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