Before money existed, people traded by bartering, or swapping,
different goods. The problem with bartering was that each trader
had to want what the other trader was selling. Money was invented
as a medium of exchange – something with a recognized value that
could be used to buy other goods. Money is usually made
of rare materials, such as precious metals or colourful
feathers. The first written records of money date back
to Mesopotamia (now in southern Iraq) where weighed
silver was used about 4,500 years ago.Money
Tobacco leaves were the
currency for the British
settlers in North America in
the 17th and 18th centuriesAt different times in
history, cowrie shells
have been used as
payment in China,
India, and AfricaUp until the 17th
century, silver rings
were the method of
payment in ThailandGold doubloons
made by the
Spanish invaders of
Central America(^1) EGYPTIAN HOARD
In Ancient Egypt, payments were
made with various metals and
their value was based on weight
not shape. This resulted in a
wide array of bars, rings, and
pieces of gold, silver, and copper.
(^2) BURMESE WEIGHTS
During the 18th century, silver
weights called “flower silvers”
were used as money in Burma
(now Myanmar). Liquid silver
was poured into a mould, and
a floral pattern added.
(^3) TRADER’S MANUAL
Coins were regularly shipped
overseas in the 16th century.
To identify the different coins
and their value, Dutch
merchants used handbooks
detailing foreign currency.
(^4) FEATHER MONEY
The Pacific Islanders of Santa
Cruz used long coils made of
feathers to buy canoes. The
brightest and boldest feathers
had the highest value.
(^5) CHINESE COINS
In 500 bce, bronze coins in China
were made to resemble tools
or the cowrie shells of an earlier
currency. The shapes were so
awkward they were replaced by
circular coins with square holes.
(^6) BANK NOTE
Paper money has its origins in
10th-century China. Handwritten
receipts provided by merchants
gained such importance that
the government started printing
paper receipts for specific sums.
(^7) WAMPUM
Native Americans created belts,
known as wampum, from white
and purple clam shells. These
belts represented money and
were used to seal deals.
(^8) STONE MONEY
Heavy currency was used by the
islanders of Yap in the Pacific Ocean.
The huge stone discs they used to pay
for items were often too weighty to
lift, some measuring 4 m (13 ft) across.
(^9) CHEQUE
An alternative to cash is a cheque –
a form that details how much money
should be transferred from one bank
account to another. In medieval times,
the Knights Templar issued cheques
to pilgrims so they could travel across
Europe without carrying money.
(^10) CREDIT CARDS
First used in 1920s America to
buy petrol, many people now rely
on plastic credit cards. Issued by
banks and businesses, cards are
a convenient alternative to cash.
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