In the 13th century, paper money became known in Europe through the accounts of travelers, such as Marco Polo and William of Rubruck. 19 Marco Polo's account of paper money during the Yuan Dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled " How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money. The gold standard, a monetary system where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th-19th centuries in Europe. These gold standard notes were made legal tender, and redemption into gold coins was discouraged.By the beginning of the 20th century almost all countries had adopted the gold standard, backing pay with paper money their legal tender notes with fixed amounts of gold. After World War II and the Bretton Woods Conference, most countries adopted fiat currencies that were fixed to the.S.Dollar was in turn fixed to gold. In 1971 the.S. Government suspended the convertibility of the.S. After this many countries de-pegged their currencies from the.S.
12 Instead, non-monetary societies operated largely along the principles of gift homework help online geometry economy and debt. 13 14 When barter did in fact occur, it was usually between either complete strangers or potential enemies. 15 Many cultures write my essay today around the world eventually developed the use of commodity money. The Mesopotamian shekel was a unit of weight, and relied on the mass of something like 160 grains of barley.16 The first usage of the term came from Mesopotamia circa 3000. Societies in the Americas, Asia, Africa and Australia used shell money often, the shells of the cowry ( Cypraea moneta. According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. 17 It is thought by modern scholars that these first stamped coins were minted around 650600.18 Song Dynasty Jiaozi, the world's earliest paper money The system of commodity money eventually evolved into a system of representative money. Citation needed This occurred because gold and silver merchants or banks would issue receipts to their depositors redeemable for the commodity money deposited. Eventually, these receipts became generally accepted as a means of payment and were used as money.Paper money or banknotes were first used in China during the Song Dynasty. These banknotes, known as " jiaozi evolved from promissory notes that had been used since the 7th century. However, they did not displace commodity money, and were used alongside coins.
Citation needed, the main functions of money online essay scoring holt are distinguished as: a medium of exchange ; a unit of account ; a store of value ; and, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money. Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. 4, fiat money, like any check or note of debt, is without use value as a physical commodity.It derives its value by being declared by a government to be legal tender ; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private". 6 dead link, the money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts ). Bank money, which consists only of records (mostly computerized in modern banking forms by far the largest part of broad money in developed countries.7 8 9 Contents Etymology The word "money" is believed to originate from a temple of Juno, on Capitoline, one of Rome's seven hills. In the ancient world Juno was often associated with money. The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located.10 The name "Juno" may derive from the Etruscan goddess Uni (which means "the one "unique "unit "union "united and "Moneta" either from the Latin word "monere" (remind, warn, or instruct) or the Greek word "moneres" (alone, unique). In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning 'in kind'. 11 History Main article: History of money The use of barter -like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied primarily on barter.
For other uses, see, money (disambiguation). A sample picture of a fictional ATM card.The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and best essays for toefl other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency. Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context, 1 2 3 or is easily converted to such a form.