Lesson47 The History of Money
Today, our currency is a mixture of coins and paper money, but it wasn't always that way. Before metal coins and paper bills existed, people used a lot of unusual things to buy what they needed. In one part of the world, for example, people used sharks' teeth for money. In some places, brightly collored feathers and rare seashells were money.
No one knows for sure when people started using metal coins for money. Archaeologists have found coins dating from 600 B.C., so we know they have been around for a long time. At first, people used precious metals, such as gold and silver, to make coins.
In the 1200s, people in China used iron coins for their currency. These coins weren't worth very much, so people had to use a lot of them to make their purchases. Because it was inconvenient to carry around a large number of heavy iron coins, the government started printing paper receipts. People took these receipts to banks and traded them in for coins.
This is the first example we have of paper money.
Today, most countries use a mixture of coins and paper bills for their currency. In the United States, the paper bills are all the same size and colour. For example, the one-dollar bill is the same size and colour as the one-hundred-dollar bill. In many other countries, the bills come in various sizes and colours. The smaller sized bills are worth less money. This makes it easier for people to tell the value of their money at a glance.