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Questions and Answers
What was the original meaning of the shekel?
What was the original meaning of the shekel?
- A unit of length
- A unit of weight (correct)
- A unit of currency
- A unit of time
Who were the first to introduce the use of gold and silver coins?
Who were the first to introduce the use of gold and silver coins?
- The Egyptians
- The Greeks
- The Romans
- The Lydians (correct)
When were paper money or banknotes first used?
When were paper money or banknotes first used?
- During the Roman Empire
- During the Renaissance
- During the Song Dynasty (correct)
- During the Industrial Revolution
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Study Notes
- Barter-like methods date back to at least 100,000 years ago.
- Non-monetary societies operated largely on gift economics and debt.
- Barter usually occurred between strangers or potential enemies.
- Many cultures around the world eventually used commodity as money.
- The shekel was originally a unit of weight and referred to a specific weight of barley.
- The Lydians were the first to introduce the use of gold and silver coins.
- Commodity money evolved into representative money.
- Paper money or banknotes were first used in China during the Song Dynasty.
- Paper money did not displace commodity money and was used alongside coins.
- Marco Polo's account of paper money during the Yuan Dynasty is the subject of a chapter.
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