History of money
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The history of money is the development over time of systems for the exchange, storage, and measurement of wealth. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter.
Money may take a physical form as in coins and notes, or may exist as a written or electronic account. It may have intrinsic value (commodity money), or be legally exchangeable for something with intrinsic value (representative money), or only have nominal value (fiat money).
Overview
This section needs additional citations for verification. (March 2021) |
Money was invented before written history began.[1][2] Consequently, any story of how money first developed is mostly based on conjecture and logical inference.
A significant amount of evidence establishes that many things were traded in ancient markets that could be described as a
Due to the complexities of ancient history (ancient civilizations developing at different paces and not keeping accurate records, or having their records destroyed), and because the ancient origins of economic systems precede written history, it has not been possible to trace the true origin of the invention of money. Further, historical evidence[4] supports the idea that money has taken two main forms, divided into the broad categories of money of account (debits and credits on ledgers) and money of exchange (tangible media of exchange made from clay, leather, paper, bamboo, metal, etc.).
As "money of account" depends on the ability to record a count, the
Regarding money of exchange, the use of representative money historically pre-dates the invention of coinage as well.[1] In the ancient empires of Egypt, Babylon, India and China, the temples and palaces often had commodity warehouses which made use of clay tokens[1] and other materials which served as evidence of a claim upon a portion of the goods stored in the warehouses.[10] There is no concrete evidence these kinds of tokens were used for trade, however, only for administration and accounting.[1]
Use of metals
While not the oldest form of money of exchange, various metals (both common and
Likewise, ancient Sparta minted coins from iron to discourage its citizens from engaging in foreign trade.[11] In the early 17th century Sweden lacked precious metals, and so produced "plate money": large slabs of copper 50 cm or more in length and width, stamped with indications of their value.
Gold coins began to be minted again in Europe in the 13th century. Frederick II is credited with having reintroduced gold coins during the Crusades. During the 14th century Europe changed from use of silver in currency to minting of gold.[12][13] Vienna made this change in 1328.[12]
Metal-based coins had the advantage of carrying their value within the coins themselves. On the other hand, they induced manipulations, such as the clipping of coins to remove some of the precious metal. A greater problem was the co-existence of gold, silver and copper coins in Europe. The exchange rates between the metals varied with supply and demand. For instance the gold guinea coin began to rise against the silver crown in England in the 1670s and 1680s. Consequently, silver was exported from England in exchange for gold imports. The effect was worsened with Asian traders not sharing the European appreciation of gold altogether; gold left Asia and silver left Europe in quantities European observers like Isaac Newton, Master of the Royal Mint, observed with unease.[14]
Stability came when national banks guaranteed to change silver money into gold at a fixed rate; it did, however, not come easily. The Bank of England risked a national financial catastrophe in the 1730s when customers demanded their money be changed into gold in a moment of crisis. Eventually London's merchants saved the bank and the nation with financial guarantees.[citation needed]
Another step in the evolution of money was the change from a coin being a unit of weight to being a unit of value. A distinction could be made between its commodity value and its specie value (its value as a coin). The difference in these values is seigniorage.[15][16]
Theories of money
The earliest ideas included
There are at least two theories of what money is, and these can influence the interpretation of historical and archeological evidence of early monetary systems. The commodity theory of money (money of exchange) is preferred by those who wish to view money as a natural outgrowth of market activity.[20] Others view the credit theory of money (money of account) as more plausible and may posit a key role for the state in establishing money. The commodity theory is more widely held and much of this article is written from that point of view.[21] Overall, the different theories of money developed by economists largely focus on functions, use, and management of money.[17]
Other theorists also note that the status of a particular form of money always depends on the status ascribed to it by individuals and by society.[22] For instance, gold may be seen as valuable in one society but not in another or that a bank note is merely a piece of paper until it is agreed that it has monetary value.[22]
Money supply
In modern times economists have sought to classify the different types of money supply. The different measures of the money supply have been classified by various central banks, using the prefix "M". The supply classifications often depend on how narrowly a supply is specified, for example the "M"s may range from M0 (narrowest) to M3 (broadest).
Technologies
Assaying
A touchstone allows the amount of gold in a sample of an
Prehistory: predecessors of money and its emergence
Non-monetary exchange
Gifting and debt
There is no evidence, historical or contemporary, of a society in which barter is the main mode of exchange;[23] instead, non-monetary societies operated largely along the principles of gift economy and debt.[24][25][26] When barter did in fact occur, it was usually between either complete strangers or potential enemies.[27]
Barter
With barter, an individual possessing any surplus of value, such as a measure of grain or a quantity of livestock, could directly exchange it for something perceived to have similar or greater value or utility, such as a clay pot or a tool, however, the capacity to carry out barter transactions is limited in that it depends on a coincidence of wants. For example, a farmer has to find someone who not only wants the grain he produced but who could also offer something in return that the farmer wants. Anthropological evidence suggests that barter was never used systemically within a society, and that it played little role in the emergence of money.[28]
Hypothesis of barter as the origin of money
In Politics Book 1:9[29] (c. 350 BC) the Greek philosopher Aristotle contemplated the nature of money. He considered that every object has two uses: the original purpose for which the object was designed, and as an item to sell or barter.[30] The assignment of monetary value to an otherwise insignificant object such as a coin or promissory note arises as people acquired a psychological capacity to place trust in each other and in external authority within barter exchange.[31][32] Finding people to barter with is a time-consuming process; Austrian economist Carl Menger hypothesised that this reason was a driving force in the creation of monetary systems – people seeking a way to stop wasting their time looking for someone to barter with.[33]
Hypothesis of credit as the origin of money
In his book
Economists
Gift economy
In a gift economy, valuable goods and services are regularly given without any explicit agreement for immediate or future rewards (i.e. there is no formal quid pro quo).[39] Ideally, simultaneous or recurring giving serves to circulate and redistribute valuables within the community.
There are various social theories concerning gift economies. Some consider the gifts to be a form of reciprocal altruism, where relationships are created through this type of exchange.[40] Another interpretation is that implicit "I owe you" debt[41] and social status are awarded in return for the "gifts".[42] Consider for example, the sharing of food in some hunter-gatherer societies, where food-sharing is a safeguard against the failure of any individual's daily foraging. This custom may reflect altruism, it may be a form of informal insurance, or may bring with it social status or other benefits.
Emergence of money
Anthropologists have noted many cases of "primitive" societies using what look to Westerners very much like money, but for non-commercial purposes; indeed, commercial use may have been prohibited:
Often, such currencies are never used to buy and sell anything at all. Instead, they are used to create, maintain, and otherwise reorganize relations between people: to arrange marriages, establish the paternity of children, head off feuds, console mourners at funerals, seek forgiveness in the case of crimes, negotiate treaties, acquire followers – almost anything but trade in yams, shovels, pigs, or jewelry.[43]
This suggests that the basic idea of money may have long preceded its application to commercial trade.
After the domestication of cattle and the start of cultivation of crops in 9000–6000 BC, livestock and plant products were used as money.[44] However, it is in the nature of agricultural production that things take time to reach fruition. The farmer may need to buy things that he cannot pay for immediately. Thus the idea of debt and credit was introduced, and a need to record and track it arose.
The establishment of the first cities in Mesopotamia (c. 3000 BCE) provided the infrastructure for the next simplest form of money of account – asset-backed credit or representative money. Farmers would deposit their grain in the temple which recorded the deposit on clay tablets and gave the farmer a receipt in the form of a clay token which they could then use to pay fees or other debts to the temple.[1] Since the bulk of the deposits in the temple were of the main staple, barley, a fixed quantity of barley came to be used as a unit of account.[45]
Aristotle's opinion of the creation of money of exchange as a new thing in society is:
When the inhabitants of one country became more dependent on those of another, and they imported what they needed, and exported what they had too much of, money necessarily came into use.[46]
Trading with foreigners required a form of money which was not tied to the local temple or economy, money that carried its value with it. A third, proxy, commodity that would mediate exchanges which could not be settled with direct barter was the solution. Which commodity would be used was a matter of agreement between the two parties, but as trade links expanded and the number of parties involved increased the number of acceptable proxies would have decreased. Ultimately, one or two commodities were converged on in each trading zone, the most common being gold and silver.
In the introduction section of Handbook of the History of Money and Currency provides a glimpse into the relationship between grains and precious metals during this emergence of currency: "Grain was used as unit of account to calculate values, measure labor time and land yield, and as means of payment in agricultural and handicraft activities. Silver was used as means of payments for taxes and fees and for long-distance trade."[47]Stability of this type of currency was enforced by the ruler and backed by temples at that time. In essence, to reduce complications and nuisance of trading and bartering, grain and silver were utilized by early civilizations because they were portable, had use, and were divisible.
This process was independent of the local monetary system so in some cases societies may have used money of exchange before developing a local money of account. In societies where foreign trade was rare money of exchange may have appeared much later than money of account.
In early Mesopotamia copper was used in trade for a while but was soon superseded by silver. The temple (which financed and controlled most foreign trade) fixed exchange rates between barley and silver, and other important commodities, which enabled payment using any of them. It also enabled the extensive use of accounting in managing the whole economy, which led to the development of writing and thus the beginning of history.[48]
Bronze Age: commodity money, credit and debt
Many cultures around the world developed the use of
The
The
It has long been assumed that metals, where available, were favored for use as proto-money over such commodities as cattle, cowry shells, or salt, because metals are at once durable, portable, and easily divisible.[55] The use of gold as proto-money has been traced back to the fourth millennium BC when the Egyptians used gold bars of a set weight as a medium of exchange,[citation needed] as had been done earlier in Mesopotamia with silver bars.[citation needed]
The first mention in the
1000 BC – 400 AD
First coins
From about 1000 BC, money in the form of small knives and spades made of bronze was in use in China during the Zhou dynasty, with cast bronze replicas of cowrie shells in use before this. The first manufactured actual coins seem to have appeared separately in India, China, and the cities around the Aegean Sea 7th century BC.[28] While these Aegean coins were stamped (heated and hammered with insignia), the Indian coins (from the Ganges river valley) were punched metal disks, and Chinese coins (first developed in the Great Plain) were cast bronze with holes in the center to be strung together. The different forms and metallurgical processes imply a separate development.
All modern coins, in turn, are descended from the coins that appear to have been invented in the
Maybe the first ruler in the Mediterranean known to have officially set standards of weight and money was
Herodotus dated the introduction of coins to Italy to the Etruscans of Populonia in about 550 BC.[68]
Other coins made of electrum (a naturally occurring alloy of silver and gold) were manufactured on a larger scale about 7th century BC in
(using silver) during the 7th century BC, and soon became adopted in mainland Greece, and the Persian Empire (after it incorporated Lydia in 547 BC).The use and export of
The worship of
"Roman banking system
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400–1450
Medieval coins and moneys of account
First paper money
Paper money was introduced in
In the 13th century, paper money became known in Europe through the accounts of travelers, such as Marco Polo and William of Rubruck.[85] 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 All Over his Country."[86] In medieval Italy and Flanders, because of the insecurity and impracticality of transporting large sums of money over long distances, money traders started using promissory notes. In the beginning these were personally registered, but they soon became a written order to pay the amount to whoever had it in their possession.[87] These notes can be seen as a predecessor to regular banknotes.[88]
Trade bills of exchange
Bills of exchange became prevalent with the expansion of European trade toward the end of the Middle Ages. A flourishing Italian wholesale trade in cloth, woolen clothing, wine, tin and other commodities was heavily dependent on credit for its rapid expansion. Goods were supplied to a buyer against a bill of exchange, which constituted the buyer's promise to make payment at some specified future date. Provided that the buyer was reputable or the bill was endorsed by a credible guarantor, the seller could then present the bill to a merchant banker and redeem it in money at a discounted value before it actually became due. The main purpose of these bills nevertheless was, that traveling with cash was particularly dangerous at the time. A deposit could be made with a banker in one town, in turn a bill of exchange was handed out, that could be redeemed in another town.
These bills could also be used as a form of payment by the seller to make additional purchases from his own suppliers. Thus, the bills – an early form of credit – became both a medium of exchange and a medium for storage of value. Like the loans made by the Egyptian grain banks, this trade credit became a significant source for the creation of new money. In England, bills of exchange became an important form of credit and money during last quarter of the 18th century and the first quarter of the 19th century before banknotes, checks and cash credit lines were widely available.[89]
Islamic Golden Age
At around the same time in the
Indian subcontinent
In the
The imperial
Tallies
The acceptance of symbolic forms of money meant that a symbol could be used to represent something of value that was available in physical storage somewhere else in space, such as grain in the warehouse; or something of value that would be available later, such as a promissory note or
In the 12th century, the English monarchy introduced an early version of the bill of exchange in the form of a notched piece of wood known as a tally stick. Tallies originally came into use at a time when paper was rare and costly, but their use persisted until the early 19th century, even after paper money had become prevalent. The notches denoted various amounts of taxes payable to the Crown. Initially tallies were simply a form of receipt to the taxpayer at the time of rendering his dues. As the revenue department became more efficient, they began issuing tallies to denote a promise of the tax assessee to make future tax payments at specified times during the year. Each tally consisted of a matching pair – one stick was given to the assessee at the time of assessment representing the amount of taxes to be paid later, and the other held by the Treasury representing the amount of taxes to be collected at a future date.
The Treasury discovered that these tallies could also be used to create money. When the Crown had exhausted its current resources, it could use the tally receipts representing future tax payments due to the Crown as a form of payment to its own creditors, who in turn could either collect the tax revenue directly from those assessed or use the same tally to pay their own taxes to the government. The tallies could also be sold to other parties in exchange for gold or silver coin at a discount reflecting the length of time remaining until the tax was due for payment. Thus, the tallies became an accepted medium of exchange for some types of transactions and an accepted store of value. Like the girobanks before it, the Treasury soon realized that it could also issue tallies that were not backed by any specific assessment of taxes. By doing so, the Treasury created new money that was backed by public trust and confidence in the monarchy rather than by specific revenue receipts.[98]
1450–1971
Goldsmith bankers
First European banknotes
The first European banknotes were issued by Stockholms Banco, a predecessor of Sweden's central bank Sveriges Riksbank, in 1661.[103] These replaced the copper-plates being used instead as a means of payment,[104] although in 1664 the bank ran out of coins to redeem notes and ceased operating in the same year.
Inspired by the success of the London goldsmiths, some of whom became the forerunners of great English banks, banks began issuing paper notes quite properly termed "banknotes", which circulated in the same way that government-issued currency circulates today. In England this practice continued up to 1694. Scottish banks continued issuing notes until 1850, and still do issue banknotes backed by Bank of England notes. In the United States, this practice continued through the 19th century; at one time there were more than 5,000 different types of banknotes issued by various commercial banks in America. Only the notes issued by the largest, most creditworthy banks were widely accepted. The scrip of smaller, lesser-known institutions circulated locally. Farther from home it was only accepted at a discounted rate, if at all. The proliferation of types of money went hand in hand with a multiplication in the number of financial institutions.
These banknotes were a form of representative money which could be converted into gold or silver by application at the bank. Since banks issued notes far in excess of the gold and silver they kept on deposit, sudden loss of public confidence in a bank could precipitate mass redemption of banknotes and result in bankruptcy.
In India the earliest paper money was issued by Bank of Hindostan (1770– 1832), General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91).[105]
The use of banknotes issued by private commercial banks as legal tender has gradually been replaced by the issuance of bank notes authorized and controlled by national governments. The Bank of England was granted sole rights to issue banknotes in England after 1694. In the United States, the Federal Reserve Bank was granted similar rights after its establishment in 1913. Until recently, these government-authorized currencies were forms of representative money, since they were partially backed by gold or silver and were theoretically convertible into gold or silver.
1971–present
In 1971,
Payment cards
In the late 20th century,
Digital currency
The development of computer technology in the second part of the twentieth century allowed money to be represented digitally. By 1990, in the United States, all money transferred between its central bank and commercial banks was in electronic form. By the 2000s most money existed as digital currency in banks' databases.[109] In 2012, by number of transactions, 20 to 58 percent of transactions were electronic (dependent on country).[110] The benefit of digital currency is that it allows for easier, faster, and more flexible payments.[111]
Cryptocurrencies
In 2008,
Since Bitcoin's inception, thousands of other cryptocurrencies have been introduced.
See also
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- ^ Thus by the 19th century "[i]n ordinary cases of deposits of money with banking corporations, or bankers, the transaction amounts to a mere loan or mutuum, and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded". Joseph Story, Commentaries on the Law of Bailments (1832, p. 66) and "Money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it." Lord Chancellor Cottenham, Foley v Hill (1848) 2 HLC 28.
- ^ Richards. The usual denomination was 50 or 100 pounds, so these notes were not an everyday currency for the common people.
- ^ Richards, p. 40
- ISBN 978-0-8160-4350-7.)
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- ^ Eveleth, Rose (24 July 2015). "The truth about the death of cash". BBC. Archived from the original on 30 December 2018. Retrieved 4 December 2018.
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Further reading
- Alvarado, Ruben, Follow the Money: The Money Trail Through History, Wordbridge 2013.
- Bowman, John S. Columbia Chronologies of Asian History and Culture. (Columbia UP, 2000). ISBN 0231110049.
- Dean, Austin. China and the End of Global Silver, 1873–1937 (Cornell UP, 2020).
- ISBN 0-7661-9024-2.
- Ebrey, Patricia Buckley, and Anne Walthall. East Asia: A Cultural, Social, and Political History. (Boston: Houghton Mifflin, 2006) ISBN 0618133844.
- Eichengreen, Barry. Golden Fetters: The Gold Standard and the Great Depression, 1919–1939 (Oxford UP, 1992).
- Eichengreen, Barry J., and Marc Flandreau, eds. The gold standard in theory and history (Psychology Press, 1997).
- Ferguson, Niall. The Ascent of Money – Financial History of the World (2009) online.
- Gernet, Jacques (1962). Daily Life in China on the Eve of the Mongol Invasion, 1250–1276. Stanford: Stanford University Press. ISBN 0-8047-0720-0.
- Jacob Goldstein (2020). Money: The True Story of a Made-Up Thing. Hachette Book. ISBN 978-0316417198.
- Irigoin, Alejandra. "The end of a silver era: the consequences of the breakdown of the Spanish Peso standard in China and the United States, 1780s–1850s." Journal of World History (2009): 207–243. online.
- Jevons, W. S. Money and the Mechanism of Exchange. (London: Macmillan, 1875).
- Kwarteng, Kwasi. War and Gold: A Five-Hundred-Year History of Empires, Adventures, and Debt (2014) online.
- Menger, Carl, "On the Origin of Money".
- Richards, R. D. Early history of banking in England. London: R. S. King (1929).
- Sehgal, Kabir (2015). Coined: The Rich Life of Money and How Its History Has Shaped Us. Grand Central Publishing. ISBN 978-1455578528..
- Vilar, Pierre. A History of Gold and Money, 1450 to 1920 (1960). online.
- Weatherford, Jack. The History of Money. (New York: Crown Publishers, 1997).
- The History Of Money For Kids.
External links
- The Marteau Early 18th-Century Currency Converter A Platform of Research in Economic History.
- Historical Currency Conversion Page by Harold Marcuse. Focuses on converting German marks to US dollars since 1871 and inflating them to values today, but has much additional information on the history of currency exchange.
- Gold in US Geological Survey