Humanities in Class: Webinar Series

A History of Money in Nine Slides

Simon Middleton

Simon Middleton (Fellow, 2019–20; Associate Professor of History)

February 16, 2021

What is money and where does it come from? If asked, most people would likely respond to these questions by pointing to the notes and coins in their pockets—or maybe their debit and charge cards—and muse on some connection between the “government” and printed money. Concerning origins, most would probably add that money developed more or less spontaneously in the market in response to the inconveniences of barter exchange. Both answers are wide of the mark: most money—meaning credit and value—is created by the banks and the myth about money’s spontaneous market origins is traceable as far back as Aristotle. In this session we will survey the actual history of money, beginning from its origins in Iraq/Syria in 3000 BCE through to its latest reformulation as Bitcoin. We will also consider how changing understandings of monetary forms and functions have been linked to major political and economic developments, from the collapse of the monarchy in the early modern era to the rise of capitalism and its troubles in the nineteenth through twenty-first centuries. We will do this in nine, straightforward, and easy to follow powerpoint slides. To check on the accuracy of the assumptions above, here’s a challenge for you: Before you come to the session, ask a friend or family member what they think money is and where they think it originates.

History / Economics / Money / Economic History / World History / Monetary Systems / Banking / Material Culture /

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The History of Money.

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a brief history of money

A brief history of money

Nov 30, 2011

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A brief history of money. Where all begins.

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  • inferior bronze ones
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  • space research
  • money creation

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Presentation Transcript

Where all begins 1792 - 1750 BC: Money and banking originates in Babyloniaout of the activities of temples and palaces which provided safe places for the storage of valuables. Initially deposits of grain are accepted and later other goods including cattle, agricultural implements, and precious metals.

The Code of Hammurabi includes laws governing banking operations - all carved in stone! 640 - 630 BC The earliest coins made in Lydia, Asia Minor, consisted of electrum, a naturally occurring amalgam of gold and silver.

640 - 630 BC: Athens issues bronze and silver coins. The Athenian public hoards silver coins which, as a result, quickly disappear from circulation, leaving only the inferior bronze ones According to Demosthenes 10% is the normal rate of interest for run-of-the-mill business. For risky business such as lending for shipping rates of between 20% and 30% are normal.

390 BC The Gauls attack Rome The cackling of geese in the capitol, where the city's reserves of money are kept, alerts the defenders. The grateful Romans build a shrine to Moneta, the goddess of warning, and from Moneta the words money and mint are derived.

1095-1270: The Crusades The need to transfer large sums of money to finance the Crusades provides a stimulus to the re-emergence of banking in western Europe.

The functions of money • measure of value • medium of exchange • store of value

Money throughout the history of the world Shells Live stock Precious stones Skulls Pearls Wheat Feathers Brass Silver Gold Paper money

Gold as money • widely accepted • divisible • easy to measure • easy to carry • non-perishable (although it wears out) • impossible to forge

Macro-economic equilibrium Requires that the demand for money equals the supply of money

Demand for monetary gold • is a function of economic needs • an expanding economy needs extra money • the demand for monetary gold competes with the demand from the industry (i.e., electronics, medical equipment, space research etc.)

Supply of gold Is a function of natural resources Nature doesn’t care if the PM wants to increase the money supply

Why would governments want to issue more and more money? To keep up with demand Seignorage means more wealth for the issuer Seignorage = face value of money - cost of issuing money

250 AD: Nero debases the gold and silver coinages.Twenty years later, the silver content of Roman coins has fallen to only 4%

270 AD: Aurelian issues new, nearly pure coins, using gold from his eastern conquests • He raises the coins’ nominal value by 2½ times hoping in this way to stay ahead of inflation. • This "reform" sends inflation soaring.

1542-1551 The Great Debasement Henry VIII debases the coinage of England as a means of raising revenue.

1560 Elizabeth I begins the reform of England's debased coinage • Thomas Gresham, after whom Gresham's law ("bad money drives out good") is named, is an influential adviser. • The debased coins are recalled and melted down and the base and precious metals separated.

Gold as money: A summary When debasing of coins is prohibited: • Very little incentive for governments to "fudge" with the money supply • Gold is even deflationary

Paper money • c. 960- Issues of Chinese paper money start to become regular

Paper money 1659 The earliest British cheque is issued This is an order to the London goldsmiths Morris and Clayton to pay a Mr Delboe £ 400. Because notes are accepted as evidence of ability to pay they are a convenient alternative to handling coins or bullion.

1690 - The Massachusetts Bay Colony issued the first paper money in the colonies which would later form the United States.

Paper money 1698 Coins form less than half the English money supply Davenant, a contemporary writer, estimates that the total value of coins in circulation is less than that of tallies, bills, banknotes etc. Increasingly the power of money creation is passing from the King, in charge of the mint, to the London money market and provincial banks. Political and constitutional power is also affected by this transfer of financial power. 1704 Promissory Notes Act This confirms the legality in England of goldsmith's notes as negotiable, i.e. payable to the bearer rather than to a named person.

Paper money 1832 Capital punishment for forging banknotes abolished in Britain The maximum penalty for forgery is reduced from death to transportation for life (e.g. exile to Australia). 1848 Bank of France is given a nationwide monopoly of note issues The national bank is given a monopoly of note issuing to fill the gap left by the failure of numerous local banks. The Bank of France also begins to develop a large network of branches in different parts of the country.

Paper money • was initially a claim on gold • has no natural (intrinsic value), hence acceptance is backed by guarantees from a central authority • during tumultuous economic periods, drove gold out of circulation

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  2. A History of Money PowerPoint & Google Slides (teacher made)

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VIDEO

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COMMENTS

  1. The History of Money

    Money needs to serve as a medium of exchange, store of value, and unit of account. King Croesus created the first coins of gold and silver in 561 BC. Paper currency was first issued in China in 806 AD but led to inflation. Various commodities served as forms of money throughout history.

  2. The history of money

    Just as humans have evolved - money has evolved. First it was Barter Then shells Then mental Then silver Then leather money Most money today is paper money 4. Barter is when people trade or exchange (swap) goods for other goods without the use of money, like for instance trading seeds for apples.

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    Presentation on theme: "A Brief History of Money"— Presentation transcript: 1 A Brief History of Money. 2 What is Money? We normally think of currency when we think of money. However, more generally ... History of American Money The History of U.S. Paper Money In the early days of the nation, before and just after the revolution, Americans ...

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    This document provides a history of the development of money. It begins with bartering and the use of shells as early forms of currency. It then discusses the introduction of coinage in Lydia in 600 BC and the later development of paper money in China in the 9th century. It also briefly outlines the gold standard, development of credit cards ...

  5. A History of Money in Nine Slides

    In this session we will survey the actual history of money, beginning from its origins in Iraq/Syria in 3000 BCE through to its latest reformulation as Bitcoin. We will also consider how changing understandings of monetary forms and functions have been linked to major political and economic developments, from the collapse of the monarchy in the ...

  6. The History of Money.

    14 Currency Debasement in China Initially, the paper money was fine, because it was exchangeable for gold, silver, or silk Eventually, inflation began to take hold, as China was funding an ongoing war with the Mongols, which it eventually lost. In the end, the best families in the empire were ruined, a new set of men came into the control of public affairs, and the country became the scene of ...

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    The History of Money - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. 1) The document traces the history of money from barter systems to modern forms like mobile payments and virtual currency. It discusses the move from commodity money to fiat money and the development of coinage and banking.

  8. History of Money PowerPoint for Students

    The presentation offers interactive activities, such as discussion points, reflections, and turn-and-talk questions to encourage active participation and engagement from your students. The History of Money PowerPoint and Google Slides presentation is visually engaging and easy to follow for your students. It features vivid images and graphics ...

  9. The History of Money: Past to Present Day (Powerpoint Presentation)

    Bring history to life in your classroom with this engaging and informative PowerPoint on the history of money. From ancient civilizations and their forms of currency, to the rise of coinage in the Middle Ages, this presentation covers all the key points in the evolution of money. It also delves into...

  10. PPT

    A brief history of money. Where all begins 1792 - 1750 BC: Money and banking originates in Babyloniaout of the activities of temples and palaces which provided safe places for the storage of valuables. Initially deposits of grain are accepted and later other goods including cattle, agricultural implements, and precious metals.