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Transcript of G6 econs sept
SEPTEMBER 6 , 2012
Money Through the Ages
Contents
What is money?BarteringDevelopment of moneyMoney around the worldExchanging currencyElectronic moneyThe future of money
What is Money?
Bills and coinsUsed to exchange for goods or services, or to
pay a debt
Question: What did people use in the early days before money was invented?
Before money was invented, people used…
Bartering
Funny Money
Cowry (shell of a sea snail): Africa, China, India and North America
Salt: early RomansGold and silver rings: ancient EgyptiansRings and jewelry: tribes in the Celtic regions
of EuropeDonut shaped stones: Yap islanders of the
Pacific
Gold and Silver Coins
The first coins were minted around 600 B.C. in ancient Lydia.
Made of electrum, an alloy of gold and silver.Stamped with a lion’s head.
Gold and silver are worth more than the face value of the coin.
Assignment
Ancient Greeks: first to look at coins as a form of art.
Explore coins from around the world.
Representative Money
Money itself was worth nothing!
The government promised to back up the money or exchange it for silver or gold.
Representative money was used in the US from the late 19th to the early 20th century.
Gold and silver certificates were official currency in the US for a time.
Fiat Money
Money that is not backed by gold or other metals.
Fiat ~ from the Latin for let it be done.It’s worth nothing but accepted because the
government declares it official money.The government needs more money than they
have.
Money Around the World
Task: Explore money around the world.Popular currencies: US$, Euro.
Exchanging Currency
Why?Purpose: To help you trade in your money for
the right amount of foreign currency.Task: Currency conversion
Electronic Money
Discuss various examples.Discuss the advantages and disadvantages of
using electronic money.
References
Clifford, T. (2009). Money through the ages. Vero Beach, FL: Rourke Publishing LLC.
http://www.historyforkids.org/learn/economy.money.htm
http://library.thinkquest.org/C004203/economic01.htm
http://www.pbs.org/wgbh/nova/moolah/history.html