The History of Money Explained in One Infographic
Today’s infographic from Mint.com highlights the history of money, including the many monetary experiments that have taken place since ancient times.
Some innovations have stood the test of time – precious metals, for example, have been used for thousands of years. Paper money and banknotes are also widespread in use, after first being turned to in China in 806 after a copper shortage prevented the minting of new coins.
Other experiments didn’t have much staying power. The adoption of strange currencies such as squirrel pelts, cowry shells, or parmesan cheese are only remembered for their peculiarity.
Further, other attempts to stabilize the monetary system were abandoned early as well. The original U.S. gold standard lasted just 54 years, after FDR ditched it during the Great Depression. The Bretton Woods version (gold-exchange standard) lasted even shorter, abandoned after being in place for 26 years when Nixon ended all convertibility between the U.S. dollar and gold in 1971.
THE NEWEST CHAPTER IN OUR MONETARY HISTORY
Although the infographic ends with the introduction of cryptocurrency in 2009, it should be noted that the newest chapter in the history of money is taking place right before our eyes.
The “War …read more
Source:: Affluent Investor.com