This is what allowed the Romans to later devalue their currency by decreasing the amounts of precious metals in each coin. This was a step towards what we call fiat money. The Romansīeginning around 27 BC, the Romans developed a system where the value of the coin was worth what was stated on the coin instead of how much it weighed. This was deliberately added so that coins could be tied to a string or wire for easier transport. Most of these Chinese coins feature some sort of square or round hole. It wasn't until around 220 BC that coin money became popular throughout the country. After this, knifes of various metals were used as currency. Eventually, pieces of gold were used with letters of Chinese cities on them. However, before these coins, sea snail shells known as cowries were being used during the Shang Dynasty. Ancient Chinese CoinsĪround the same time as the Lydians, Ancient China was also creating the first known coins. In addition, the coins came in different shapes and sizes since they were used in their current state. This makes sense as it was hard to create a consistent design for all the coins. It is speculated that the coins were weighed in order to determine their value. Perhaps as another means of making the currency stand out. In order to make the coins stand out from any other mineral, the Lydians carved designs into one side of the coin. The coins were a naturally occurring combination of gold and silver, known as electrum. did not require intricate machines to be created. This was known in ancient times as the Lydian Kingdom. _ The History of Ancient and Medieval Coins The First Coins Found in the WorldĪccording to western history, the first coins found were in modern-day Turkey. Below, the history of coins will be discussed along with how they were and are produced, specific designs and more. However, coins and currency are also seen as collectible items and as a means of investing. Today, we still use this system in modern societies. In order to circumvent these problems, societies created coins and currency as a medium for business. Furthermore, it was harder to preserve wealth when trading for items that could be used up within a matter of days. In addition to this problem, the barter system also made it difficult to measure the value of what was being traded. Because of this specialization, people became dependent on others to produce and provide what they could not. According to Adam Smith, the father of modern economics, this "double coincidence of wants" of the barter system deepened as people began to specialize in specific trades. Unfortunately, this would not always work because if you didn't have anything that the other person wanted, then you would not be able to trade with them. Bartering meant that a person would have to trade any item or service in order to get what they wanted. But, around the 5th or 6th century BCE, coinage was introduced as a method of payment, however, the first area to use a coin is still up for debate. Miscellaneous Quarters, Dimes, Nickels & PenniesĬoins have been an important part of humanity since people began settling in towns and trading with one another. American Gold Eagles & American Gold Buffalos
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