A Tale of $hell$, Buck$ and Metal$
Everybody wants it. Some people just can’t get enough of it! Life as we know it would be totally wacky if we did not have it. If you have not guessed what “it” is yet, here is a clue…It has many names… moola, stacks, bucks, and cashito. However, for most of us, we simply call it, “Money”! Do you ever wonder how money came about and why it is as vital to our daily lives as food and shelter? Let’s do a little investigating to get to the root of it by learning all about the history of money.
Despite being a part of daily life that goes back thousands of years, money, as we know it, has not always looked like it does today. Through the ages, money has evolved, over and again. But, the question remains, how did money become so important?
It began as an exchange system or bartering, as early as 9,000 B.C. Back then, people would trade for just about anything. Imagine getting a really cool piece of clothing for a couple bags of potatoes! Of course, that might not work at your local shopping centre today, but at that time it worked very well. Many of you would probably love to exchange those carrots for the latest video games if you could. So, no doubt, you can see how useful that “financial” system was for getting the things that people needed, or wanted, in their lives.
Then, things got a little more concrete. People started using an actual form of “currency”. China was first, around 1200 BC, to select a standard form of “money” or currency. They used Cowry shells, which are egg-shaped shells that are home to a variety of sea snails. These beautiful, shiny, porcelain-like shells were believed to be valuable and, thus, they became worth something, which is exactly what having and exchanging money is all about. Over time, those Cowry shells were replicated in metal. These were, in essence, the first coins.
By 500 BC, people were using precious metals like silver to coin money, imprinting them with images of rulers, gods, and anybody whom the overall population felt was worthy of being honored. Places like Turkey, Greece, and Rome used money the way that we do today, in exchange for goods and/or services. The coins that they made were extremely precious because they were usually made of gold, silver, and bronze.
China was the trailblazer again when between the 9th and 15th century, they finally came up with the type of money that we now use. Paper! With its inception, there was likely tons of excitement because it was so much easier to handle, produce, and manage than the other earlier forms of money.
The Europeans, on the other hand, began their own financial system, one which was based on the amount of gold that was held. This became known as the “gold standard”, and would remain in effect from the early 1800s until the present for some nations. The United States tried this financial system for valuing money, but during the Great Depression of the 1930s, that practice ended.
Today, we use a combination of paper notes, coins, credit and debit cards, and electronic financial systems for moving money virtually. While we have come a long way from using cowry shells, the reality is that money is a part of life that will never go away. It is used every day, all over the planet. With money, you can live in a safe home, travel, eat, and buy things that make you happy. That is why so many people just can’t get enough of it!