Evolution of Money Usage from the Prehistoric times to the Digital Era

Let’s learn some useful historic information about money usage. This history is about how mankind evolved the use of money from the prehistoric time until present day.

Barter system

This is about exchanging things depending on the deal. For example, you exchange your 2 eggs for 3 apples. Agricultural productivity is the main thing used in exchange according to culture or locality without being supervised from the Government. The exchange depends on the pleasure from 2 sides. However, there might be some rules that this thing must be exchanged with that thing only. If at that time the person who wants to exchange does not have the items according to the rules, the exchange cannot be done and the items you have may be rotten.

Metal Coins and Shell Money

The solutions for problems in the barter system. In the past, shell money was used to be a media in trading or exchanging products between communities. Metal Coins was very popular both domestically and internationally from Mesopotamia, the area around Caribbean Lake, West Africa and Papua New Guinea in the Roman Era. Those coins were made of silver because silver is rare and hard to copy. Thai coins were Pod Duang and Clam Shell.

Paper Money

According to history records, there is evidence that China is the first country that invented Paper Money. Paper Money was invented to solve Coins problems because coins are heavy and hard to carry around if you have lots of them. Until Maco Polo, Italian traveler, went to Mongolia and brought the idea of Paper Money back to Europe. Sweden was the first country in Europe and was the model for other countries to use Paper Money called A Note as in the present time. Sweden’s Note was widely used in Europe and other countries as a Paper Money Template. 

Credit Card

It was started by Frank McNamara and the lawyers whose name is Ralph Schneider who cooperated to invent the Diner Scrub card to replace cash when buying goods and services. Later, American Express and Visa issued the credit card to facilitate travelers who go abroad with no need to carry a large amount of cash. Credit cards were popular and widely used until these days. In addition, there are classes for card holders to be a special person and use the privileges of the cards. 

Online Banking and E-Wallet

It began from the banks in the  U.S.A. which have learned about online systems to be useful for other banks and in commercials. Banks expect that online banking will reduce the cost of bank services. In 1950, Wells Fargo Bank and Bank of America decided to open internet services. Customers can view personal information on the Internet, apply for loans, and pay for goods or services. Today, the E-wallet is widely used in the world, not only in domestic use, but also in international markets without having troubles in currencies exchanging, get day-by-day rate and no risk of theft.

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