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2500 BCE
Ancient Egyptians
- Around 2500 BC making metal Ancient Egyptians were making metal rings wich they used as money.
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Period: 2000 BCE to 1 BCE
4.000 to 2600 years ago
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1100 BCE
China
- By 1100 BC, a system of using a miniature replicas of the objects to be trated.
- Around 700 and 600 BC the first paper money was being used.
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650 BCE
Lydia
The first coins were made ( a mix of silver and gold) -
Europe
Eurpeans were using more and more metal coins, made with metal taken from their colonies overseas. In the past, the pound sterling wouald allow anyone witha pound note to exchange it for a pound in weight of sterling silver. Nowaday our coin can no longer be exchanged for them. -
Period: to
400 to 200 years
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Canada
Canadian colonies began tu use paper money too and this innovation led to a huge increase in international trade. -
Spain
Pirates payed the thing of eight. A spanish eight real coin was often split up into bits to pay for things, leaving the bits as change. -
USA
"Bit" was an Enlgish term for a small coin and was still used very recently. In the English colonies of the West Indies half a real was four bits and a quarter was two bits, a phrase used by peopple in the USA today -
Period: to
Money today
Economies rely on people having confidence in the value of money. When I give you a pound for a box of tea bags, you have confidence that the pound will buy the same amount of goods tomorrow as it does today.
Nowadays people use debit cards (plastic cards) to pay for things. People alsoo use money they dont even have yet by credit cards.
Economic booms and crises happen when confidence in money increases or decreases.
