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Questions and Answers
Around 9000-6000 BCE, people started using ______ and crops as forms of currency, which was a step up from bartering.
Around 9000-6000 BCE, people started using ______ and crops as forms of currency, which was a step up from bartering.
livestock
The advent of ______ around 3000-2000 BCE represented an early form of financial intermediation and management.
The advent of ______ around 3000-2000 BCE represented an early form of financial intermediation and management.
banking
From 1500 BCE into the 20th century, ______ money was a prevalent form of currency in regions like China and Africa.
From 1500 BCE into the 20th century, ______ money was a prevalent form of currency in regions like China and Africa.
shell
Before round coins, China utilized ______ and knife money from 1000-300 BCE, reflecting innovative approaches to currency design.
Before round coins, China utilized ______ and knife money from 1000-300 BCE, reflecting innovative approaches to currency design.
The widespread adoption of ______ and silver coins around 640-269 BCE standardized currency, enabling easier trade and valuation.
The widespread adoption of ______ and silver coins around 640-269 BCE standardized currency, enabling easier trade and valuation.
In 118 BCE, the introduction of the first ______ marked a pivotal move towards more portable and easily produced forms of currency.
In 118 BCE, the introduction of the first ______ marked a pivotal move towards more portable and easily produced forms of currency.
The first instance of ______ money appeared in China between 806-821 CE. This was a crucial precursor to modern monetary systems.
The first instance of ______ money appeared in China between 806-821 CE. This was a crucial precursor to modern monetary systems.
When ______ adopted it in 1816, the gold standard aimed to stabilize currency values by linking them directly to gold reserves.
When ______ adopted it in 1816, the gold standard aimed to stabilize currency values by linking them directly to gold reserves.
The abandonment of the ______ standard by America in 1971 effectively ended a worldwide system of fixed exchange rates based on gold.
The abandonment of the ______ standard by America in 1971 effectively ended a worldwide system of fixed exchange rates based on gold.
Today, money takes multiple forms, from physical coins and paper to ______ currencies, showcasing the ongoing evolution of payment methods.
Today, money takes multiple forms, from physical coins and paper to ______ currencies, showcasing the ongoing evolution of payment methods.
Flashcards
9000-6000 BCE Money
9000-6000 BCE Money
The use of livestock and crops as a medium of exchange, pre-dating coinage.
3000-2000 BCE Banking
3000-2000 BCE Banking
The practice of accepting deposits and providing loans.
1500 BCE - 1950s Shell Money
1500 BCE - 1950s Shell Money
Using seashells as a medium of exchange across various regions.
1000-300 BCE Spade and Knife Money
1000-300 BCE Spade and Knife Money
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640-269 BCE Gold and Silver Coins
640-269 BCE Gold and Silver Coins
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118 BCE Banknotes
118 BCE Banknotes
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1816 Gold Standard
1816 Gold Standard
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1971
1971
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Today's Money
Today's Money
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Study Notes
- 20,000 years ago, people relied on hunting, gathering, and bartering.
- Between 9000 and 6000 BCE, livestock and crops were used as money.
- Banking originated around 3000–2000 BCE.
- From 1500 BCE to the 1950s, shell money saw use in China, Africa, and other regions.
- Spade and knife money circulated in China from 1000–300 BCE.
- Gold and silver coins became widespread between 640–269 BCE.
- Banknotes were first introduced in 118 BCE.
- The first instance of paper money appeared in China between 806–821 CE.
- England adopted the gold standard in 1816.
- Most countries based their currencies on the gold standard from 1880–1944.
- Britain abandoned the gold standard in 1931.
- America discontinued the gold standard in 1971, which ended the system.
- Today, money includes coins, paper, and digital forms.
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