Facts About Money

What is Money?

An object exchanged between two parties in return of goods or services.

How the word “money” did get originated?

Though not confirmed, the word was originated and associated from Hera (a temple in greece) situated on Capitoline Hill (amongst one of the 7 hills of Rome).

What was the oldest form of money?

Cattles are considered to be the first trading object.

Who invented metal money?

It is believed Phoenicians (people from ancient civilization of Canaan from Egypt) made the invention of metal money.

Who invented coins?

Lydians (from the kingdom of Lydia; now Turkey) were the ones who invented coins in 600-55BC. Gold and silver coins were established by them.

What was exchanged before money came into existence?

Before 1550 BC, exchange took place in the form of pet animals – cattles, goats, pigs, lambs.

How invented first paper currency?

Paper currency was introduced by the people of china in 7th century.

What are the two different types of currencies used by any country?

Banknotes and Coins.

How the word “BUCK” came into existence?

Prior to the paper money came into effect, elf bucks were exchanged for goods and services. And that’s how the word “buck” was coined.

Material used to prepare currency notes:

Cotton paper is main material used and textile fibres like linen and abaca which are permeated with polyvinyl alcohol or gelatin. Proportion of cotton paper is 75% and of linen is 25%.

Metals used for making coins:

Alloys like brass, zinc, copper, nickel and etc.