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FG News

When Money Came Into Existence?

29 Jun 17

The things which occurred rarely in nature and whose circulation can be controlled came out as interacting and exchanging units of a value. The units were mother – of – pearl used in America and cowry shells used in Africa, Europe, Asia and Australia.

Other materials used as currency were native copper, meteorites or native iron, obsidian, amber, beads, copper, gold, silver and lead ingots. The first known form of currency came 5,000 years ago and it was The Mesopotamian Shekel. The earliest known mints dates back to 650 and 600 B.C. It was used in Asia Minor. Stamped silver and gold coins were used to pay armies by the elites of Lydia and lonia.

In the beginning of first millennium A.D., hordes of coins of lead, copper, silver and gold were discovered and recognized as commodity money in Europe, Asia and North Africa. Money became instrument of political control.

Content: www.livescience.com


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