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This tools were used to trade in the Ancient Egypt.
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The first paper money being used in china between 700 BC and 600 BC.
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King Croesus, king of Lydia, minted the first known gold coin.
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Between 700 and 600 BC. The first coins were made of discs of electrum (a natural mix of silver and gold) and stamped with pictures to show their value.
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By 1600 AD, Europeans were using more and more metal coins, made with the metal taken from their colonies. In those early days of money, the use of precious metals in coins meant that the money could be traded because it held a value.
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The canadian colonies start to use paper money and start a huge increase in international trading.
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In 1700s, if a pirate walked into your shop he might try to pay in pieces of eight. A Spanish eight real coin was often split up into bits to pay for things, leaving the bits as change.
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‘Bit’ was an English term for a small coin and was still used until very recently.
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End of the threepenny bit in the UK: 1971
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Nowadays many people use this type of plastic cards to pay for things. The cards transfer money from their bank account to the shop’s bank account.
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People also use money they don’t even have yet by paying with these plastic cards. They then pay the money back later.
