Ancient Coins and Paper Money
Metals objects were introduced as income around 5000 B.C. By 700 BC, the Lydians became the first inside the Western world to make coins. Countries have been soon minting their own series of coins with particular values. Metal was used simply because it was readily accessible, easy to work with and could be recycled. Since coins were given a certain value, it became easier to compare the cost of items folks desired.
Most of the earliest known paper funds dates back to China, where the issue of paper cash grew to become widespread from about AD 960 onwards.
Representative Funds.
With the introduction of paper currency and non-precious coinage, commodity funds evolved into representative money. This meant that what money itself was made of no longer had to be quite valuable.
Representative Funds.
With the introduction of paper currency and non-precious coinage, commodity funds evolved into representative money. This meant that what money itself was made of no longer had to be quite valuable.