A Brief History

Before coins existed, commerce was conducted by bartering (exchanging one commodity for another). Then, in the 7th century B.C. in Lydia and Ionia in Asia Minor (currently known as Turkey), coins were invented. Coins were the first practical means of financial exchange because they could easily be transferred from person to person. Gold, silver, and bronze became the standard materials for coins in these ancient times.

The word 'money' originated from the Latin word moneo which means "to warn." Juno, the Roman goddess of warning and guardian of finances, became known as Juno Moneta. 'Currency' comes from the Latin word currens (to run or flow), signifying the constant movement of money from one person to another.

Paper money is any type of currency printed on paper. The world's first paper money is believed to be from China, and attributed to the T'ang Dynasty in 650 A.D. As well wood pulp and cloth rags, paper money has been made from tree bark, leather, silk cloth, and other materials. The term paper money is used to describe money made from various papers, paper-like substances, and other types of materials used through the ages. Paper money eventually became more widely used than coins because it was easier and cheaper to make, store, and use. Although most of the world's countries took a long time to accept paper money (18th century paper money experiments led to 19th century acceptance, which led to 20th century dominance of paper money), people eventually loved it because it was less heavy and bulky compared to coins.