Story Of Money: From Barter System To Online Mobile Transactions
Find the complete story of money within the summarised list inside this blog.
The Indian Rupee is one thing that each Indian today works hard for! Indeed, kya baat hai kya cheez hai paisa. But do you know where the word “Rupee” came from? It has originated from the Sanskrit word “Rupya” which means shaped, stamped or coined.
1. At the beginning of history, the invention of money took place through the barter system.
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2. In 9000 BC, people used to exchange grains with other items to fulfil the essentials.
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3. Do you know how the first coins were made? In the dawn of civilization, a glass-like volcanic rock was the first form of making money.
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4. In 2150 BC and 2250 BC, Cappadocia, Turkey took one of the most significant decisions to guarantee the weight and purity of the silver ingots to help the acceptance of metal in the means of exchange.
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5. The first form of coin originated in Lydia Asia in 687 BC.
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6. In 550 BC, the King of Lydia developed the first pure gold and silver coin.
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7. So now what do you know about the first paper money? Nothing… I’ll tell you!!! The first paper money was made in China in 118 BC with a rare white deerskin, and its edges were painted in bright colours.
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8. After some time, the US has begun issuing the first banknotes for their security purpose or withdrawing the money.
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9. With the onset of technology, the first bank in the USA was the Bank Of North America. After the time, the USA originated its first credit cards for its existing customers in the companies. And, after some time all the people used their card to pay bills etc.
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10. Money became transferable from one bank to another and easy to use and pocket friendly by Plastic Money that developed in 1871.
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11. In the first world, small denominations of paper currency with Rs 1 were started in 1917. RBI issued their first paper currency with Rs 5 in 1938.
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12. In the present time, Bitcoin is the newest currency in the world, but nobody knows who is the real founder of bitcoin.
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13. The changing times have made humans make the transactions even simpler with mobile-transactions. Digitalization of money is what has begun in our times. (2000).
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Nowadays, all the countries have their own currencies with their own identity.
Blog Edited By Ritika Gupta
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