How much of an impact does money have on history? You’ll probably be surprised to learn about a few examples. Here are seven incredible and true stories about money and how it shaped our financial futures to become the landscape it is today.
Money Has Been Around Since Mesopotamia
The first time money shows up in history is pretty far back: 3,000 BC, to be exact, in Ancient Mesopotamia. However, it came in a different form than we’re familiar with, with civilizations carving symbols into clay tablets to designate specific debts. It’s the first example that resembles modern money, even if it looks nothing like a crisp dollar bill.
Before Currency Came Bartering
Bartering, or trading goods and services for other goods and services rather than legal tender, is still around today. And it’s probably no surprise that this was how the ancient world did most transactions. This was another concept created by Mesopotamian tribes introducing bartering to Phoenicians.
Gold Influenced Money for Decades
Gold has often been used as the standard of value, but where did this concept originate? The first example was in England in 1816 as a way to back bank notes. It’s become less influential over the years, especially with the introduction of other financial avenues like Bitcoin and credit.
But the gold standard was a very real thing that dictated how countries created currency for quite some time.
Credit Cards Are Relatively New
Even if the idea of credit is nothing new, you might be surprised to learn that credit cards are. The first credit card was introduced in the 1950s by Diners Club. Perhaps even more interesting is that debit cards, despite being used for money a person already has, weren’t introduced until after credit cards were used, with the first examples dating back to the 1960s.
The First Coin Currency Came From China and Turkey
Historians first noted that coin currency came from China and Lydia (now modern-day Turkey). China made theirs out of bronze, while Lydia made them from a combination of gold and silver. Lydians were the first of the two to use it as their official currency.
Some of the First Paper Money Said Something Very Different From “In God We Trust”
Most Americans have seen the phrase “In God We Trust” printed on our paper currency. China’s paper bills carried a much different sentiment. “Those who are counterfeiting are to be beheaded.”
The Chinese emperor was vigilant about money and how transactions occurred, wanting to maintain a good hand on it as goods traveled down the Silk Road. They couldn’t have made themselves more clear!
Travel Time Made IOUs Popular in the First American Colonies
Despite cash being a norm in the first American colonies, the travel time between Europe and the Americas was long enough that they would often run out of it. The colonials didn’t go back to a barter system; instead, they started writing each other IOUs that they promised to make good on when a ship would return from Europe with official currency issued by the government.
Read More:
- 9 Fascinating Facts About Saving Money
- 8 Surprising Facts About Middle-Class Income in America
- 15 Surprising Facts About the US Tax Code (Including the Oyster Tax)
