Project #89018 - 250 words Discussion and two 75 words reply

(250 words)

Go online and find something that has been used in the past as money.  Discuss what it was, what are the characteristics of the item that made it a currency? (unit of account, store of value, medium of exchange, scarcity, etc.)

Be creative, there are many things in the past that have been used.  Also it may benefit you to post earlier (rather than later) as if you wait, you may have to dig deeper to find an an original item.  The more popular items will generally be used first! 

 

two 75 words reply DO u agree ? why?

1.

Something that was used before paper money was gold.  King Croesus of Lydia was the first one to order for the coins to be made around 550 B.C. Most countries had legal minimum ratios of gold to notes/currency issued or other similar limits the prize of the gold was understood by the ounce of the gold. When paper money was introduced it was still exchangeable for gold whenever you wanted to claim it. Gold was used in many countries and was used to trade also. This existed from the 1870 to the first world war for it caused an outbreak for some other countries used silver, copper, or gold. After that people started using paper money as currency for it can be used world wide and easier to transfer. Also gold was heavy to transport around to different places when it was big amounts of it.

2.

Upon my research on what has been used in the past as monewas the first and earliest "primitive" form of money was commodity money. The history if money is dated back to the start of civilization around 2000 BC in Mesopotamia and Egypt. Commodity money consists of hides, skins and some grins were universally accepted as medium of exchange. To my understanding of the meaning of medium of exchange is used to describe money's ability to settle debts and to increase the purchasing power of individuals. Commodity money forms are gold, stones, silver, belts, copper, shells, and salts. As it was used back then commodity money serves more like a token in the commodity markets, They were more than a one-to-one representation of the value of each particular commodity. Commodity money exists today. For example, precious metals and coinage such as gold, silver, platinum and copper have been used since ancient times. Government used coins when the economy is in turmoil.

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