a gold coin. width:100% !important; } Here we plot the evolution right up to e-money … Paper Money: The Third Stage Of Evolution Of Money. And will Crypto be the next staircase of evolution? The evolution of man began about 15 million years ago when the first known man walked this earth. ATM started to evolve and through this machine, plastic money could be transformed into cash. Banks usually lend customers’ money to others with the assumption that it’s not all customers who will request their money back at one time. Cash is becoming more and more obsolete. Interact with the telegram bot here! PAPER MONEYPAPER MONEY 4.4. CREDIT MONEYCREDIT MONEY 5.5. border-color: rgba(0,0,0,0.05); } vertical-align: middle; } The Evolution of Money. .colorbox_singel_box{ A roaring lion is featured on the first coin ever minted. Fully Managed Auto Trading, Crypto Trading Signals on Telegram “What to look for”. In today’s world, money is high-tech. Thus paper money invention marked a very important stage in money growth. These cookies will be stored in your browser only with your consent. color: #000000 !important; margin:0px !important; margin-top: 0 !important; Wikye believes these diverse set of voices will boost people’s inner level of understanding and positivity. Interesting Facts About The Planet. So light up a spliff and dig the vibe dude! This currency caught on in Africa and East and South Asia. King Alyattes created the first known currency in 600BC at Lydia, now part of Turkey. background-color: #ffffff !important; This is how the system developed from the roots of bartering to modern currency. padding: 0px !important; Necessary cookies are absolutely essential for the website to function properly. It was a unit of account: Commerce boomed in Lydia with the introduction of the Stater coin for one simple reason: the coin was a yardstick with which economic transactions were measured. Initially, a large number of commodities such as skis, arrows, cattle, wheat, rice etc. DIFFERENT STAGES OFDIFFERENT STAGES OF EVOLUTION OF MONEYEVOLUTION OF MONEY 1.1. Financial Advice. the euro (€), is one type of money. Well, this asset trade became known as ‘Barter Trade. This website uses cookies to improve your experience while you navigate through the website. The design was unmistakable since they were minted in the capital Sardis (the capital of the empire) using the electrum metal. The Evolution of Money Part III: The Gold Standard of Money and the Rothschil... 2x Crypto grid trading for powerful returns, Algorithmic Crypto Trading and Its Benefits for Professionals, 5 Secrets about Leverage BitMEX’ Arthur doesn’t want you to know, Bitmex Investment “The Unshakeable Strategy”, User Report: How I got robbed with an OTC (Over The Counter) Trade, The Evolution of Money: the Past, Present, and the Future (Part 1). border-top-right-radius: 1px; Plastic money is the latest phase in the process of the evolution of money Source: YourStory, Planetary Science: Why Uranus Is So Weird? The Lydian Stater was issued by a central governing authority; therefore, it was standardized and a legal tender. Jokes collection you won’t find on the internet! Get it decoded. Until now it is the last stage of evolution of money, this is the age of computer, now-a-days people avoid using cash and even cheques in their financial matters. } Computer and internet age have provided a favorable environment for plastic money. The first would be barter. Any amount of money, high or low, the transaction can be possible by cheque. margin-bottom: 0px !important; JP Morgan’s Silver Manipulation, Lock them up! font-size: 18px !important; Wiki User Answered . For instance, suppose a banker in an economy has to retain 20% of the money deposited to the bank as the reserve requirement. font-size: 25px !important; Money is an agreement by a community of people that acts as a measuring tool for what they owe each other. When early man began domesticating livestock and plants about 11,000 years ago, it spelled death to the hunting and gathering way of life and paved the way for more permanent settlements. 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). Before the birth of money, people relied on a system of barter. -moz-box-shadow:3px 3px 15px 0px #000000; Save my name, email, and website in this browser for the next time I comment. By examining the history of money, this paper describes the transition of commodity money to today’s electronic money. Reggie Redfern 351 views. However, to define money merely as currency would be too narrow for padding-top: 5px; #colorbox_main_container_8327 .wpsm_panel-title a:hover{ Societies along the coast of the Indian ocean solved this problem about 1200 BC by introducing a more standardized currency: cowrie shells. 2010-04-14 09:01:24 2010-04-14 09:01:24. text-align:left!important; A History of the Life Cycle of an Empire! padding:14px 15px !important; As its name suggests it consists of 7 steps and describes a typical sales scenario: 1) prospecting – searching for new and potential customers 2) preapproach – researching the prospect and collecting relevant information before the actual sales call 3) approach – first few minutes of the sales call. Herodotus even recorded that the Lydians were the world’s first real merchants that connected the East and the West (Europe) thanks to ‘the spirit of commercial activity that the natives of Lydia possessed’. border-top-left-radius: 0px; |. display:inline-block !important; Furthermore, the paper money is managed and supervised by banks. This concept is called fractional reserve banking. Merchants from all over could come to Sardis with their commodities with full knowledge of what to expect in payment should they find a buyer. You also have the option to opt-out of these cookies. Piggyback On The Best Trader I Know. 3. Fiat money, on the other hand, does not represent an asset and has no intrinsic value. Carrying gold and silver coins from place to place widely became inconvenient as well as risky. COMMODITY MONEYCOMMODITY MONEY 2.2. ELECTRONIC MONEYELECTRONIC MONEY 4. font-size:16px !important; It begins with the debt tablets of Mesopotamia and follows with the development of coin money in ancient Greece and Rome, gold-backed currencies in medieval Europe, and monetary … Making an impression 4) presentation – demonstrating a product, listing features and be I am not sure if there are 7 stages, but I will start counting: First stage is the stage when people use a thing that is of some worth, for changing goods between them. background-color: #ffffff; outline:none !important; #colorbox_main_container_8327 .colorbox_singel_box{ Whereas they came in somewhat irregular shapes, most of the coins were bean-shaped or oval, but they were fairly consistent in weight. Money is a mechanism that facilitates this process.. Money may take a physical form as in coins and notes, or may exist as a written or electronic account. For nearly 3,000 years Money has been a part of human culture. A very large portion of currency at present consists primarily of currency notes or paper money issued by the central bank. Seven steps in the life cycles of great powers. What are the seven stages of evolution of money? Furthermore, metals such as gold, silver, copper, etc was popular in the early stage, since they can be easily handled. A simplified history of money’s evolution can be outlined in five stages: STAGE 1: Money is a tangible thing of value—e.g. The development of money has passed through various stages in accordance with time, place and circumstances with the progress of civilization of mankind. As a medium of exchange, cowrie shells were more effective than barter. This is the monetary history of the world's economy. This category only includes cookies that ensures basic functionalities and security features of the website. background-image: none !important; Thus paper money invention marked a very important stage in money growth. Learn how your comment data is processed. The following are some of the main stages from which money evolved: (I) Commodity Money (ii) Metallic Money (iii) Paper Money (iv) Credit Money (v) Plastic Money. It was very easy for someone growing wheat, for instance, to trade several bales of his harvest with another who rears goats. One feature that the Lydian Stater is considered the first coin ever minted man began about 15 million ago. Through many stages of evolution from primates that are now extinct coast of the world for long! Want to call `` money '' because there is no money involved had cultural. More important its evolution money stage: Commodity money was replaced by metallic money stage Commodity..., arrows, cattle, wheat, for instance, to trade several bales of his harvest with who. Walked this earth is suggested that new payment technology advances are of immense significance with to... 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