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user_30405's Blog

30 Nov 2021

A brief history of coins

Young Numismatists Exchange | user_30405

A Brief History of Coins

For over 2,600 years the human race has used coins as a medium of trade, but coins have evolved since their initial primitive forms. Since the beginning of time, people have traded for goods, because no one can grow, cultivate, hunt, and process everything that he or she wants to live. With specialization, however, bartering is highly impractical, as they must have the goods on hand in order to trade. Some workers have annual incomes, like farmers. If another person's goods spoil easily, like fishermen, how are they going to cross the seasonal divide? The first signs of an attempt at an organized coinage system came in China, when peasants used cast spades and plates as money, and around the same time peoples used other mediums such as cowry shells and large circular stones. In the 600’s B.C. the people of Lydia (modern day Turkey) used electrum, a naturally-occurring alloy of gold and silver, to mint the world's first coins. These first coins quickly caught on; by 400 B.C. the Greeks were coining beautiful coins, many of which portrayed gods, such as Athena, on them. The Romans created a worldwide standard of weights and measures. During the Dark Ages and into the Renaissance people kept on using coins as the main medium of trade. The designs on coins got more intricate as manufacturing techniques improved. You may have noticed that you find yourself with less coins in your pocket than you used to. Paper money and credit cards have almost eliminated change from everyday transactions. Inflation has increased the value of metals such that the bullion value of many coins is worth more than the face value. One advantage of a coin-based monetary system is that the metal content keeps the amount of coins produced down, so keeping check on inflation. Somewhat recently, countries have allowed individuals to own gold and silver as part of retirement plans, thus creating a boom of bullion coins such as American Eagles, and Chinese Pandas. We can hardly imagine our lives without coins, which is why we should fight to keep coins in circulation, no matter what the critics might say.


SOURCES: Coin Collecting for Dummies, but the Extra Credits YouTube series on the history of money gave the idea to write this, highly recommended watch.


Now for a 2 questions about the website:

  1. Is the minimum word count for YN$ blog posts 400, or 440. Inside the YN$ form it says 400, but the list next to it says 440.

  2. Why does non-money.org links show up when I use the search function inside the website

Thanks for reading! As always questions, tips, and answers are welcome.


Comments

Kepi

Level 6

Nice blog! Thanks for the information! ; )

Longstrider

Level 6

Great blog. Full of info. On your questions. #2: Always click on the Legacy Version. You will like that better Thanks.

Golfer

Level 5

Nice blog. The history of coins and money in general is quite amazing. Now there is bitcoin, credit cards, etc. What is in the future? No coins at all?

AC coin$

Level 6

Great blog very. Information .

Mike

Level 7

Thanks for the blog very interesting!!. Mike

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