Origins Of Money And Banking

IntroductionHistory of banking is closely related to history of coin . As monetary payments became important pile looked for ways to safely store their gold and merchants looked for ways to borrow bills to fund expeditions The word `money originated from the Latin word Moneta which comes from the temple of Juno (Hera , the Moneta where the Roman money came change in the archeozoic days of Rome . Money is define as any good or token or an abstraction that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts . Money as closely as serves as a exemplar for measuring the relative worth of different goods and services also provides as easier alternative to barter . The efficiency gains finished the usage of money are thought to encourage trade and piece of labor , in turn increasing productivity and wealthiness . currency is the most common type of physical money today . However goods such as gold or silver retain numerous of money s essential properties . The use of goods and services of money makes all commodities become more liquid (Davies , 2002History of money : Spans thousands of years and money itself must be a infrequent good . The first people didn t buy goods from other people with money . They utilise barter . Barter is the exchange of personalized possessions of value for other goods that you want . This kind of exchange started at the beginning of humankind and is still used today . From 9 ,000-6 ,000 B .C , livestock was often used as a unit of exchange . Later , as agriculture certain , people used crops for barter .

more items have been used as money ranging from naturally scarce precious metals and conch shells through cigarettes to entirely artificial money such asNAME Money and bankingbanknotes (kind of transferrable instrument , a promissory note made a by a bank payable to the bearer on demand , used as money and under many jurisdictions is used as legal tenderThe use of protomoney dates back to at least 100 , 000BC (Davies , 2002 . Trading in red ochre (pigment made from naturally tinted clay ) is attested in Switzerland from virtually that period and ochre seems to have functioned as a protomoney in Aboriginal Australia . Shell jewellery in the form of form strings had served as good with the basic attributes needed for early money . Before the metallic age , shell or ivory jewellery were the most divisible , easily storable and transportable , scarce and hard to counterfeit objects that could be made . Many instances when money was objects used for their intrinsic values as well as their monetary properties and called commodity money This included urge on nails , pigs , rare sea shells , whale s teeth and often cattle . At about 1200 B .C . in China , cowrie shells became the first medium of exchange , or money . The cowry has served as money throughout history even to the mettle of this century . In medieval Iraq , bread was used as an early form of...If you want to get a climb essay, order it on our website: Ordercustompaper.com

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