} We also use third-party cookies that help us analyze and understand how you use this website. 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. Briefly, evolution of money was mainly through commodity money, metallic money, paper money and bank money. A distinction could be made between its commodity value and its specie value. Main aim was to remove the shortcomings of the Barter System. text-align:center !important; It became so popular before the money that it formed the backbone of the economy of Egypt 9,000 years ago. Any amount of money, high or low, the transaction can be possible by cheque. Altcoin.IO – Decentralized Exchange with Atomic Swap Wallets, CIMETRICS Telegram – 2x super crypto trading tool, Auto Averaging With The 3Commas Bot ( review ), The World’s First 100% Accurate Bitmex Indicator – REKTICATOR 2000, The Best Crypto Portfolio Tracker Bitcoin Can Buy. Let’s follow the brief history of money from the Stone Age to modernity. Money made of metal is called metallic money. Every product that was commonly sought and selected by common consent was used as money in the earliest time by human civilization. So gradually this system of exchange was replaced with money system of exchange. text-decoration:none !important;

Wikipedia has defined Electronic Money as: Related Articles: 5 Stages of Evolution of Money ; Money Functions: Top 4 Functions of Money – Discussed! JP Morgan’s Silver Manipulation, Lock them up! Computer and internet age have provided a favorable environment for plastic money. COMMODITY MONEYCOMMODITY MONEY 2.2. color: #000000 !important; Commerce quickly progressed and became a part of the empire’s culture. Before you create your first Masterpiece in wikye, make sure we are on the same page by checking our guidelines HERE. Need to facilitate exchange of goods led to evolution of money. The Stater was limited indivisibility, meaning that while its value accrued due to scarcity, it was difficult to carry out large transactions because one had to carry a large amount of oval-shaped coins that had to be counted and even weighed to ascertain the value. border: 1px solid #cccccc; There are five stages of evolution – Commodity Money(Goods), Metallic Money(Coins), Paper Money(Bank Notes), Credit Money(Cheques & DDs) and Plastic Money(Credit & Debit Cards). Privacy Policy3. } This is the monetary history of the world's economy. border-color: rgba(0,0,0,0.05);

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Interact with the telegram bot here! This problem was solved by making standardized coins. With this coin, holding money became the most effective way to store value. The Evolution of Money VII: The Force in Dormancy, The Evolution of Money V – The Commercial Banks Strike Back, The Evolution of Money Part IV: Attack of the FED, The Evolution of Money Part III: The Gold Standard of Money and the Rothschild Banking, The Evolution of Money Part II: The Age of Shylocks and Banking, Crypto Signal Providers (Altcoins) Ranking, Copyright 2020 Smart Options, All Rights Reserved. EVOLUTION OF MONEY Money was developed according to needs & Requirements. Advantages of Money: 8 Important Advantages of Money– Explained! display:inline-block !important; Money has evolved through different stages according to the time, place and circumstances.

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