Interesting facts about money: Part one – history.

Every day we deal with a big number of coins and banknotes without thinking about the fact what we are holding in our hands. However money has been developing for a long period of time.

Thousands of years ago different gifts of nature were used as money. People exchanged plumage and sea shells for different things they needed. Some countries used tea, salt or even small bags with tobacco coco beans instead of money.

Every period of time and every country had its own specific product that was a descent alternative to what we call money nowadays. In some cultures it was popular to pay with tobacco, rice or even corn. Some nationalities used animals and their bones for exchange. China was popular for its high quality silk. At the same time Asia provided a big amount of opium which sometimes could also be used as money. People from northern countries used to pay with precious fur of different animals before they started to use metal coins.

Archeologists, who explore Ancient Greece, have found strange sticks which had the same weight and size. They consider to be used as first Greek coins. They were very easy to hold in one hand. In addition the images of these sticks were found on ancient paintings as well as in most of the houses.

The idea of round coins originated from the Roman Empire. First paper money appeared in China. They were traditionally used in funerary ceremonies. Money was burnt on the grave of relatives and friends and was believed to get to the dead to make his life in another world easier.

Usage of foreign currency started in the IX century. Those countries that had few metal supplies and could not afford themselves producing coins used money from different cultures. Silver and gold were considered to be the most precious metals due to their specific qualities.

The first bank appeared in Italy in the XIV century. Some people had a very clear understanding that such kind of institutions is able to increase the level of their income. And so they started to invest money in banks. During the whole period of money development we have eventually got a lot of necessary and convenient tools which make your lives and payments processing much easier. This is all possible due to modern technologies that provided us with credit cards and online payment systems which give us an opportunity to manage our finances.

On edge of the XIX-XX centuries there appeared first gambling machines and traveler’s checks.

In 1906 the fist cash machine was invented.

In 1918 federal bank of the United States made its first fund transfer by means of telegraph.

A first approved credit took place in 1937 in the USA.

In 1940 a special code was invented which was customized to tills in American supermarkets.

In 1950 the first credit cards were given to their fist owners.

Later computer technologies were used to handle with transfers and payments. In 1983 RSA code was introduced which turned out to be essential tool for exchange of information through central system.

Nowadays we have not only plastic credit cards but also virtual money which helps us to make purchases and buy different products any time we like.