You work hard to earn enough money so you can be able to buy all the things you want. But do you take the time to think about the history of this precious currency? Do you question yourself on its origins and when it all started? Well, it is time to learn a little bit more about it.
Actually, I came upon this interesting and thorough infographic, created by History.com and Column Five, where many of your questions are answered. The information contained below will inform you on the first money, the modern money and also on how people paid with bartered goods in the olden days, before money was invented.
In fact, it all started 2 000 years ago, in the 7th century B.C., when the first form of money, standardized coins, was invented by a group of seafaring people called the Lydians of Asia Minor, in the region of the present-day Turkey, northwest of Mesopotamia.
In the 9th century A.D., the world’s first circulating paper money was introduced by China and it slowly made its way worldwide. By the end of the 17th century, paper money had reached North America.
The money world never stopped evolving since then and in 1694, the Bank of England was instated for King William III and to fund the war against France. After that, bankers started to issue banknotes in return for money deposits and people began to get loans.
Today, banks have been built all around the world and money is the center of our lives. Nowadays, we need money to pay for everyday necessities as well as luxuries. With everything we see happening in the world economy, we can now say with certainty that money really rules the world!
Click on infographic to enlarge
Photo credit: pfala/Flickr