Answer:
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Explanation:
Bartering was first recorded in Egypt in 9000 B.C., when farmers would go to market to exchange cows for sheep, with grains passing through the hands of harvesters in exchange for oils.
As barter developed along ancient trade routes, articles of exchange became more sophisticated. Egyptian papyrus, precious stones and chariots could now buy you exotic animals, skins and minerals from Africa and Asia. Although hieroglyphics show us trade was not hassle-free, with arguments over price a common occurrence.
600 B.C.: The world’s first coin
Putting an end to such arguments, the first known currency was recorded in the ancient kingdom of Lydia (now part of Turkey). The world’s first coin proudly displayed the head of a roaring lion on one side, with simple markings on the other.
Irregular in shape and size, the coins were made from electrum – a naturally occurring mix of gold and silver – and minted according to weight, with the lowest denomination weighing a meager 0.15 grams. For that reason, coins were often weighed rather than counted.
1250 A.D.: International trade flourishes
The Florin was issued in Florence around 1250 A.D.; this gold coin kept a stable value for more than a century. It was accepted across Europe and its stability played an important role in encouraging international trade on the continent.
1290 A.D.: Banknotes are introduced
In the 13th century, travelers such as Marco Polo introduced the concept of banknotes to Europe from China, where paper currency had been in circulation since the eleventh century. But Europe was not ready for banknotes; it took another 300 years for them to take off, with Sweden the earliest adopter.
Middle Ages: Columbus destabilizes currency
The Black Death and the rise of counterfeit coins caused severe inflation. Prices returned to normal by the mid-1400s. But when Columbus established contact with the Americas later that century, a glut of precious metals on the European market destabilised currency for centuries.
1871: The start of e-money
Founded as the New York and Mississippi Valley Printing Telegraph Company in 1851, Western Union built a transcontinental telephone line across America in 1861. But after a party of Sioux warriors cut a large part of the wire to make bracelets, the pace of change slowed. When some of the bracelet-wearing warriors fell ill, a Sioux medicine man declared that the great spirit of the “talking wire” had sought revenge for its destruction. Western Union was left to connect the East and West Coast of America, with the first fund transfer via telegram taking place in 1871: the concept of e-money was born.
1950: The first credit card
Created in 1950 by Frank McNamara when he found himself without enough cash to pay for dinner, the Diners Club Card was the world’s first credit card. Realizing his shortfall as he reached into his pocket to pay for dinner, McNamara was forced to call his wife and ask her to bring cash to the restaurant. He vowed this would be the last super.
