ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -9000-6000 B.C.: Cattle. Cattle, which throughout history and across the globe have included not only cows but also sheep, camels, and other livestock, are the first and oldest form of money. 1200 B.C.: Cowrie Shells. 1000 B.C.: First Metal Money and Coins. 500 B.C.: Modern Coinage. 118 B.C.: Leather Money. 25-Oct-1996

Detailed explanation-2: -Barter system was the oldest system of money where goods were exchanged for goods and there was no common medium of exchange in the economy.

Detailed explanation-3: -The British pound is the world’s oldest currency still in use at around 1, 200 years old. Dating back to Anglo-Saxon times, the pound has gone through many changes before evolving into the currency we recognise today.

Detailed explanation-4: -Native copper, meteorites or native iron, obsidian, amber, beads, copper, gold, silver and lead ingots have variously served as currency. People even used live animals such as cows until relatively recent times as a form of currency.

Detailed explanation-5: -The Mesopotamian shekel – the first known form of currency – emerged nearly 5, 000 years ago. The earliest known mints date to 650 and 600 B.C. in Asia Minor, where the elites of Lydia and Ionia used stamped silver and gold coins to pay armies.