The Handy Currency Converter

The History of The World’s Money

Currency is an idea that started simple and is now very complex. Back in the time of Aristotle, around 350 B.C., items were considered of value and would be bartered. The idea was that an item would have value to someone else. This was a world of trading, and Aristotle was not the first to conceptualize money.

History of Currency

Currency started out as objects of value dating back to 6000 B.C. The first real currency of today was created in the orient in Lydia. This is when coins were first introduced. The same country would introduce coins of value, created with silver and gold, in 600 BC.

Somewhere between 600 B.C. and 1,200 A.D., China invented paper money and coins and paper money were readily seen.

Europeans would go on to use coins until at least 1,600 A.D. As trade advanced, coins would be less favorable than the paper currency, or bills that people know today. Coins were cumbersome and long voyages weren’t always best for bartering items.

Current Status

Currently, paper currency is the leading denomination seen. From Africa to the Americas, paper currency is more economical to create and has become the global standard. With precious metals being finite, it only makes sense for paper to be utilized at the moment, but wood is also a precious resource.

While small denomination coins are seen today, they are becoming too costly to justify their creation in some countries.

Currency for many people is now figures exchanged through banking systems and exchanges via debit and credit cards.

Electronic currencies, such as Bitcoin are also becoming popular. These currencies are still volatile in nature do to them not being regulated yet, but it is not unrealistic to think that the world’s currencies will be in the form of electronic currencies in the future.