Evolution of Currency
At the most elementary level, a five dollar bill is not actually more valuable than a one dollar bill since they are made of the same material. From a practical perspective, any paper currency is arguably less useful than a single penny, though we still value those bills hundreds of times more. In the modern world, enough people recognize the perceived value of paper money over that of a single penny, but this wasn’t always the case. On the grand scheme of things, currency is a relatively new invention. How new? Well, mankind has had spoken language for nearly 100,000 and written language for the better part of 5,000 years. The earliest known currency, Chinese Cowry shells were first given as a gift a mere 3,300 years ago. And coins of precious metal? Those are a spry 2,600 years old. This of course, brings up the question, what did people do before money? The Pre-Monetary Era The answer to that question is arguing. Well, arguing in the form of bartering. In the time before money,...