History of Money - Timeline of Monetary Evolution - Deepstash

History of Money - Timeline of Monetary Evolution



What is money?

Money is a WIDELY ACCEPTED medium of EXCHANGE. Lets analyse each word, they really have a huge importance:

  • Widely: it ...

The reason money is valuable is because we all have FAITH in it, and this faith is operating in present and future times.

Think about it, the reason we believe in money is because we know tha...

Countries currencies used to be backed by gold long ago, nowadays they’re only backed by governmental policy so we could agree that:

  • Good government equals to: good monetary policy and v...
The Timeline we’ll use for the History of money

In case you’re not familiar, this is the timeline of history we’ll be using.

  • BC stands for: Before Christ
  • AD stands for: Anno Domini
Barter and Gift Economies - 9000 B.C

Bartering is the act of exchanging goods or services without using money, so an example would be: give me 2 arrows and I’ll give you a cow.

Despite the fact that a lot of sources claim that B...

In several places around the world commodity money was gaining traction, now, what do we mean by this?

Well, commodity money are objects that are valuable by...

One of the most interesting parts about this segment of history is that the Babylonian civilisation was already implementing some primitive economic systems where they had contracts, laws, rules of...

Chinese Miniature Replicas - Around 1100 B.C

Around the year 1100 B.C in certain parts of China miniature bronze replicas of goods were being used, so if you had wanted to get a sword, you would have likely needed to have a miniature bronze s...

The First Official Currency - Lydian Lion Around 600 B.C

Around 600 B.C King Alyattes minted what would become the first official currency ever recorded.

Each coin was made from electrum alloy which is a mixture of silver and gold.

A very fun...

The First Paper Money - Around 700 A.D

Around 700 A.D during the Tang Dynasty in China there were already some forms of paper money like bills and credit notes. The Government realised that it was far more convenient to use credit notes...

Europe - Paper money

Paper money arrived in Europe thanks to the travels of the great explorer Marco Polo around the year 1200 A.D.

It was not until the year 1661 that the first Banknote was issued in Sweden.

The Invention of the U.S Dollar - April 2, 1792

The term "Dollar" already existed before the U.S adopted it as its official currency name. It was very common during the colonial period when referring to the Spanish Real coin.

End of the Gold Standard - March 3, 1933 - August 15, 1971

On March 3rd 1933, President Franklin D. Roosevelt closed all the banks in the U.S.A. 

Banks held large amounts of Gold which were backing all the available U.S dollars. At those times there ...

The First Bank Issued Card - Around 1946

The creator of the first bank issued card was Mr. John Biggins of the Flatbush National Bank of Brooklyn in New York around 1946.

Biggins created the “Charge-It” program.  Merchants could sen...

Frank Macnamara and the Diners Club Card - Around 1950

Frank Macnamara had an idea, to create a card that allowed you to dine in restaurants and the Diners Club would pay your bill and you would pay them later.

The card was originally intended fo...

Paypal and Digital Money - Around 1990

In the 1990’s there were 2 different businesses known as confinity.com and x.com, both were diving into the online banking world separately through several innovative ideas.

At some point bot...

Bitcoin and the Crypto Revolution - Around 2009

Around 2009, a mysterious developer known by the Alias "Satoshi Nakamoto" created Bitcoin.

Bitcoin grew with no official employees, no marketing and no investors to become the world’s...

In terms of the history of money, Bitcoin is relevant because it presents the following changes:

  • Fiat money is backed by governments, Bitcoin is decentralised

Money has come a long way, from gift economies to blockchain powered currencies running over the Internet, it’s all quite impressive.

Humans are always looking for ways to improve systems, th...

It’s up to us to sit down, try to think of what could be the next future steps for humanity so we can use this information to make decisions.

If you’re an investor or trader in the stock mark...

Deepstash helps you become inspired, wiser and productive, through bite-sized ideas from the best articles, books and videos out there.