![]() He introduced something called as Silver Money Notes. During 700BC, the system of paper money was invested by King Zhuang of Zhou. In simple terms MONEY was gold and silver backed. So when you held a gold coin, it had 'real' value. One could argue that gold could be melted and used for some purpose. Kingdoms used Gold, Silver, Metals to mint their coins. In 600BC, Lydian King Alyattes minted the first official currency. So this lead to the creation of currencies. This also slowed down the speed of trade.Īnd, wasted a lot of time striking deals. However, this process was highly arbitrary (sometimes you might get 2 mangoes for 1kg of rice & sometimes maybe 1 mango) The underlying being: rice and mangoes in the above example. Which simply meant that give me your Rice, and take my Mangoes. For centuries, people used the Barter System. The world in 2023 operates on DEBT, not REAL MONEY. ![]() Is money real or fake? If you don't have 10 hours to study the history of money and get to the answer.
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