-
Ancient Egyptians were making metal rings used as money.
-
In China,a system of using miniature replicas of the objects to be traded were used instead of the objects themselves.
-
The first coins, as we would recognise them, were made in Lydia (now Western Turkey).
-
Around the same time of the creation of the first coins the first paper money was being used in China.
-
The metal coins were made with metal taken from their colonies overseas.
-
This innovation led to a huge increase in internatinal trade.
-
A Spanish eight real coin was often split up into bits to pay for things, leaving the bits as change.
-
The threepenny was only scrapped in 1971. In the English colonies of the West Indies half a real was four bits and a quarter was two bits, a phrase used by people in the USA today.
-
In the modern worls many people use plastic cards called debit cards to pay for things. The cards transfer money from their bank account to the shop's bank account.
-
People also use money thet don't even have yet by paying with credit cards. They then pay the money back later.
