry bark | Used to make paper money in China during the T'ang Dynasty |
| Knights Templars | Military order that built up a banking network, they were wiped out on Friday the 13th because they were viewed as becoming too powerful, the French took their wealth |
| Knights Templars | Built forts to protect pilgrims traveling to the Holy Land, led to the Italian bankers |
| Florin | Coin minted in Florence and used throughout Europe, making it "coin of the realm" |
| Medici Bank | Large banking network during the 15th century with multiple branches, biggest client was the Vatican |
| Potlach | Native American ceremony in the Pacific Northwest where gifts are exchanged and wealth is used to show off social status |
| Conspicuous consumption | Excessive consumption of luxuries in order to enhance ones own social status |
| Spanish Gold | Stolen from the Americas, it ends up circulating throughout Europe due to this countries buying of imports and paying interest rates |
| Wampum | Bead belts that tell a story, it was a monetary medium in all American colonies and was legal tender in Massachusetts (a factory for this was set up in New Jersey) |
| Tobacco Notes (represents bundles) | A token money used as legal tender in 3 colonies (such as Virginia) |
| Goldsmith's receipts | The start of bank notes, they could be signed over to other people so they could be used as a form of money |
| Massachusetts's Bay Company | Given the power by the British to issue notes that circulated as legal tender and were used to pay soldiers, the first fiat money in America |
| English Money Supply | By 1700, less than half of this money is coin while the majority of it is in the form of ledger markings, bills, and banknotes |
| Ben Franklin | Founding Father who petitioned Parliament to allow him to print paper money for the colonies but was ultimately declined because this would give the colonists too much power |
| Adam Smith | Big supporter of paper money due to its ability to help expand the economy |
| Coins | In 1789, Congress decided on this type of money |
| Cowrie Shell Depreciation | Happened in Uganda, before a woman cost 2 units of this, after a women cost 1000 units |
| David Ricardo | Came up with the idea of the gold standard which England adopts |
| California Gold Rush | Started because of gold discovery at Sutter's Mill, increased the gold supply |
| Bimetallism | Using both gold and silver as money that can be redeemed through paper money |
| The Gold Standard Act | Stopped bimetallism and made gold the only metal redeemable by paper money in America |
| Gold and Silver Certificates | U.S. issued fiat money redeemable for gold or silver |
| Kirghiz Horse Money | Used in Central Asia (Russia) with sheep as sub units and lambskins as small change |
| Federal Reserve System | Has 12 branches, job is to control the money supply and watch the prices of goods and services |
| Diners Club card | First charge card, used to eat at fine restaurants, only available to the wealthy |
| Amex and Discover | Premium credit cards |
| IBM | International Business Machine |
| Malls | First one of these was in Edina, Minnesota, it mainly spread to the suburbs to allow suburbans to buy goods without traveling in the city |
| Social Security | Established by FDR, in 1975 the government gave people the option to receive this via EFT (electronic fund transfer) |
| 1 Byte | 8 bits make up one of these |
Created by:
rudolph.beukes
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