Metals objects were introduced as money around 5000 B.C. By 700 BC, the Lydians became the first in the Western world to make coins. Metal was used because it was readily available, easy to work with, and could be recycled. Soon, countries began minting their own series of coins with specific values.
What is the historical development of money in Nigeria?
The naira was introduced on 1 January 1973, replacing the use of Pounds, shillings and pence, monetary system. Nigeria was the last country to abandon this system amongst the British-Colonized Countries. In 1973, Nigeria changed baton, with the introduction of Coins and Bank Notes.
What are the historical stages of money?
Some of the major stages through which money has evolved are as follows: (i) Commodity Money (ii) Metallic Money (iii) Paper Money (iv) Credit Money (v) Plastic Money. Money has evolved through different stages according to the time, place and circumstances.
What is unique about the development of money unseen passage?
It is fascinating and almost magical, how money appeared on our planet. Unlike most developments we enjoy, which can be traced back to a source, civilisation or inventor, money appeared in places then unconnected all over the world in a remarkably similar way.
When was the first form of money made?
The first form of money, from as early as 9000 BC, was animals like cattle, sheep and camels. As people began to grow their own produce, grain and vegetables became the precious commodities. Around the Pacific and Indian Oceans in China and parts of Africa, cowrie shells were used from 1200 BC.
Is the origin of money older than coinage?
Banking is far older than coinage. Origins of Money and of Banking The history of credit and banking goes back much further than the history of coins. Nevertheless the story of the origins of money goes back even further still.
Why was money so important to early civilizations?
That money was obsidian, and it was extremely valuable due to its use in crafting high-quality tools. Between 12,000 and 9,000 B.C., early civilizations used a number of different valuable items as early forms of money. Along with obsidian, for example, early civilizations were known to use cattle as a bartering tool.
What was the use of money in the early days?
The main difference between the early history of money and today’s money is that early money had multiple uses. You could use cattle and obsidian as a form of wealth storage and you could use it to pay for things. You could also use both cattle and obsidian for more practical purposes.
