September 15, 2020
For educational institutions
History of Money
⟶ Updated 23 Oct 2018 ⟶
List of edits
First Type of Currency: Made of gold and silver
Gold is kept in temples
Pre gold and silver, Cowries (used in Africa) and Wampum (used in America)
First loans made by temple priest
First coins made from Electrum (55% Gold and 45% Silver)
Coins made of pure gold and silver
Coinage is common throughout the Persian empire
First Roman bronze coins
Chinese coins made by molten bronze mounds
First emperor of China creates more rational, round coin
Greek introduces first depositing of money
In Rome debt can officially be discharged by paying the appropriate sum into a bank.
The stable currency of the Byzantine empire is a gold coin, the solidus
Frankish king Pepin III introduces a silver denarius, or penny, which becomes the standard medieval coin in western Europe.
New monetary scale of 1:12:20 (penny:shilling:pound) which prevails in much of Europe
Shillings and pounds later become European coins in their own right.
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