I'm assuming people started trading services and goods then people used gold to trade then someone put lots of gold in a reserve and issued paper which could be exchenged at anytime for the gold but who and how did this all kick start?
2006-10-17 21:38:04 · 5 answers · asked by douglas c 1 in Business & Finance ➔ Other - Business & Finance
golden nuggets?
2006-10-17 21:39:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Started because of "trading" and "worth of each individual." Money is just a medium of exchange/trade. Money can be anything; before the arrival of Christopher Columbus, native Americans used the cacao bean as their "currency." The value of things happen to be very subjective. For the Spaniards, gold worth a lot, but for the native americans, it didn't. Using paper money facilitates the handling of transactions...
2006-10-18 04:46:00 · answer #2 · answered by c00kies 5 · 1⤊ 0⤋
ur theory seems pretty much rite...
i just think that they made coins and papers which you could exchange for gold, so you could trade em with other ppl. these days you just use money, u dont go back and exchange it for gold! nyways i cudnt find who and when just they probably got annoyed at all the different goods and werent sure if the trades were worth it (for example they didnt know if the other persons 10 sheep were worth their bread or something like that because they didnt know how much sheep were worth) so they created something which had a strict value. except now the values go up and down, but wateva.
:p
2006-10-18 04:42:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
probably a way to say who had the right to the gold and who did not
2006-10-18 04:44:02 · answer #4 · answered by Chustar Of Naija 2 · 0⤊ 0⤋
when people got greedy with the gold and Jems... they said . why not pay people in paper, and we keep our gold.
2006-10-18 04:42:25 · answer #5 · answered by dacronicman 2 · 0⤊ 0⤋