Did you know?
…That if your money is mutilated
if you can account for 51% of your bill the Standards in Washington,
D.C. will gladly replace your money?
The original type of trade created is now known as barter. Barter
is the exchange of goods or services for another person's goods or
service. Barter is a type of medium exchange. The problem with barter
was that sometimes people did not always want to trade for the items
offered, which sometimes started disagreements. Some of the other
problems with barter were they were not sure how much an item was
worth. Is a cow worth two of three chickens? Barter is still used
today but instead we use banknotes and coins.
The first coin was introduced in Lydia, Turkey
around 650 to 600 B.C. These coins were made of electrum, an alloy
of gold. Lumps of electrum were found in the near by mountains and
streams. It had a weight of about 4.76 grams with a lion head on it,
the king’s symbol. Today these coins are worth between 1,000
to 2,000 dollars not because they are rare but the history behind
the coins. Though the kingdom of Lydia ended in 546 B.C., it still
had an important role in our economy today.
There are many different
tribes with many different types of money. On the other hand, the
many tribes in the northeast used the same type of currency. The
money was called wampum and was made of stringed shell beads. In
1637, Massachusetts Bay colony declared wampum as their legal tenders.
Also, there currency was not only spent, they made things with them
like belts but, also belts of wampum were not produced until after
European contact. A typically large belt would be six feet long
and might contain six thousand beads. The Native Americans had an
interesting way of their use of currency in this area, it is easy
to find, go to a beach, and find shells, and that is there money.