Early Money Systems
Q: What material did ancient Sumerians use to create tokens representing goods?
A: Baked clay
Q: Where were the first coins created about 2,700 years ago?
A: Lydia (present-day Turkey).
Q: In which ancient city were banks created to exchange foreign money?
A: Corinth
Q: What were early paper bills originally?
A: Receipts that gave ownership of gold or silver coins.
Q: What company issued the first universal credit card in 1950?
A: Diners Club International
Q: In ancient China, what were cowrie shells used as?
A: As a form of payment and jewelry material
Q: What feature indicated the value of early Lydian coins?
A: A stamped image that showed their weight and value.
Q: What did ancient trade routes spread besides money and goods?
A: Religious beliefs, knowledge, and new inventions
Q: What is the term for today’s money system, where money’s value is backed by government trust rather than physical commodities?
A: Fiat money
Q: What is Bitcoin considered in the evolution of money?
A: A virtual, decentralized internet currency