Money has had a long journey through human societies. It has gone through barter deals and the exchange of goods, metal coins, copper coins, gold and silver coins, paper notes, debit and credit cards, before transforming into something we call electronic money.
Today, we live in societies in which money is almost invisible. It has a discreet but powerful electronic presence.
But what is money?
I am sure we all know the answer to this question and, even more, that we all have some kind of connection with money itself or with the idea of money.
Writing about money can take many different directions. In this text, we will look at the historical development of money, how money is used in mathematics, and the influence of money on our lives.
Money is best described as a medium of exchange. The concept of money has been around since the dawn of human civilisation. Money allows individuals to trade what they have for what they need or want.
What has been considered money has varied throughout the ages and has included many different items. Currently, there are over 150 currencies used worldwide. Seventy per cent of the world's monetary value is denominated in the U.S. dollar, the euro, the U.K. pound, the Japanese yen and the Chinese yuan.
Money has been part of human history for almost 3,000 years. From the origins of bartering to modern money, this is how the system has evolved.
At the dawn of humanity, bartering was used instead of money to obtain goods. One of the earliest forms of barter included cattle, sheep, vegetables and grain.
The first known currency was created by King Alyattes in Lydia, now part of modern-day Turkey, around 600 BC. The first coin ever minted featured a roaring lion. Coins later evolved into banknotes around AD 1661. The first credit card was introduced in 1946.
Money is a means of exchanging wealth indirectly, rather than directly through barter. It is a mechanism that facilitates this process. Money may take a physical form, such as coins and banknotes, or it may exist as an electronic or written record.