The story so far
Before 3000 BCE
Prehistoric Era
Before the invention of money, early human societies relied on barter systems, exchanging goods and services directly. This method had significant limitations, primarily the need for a “coincidence of wants,” where both parties needed to desire what the other offered. Evidence suggests that various items such as livestock, grains, and even shells were used informally as mediums of exchange.
Emergence of Commodity Money
Around 3000 BCE, in ancient Mesopotamia, the first forms of recorded transactions began to emerge. The Sumerians developed a system using barley as a unit of account and clay tokens to represent goods stored in temples. By approximately 2500 BCE, silver began to be used as a form of commodity money due to its intrinsic value and portability.
3000 BCE – 1000 BCE
600 – 500 BCE
First Coins Minted
The first standardized coins are believed to have been minted in Lydia (modern-day Turkey) around 600 BCE under King Alyattes. These coins were made from electrum, a natural alloy of gold and silver, and featured stamped images that denoted their value. Around the same time, China also began minting spade coins around 640 BCE.
Transition to Paper Currency
By the Tang Dynasty in China (618-907 CE), merchants started using paper receipts for deposits instead of heavy metal coins. This practice evolved into the issuance of jiaozi during the Song Dynasty (960-1279 CE), marking the first widespread use of paper currency. Marco Polo’s travels in the late 13th century introduced Europeans to this concept.
7th – 13th Century CE
19th Century
Gold Standard Established
In the late 19th century, particularly around the 1870s, many countries adopted the gold standard, linking their currencies directly to gold reserves. This system facilitated international trade but was eventually abandoned during World War I due to economic pressures.
Rise of Fiat Money
Fiat money became prevalent throughout the 20th century as governments issued currency not backed by physical commodities but rather by trust in their authority. The U.S. fully transitioned away from the gold standard in 1971 under President Nixon.
20th Century
21st Century
Digital Payments
The advent of technology led to mobile payments becoming popular in the early 2000s, with platforms like PayPal emerging around this time.
Cryptocurrencies
Bitcoin was introduced in 2009 as the first decentralized cryptocurrency, paving the way for numerous other digital currencies and changing how transactions are conducted globally.
2009
2024
Gold Exchange Code
By the end of 2024, it will rapidly begin to be used in personal payments, financial savings and simply investments. This is the only currency that has no inflation, is insured against loss and is completely Private