[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-148106-en":3,"doc-seo-148106-105":30,"detail-sidebar-cat-0-en-105":94},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":11,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},148106,549758252649,"Ivy","https://ap-avatar.wpscdn.com/avatar/8000253669c5317157?_k=1778319167496531819",4,"Exam","The History of Money - bartering - coins - paper currency","Money emerges as a practical solution to the difficulties of bartering when trading requires goods that others may not want. The materials explain how early societies used agreed-upon commodities for trade, including precious metals in coins and various items across cultures. It compares commodity money, representative money, and fiat money, and describes how paper money developed and how confidence in currency depends on stable monetary policy and honoring transactions.","Page | 3 3.0.6.E1  \nThe History of Money  \nCONSIDER THIS PROBLEM:  \nYou catch fish for your food supply, but you are tired of eating it every day. Instead, you want to eat some bread. Fortunately, a baker lives next door. Trading the baker some fish for bread is an example of bartering, the direct exchange of one good for another.  \nHowever, bartering is difficult when you try to obtain a good from a producer that does not want what you have. For example, how do you get shoes if the shoemaker does not like fish? The series of trades required to obtain shoes could be complicated and time consuming.  \nEarly societies faced these problems. The solution was money. Money is an item, or commodity, that is agreed to be accepted in trade. Over the years, people have used a wide variety of items for money, such as seashells, beads, tea, fish hooks, fur, cattle and even tobacco.  \nCOINS  \nMost early cultures traded precious metals. In 2500 BC, the Egyptians produced metal rings for use as money. By 700 BC, a group of seafaring people called the Lydians became the first in the Western world to make coins. The Lydians used coins to expand their vast trading empire. The Greeks and Romans continued the coining tradition and passed it on to later Western civilizations. Coins were appealing since they were durable, easy to carry and contained valuable metals.  \nLydian Coin (Western Turkey), 700‐637 BC  \nDracma, Thessaly (Eastern Greece), 400‐344 BC  \nDuring the 18th century, coins became popular throughout Europe as trading increased. One of the most widely used coins was the Spanish 8‐reale. It was often split into pieces or bits to make change. Half a coin was 4 bits, a quarter was 2 bits; a term still used today.  \nCoins containing precious metals are an example of commodity money. The item was traded because it held value. For example, the value of the coin depended upon the amount of gold and silver it contained.  \n© Take Charge Today – August 2013 – The History of Money  \nFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona  \nPage | 4 3.0.6.E1  \nPAPER CURRENCY  \nThe Chinese were the first to use paper money, beginning in the T'ang Dynasty (618‐907 AD) . During the Ming Dynasty in 1300 AD, the Chinese placed the emperor's seal and signatures of the treasurers on a crude paper made from mulberry bark. (see picture to the right)  \nRepresentative money is tokens or pieces of paper that are not intrinsically valuable themselves, but can be exchanged for a specific commodity, such as gold or silver. In 1715 Maryland, North Carolina and Virginia issued a \"tobacco note\" which could be converted to a certain amount of tobacco. This type of money was easier to make large payments and carry than coins or tobacco leaves.  \nNew York Note, 1776  \nIn the late 1800s, the U.S. government issued gold and silver certificates (see picture to the right) .  \nSilver Certificate 1886 (worth $5 of silver)  \nFiat money is similar to representative money except it can not be redeemed for a commodity, such as gold or silver. The Federal Reserve notes we use today are an example of fiat money. In 1967, Congress authorized the U.S. Treasury to stop redeeming silver certificates in silver dollars or bullion beginning the following year. By 1970, silver was removed from the production of coins. The old coins were gradually removed from circulation and replaced with new copper‐cored coins that were faced or “clad”with layers of an alloy of 75 percent copper and 25 percent nickel—the same alloy used in nickels today.  \n$10,000 Federal Reserve Note 1934 (no longer in print) . Portrait of Salmon Chase, Treasury Secretary 1861‐1864  \nPeople are willing to accept fiat money in exchange for the goods and services they sell only because they are confident it will be honored when they buy goods and services. The Federal Reserve is responsible for maintaining the integrit","cbCaisBG3IpzDs8l","https://ap.wps.com/l/cbCaisBG3IpzDs8l","pdf",279562,2,1,"English","en",105,"# Trading and the Need for Money\n## Bartering challenges\n## Money as an agreed trading item\n# Forms of Early Money\n## Commodity money and coins\n## Paper currency and representative money\n## Fiat money and monetary policy\n# Money Worksheet Questions","[{\"question\":\"What is bartering, and why is it sometimes difficult?\",\"answer\":\"Bartering is the direct exchange of one good for another. It becomes difficult when a producer does not want what you have, making the chain of trades complicated and time consuming.\"},{\"question\":\"What makes commodity money valuable in trade?\",\"answer\":\"Commodity money is traded because it holds value intrinsically. For example, coin value depends on the amount of gold and silver it contains.\"},{\"question\":\"How is fiat money different from representative money?\",\"answer\":\"Representative money can be exchanged for a specific commodity like gold or silver, while fiat money cannot be redeemed for a commodity such as gold or silver.\"},{\"question\":\"Why do people accept fiat money?\",\"answer\":\"People accept fiat money because they are confident it will be honored when they buy goods and services. The Federal Reserve maintains currency integrity by controlling the amount of money in circulation to keep prices stable.\"}]","The History of Money - bartering - coins - paper currency | PDF",1787775152,10,{"code":4,"msg":31,"data":32},"ok",{"site_id":24,"language":23,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":89,"head_meta":91,"extra_data":93,"updated_unix":28},"the-history-of-money-bartering-coins-paper-currency","",{"@graph":36,"@context":88},[37,52,67],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,47,50],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":20},"https://docshare.wps.com/document/","Document",{"item":48,"name":12,"@type":43,"position":49},"https://docshare.wps.com/document/exam/",3,{"item":51,"name":13,"@type":43,"position":11},"https://docshare.wps.com/document/the-history-of-money-bartering-coins-paper-currency/148106/",{"url":51,"name":13,"@type":53,"author":54,"headline":13,"publisher":56,"fileFormat":59,"inLanguage":23,"description":14,"dateModified":60,"datePublished":61,"encodingFormat":59,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":55},"Person",{"url":41,"name":57,"@type":58},"DocShare","Organization","application/pdf","2026-09-11","2026-08-26",true,{"@type":64,"interactionType":65,"userInteractionCount":20},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80,84],{"name":71,"@type":72,"acceptedAnswer":73},"What is bartering, and why is it sometimes difficult?","Question",{"text":74,"@type":75},"Bartering is the direct exchange of one good for another. It becomes difficult when a producer does not want what you have, making the chain of trades complicated and time consuming.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"What makes commodity money valuable in trade?",{"text":79,"@type":75},"Commodity money is traded because it holds value intrinsically. For example, coin value depends on the amount of gold and silver it contains.",{"name":81,"@type":72,"acceptedAnswer":82},"How is fiat money different from representative money?",{"text":83,"@type":75},"Representative money can be exchanged for a specific commodity like gold or silver, while fiat money cannot be redeemed for a commodity such as gold or silver.",{"name":85,"@type":72,"acceptedAnswer":86},"Why do people accept fiat money?",{"text":87,"@type":75},"People accept fiat money because they are confident it will be honored when they buy goods and services. 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