Published Nov 11, 2022
2 mins read
426 words
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Economics
History
Knowledge Sharing

The History Of The Currency

Published Nov 11, 2022
2 mins read
426 words

The first milestone in the rise of currency was coinage. The earliest instance of their being made and used in a regular manner was in AD. B.C. It took place in Libya (present-day Turkey) in the seventh century. They mixed gold and silver and made them like nuts and put their royal seal on them He printed the image of a lion. The king of After that, they started minting the gold coins separately to make them different in value. Seeing this, other countries started minting coins from metals. China first minted copper and brass coins. By the turn of another century Rome leather had also taken the form of money. While countries like France and Russia used leather as money, King Udi, who ruled China, specially raised deer and made coins with their skin An engraver with engravings 

Coins were heavy regardless of what they were made of, and had to be carried in bags for large amounts. China introduced paper currency to overcome that inconvenience. Currency notes were made from the bark of the mulberry tree as early as the eighth century, but it took a long time for other countries to adopt this method. Gradually, international trade became easier as currency made of many different types of paper became easier to use. However, this paper currency note had no fixed value as such. Instead, there was a 'guarantee to pay such amount of gold or silver. Researchers say that this process led to the establishment of banks which were slowly developing. After the paper currency came into full use, some countries printed it at will without any accounting method, and the prices increased tremendously. Those currencies would become worthless. The country's economies are collapsing. Noticing that, England started using gold as a standard for printing currency in 1821. Even though all the countries followed it, after a hundred years, the value of gold fell and that system ended. But many countries have already gained independence, established banks and created their own economic policies, international trade momentum, technological progress... all together currency  Predominance has taken another new turn. Hundreds of years ago, the use of credit and debit cards in the name of plastic money etc It took some time for them to gain popularity. Credit cards, which are widely used abroad, have not reached the masses in our country. The extreme caution taken by the banks in issuance and the rules of the cards have all limited them to a certain percentage. In such circumstances, UPI-payments created a big sensation in the field.

currency
coinage
economies
UPI-payments
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