chapter 4 --  addendum

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Money -- a medium of exchange. The barter system. The barter system. The barter system. Bartering -- issues in product and quantity. Smiths. Jones. McIntoshes. . . . Eggs. Wool. Basket. Introducing medium of exchange. Smiths. Jones. McIntoshes. . . . Basket. Cow. . Wool. Cow. Media of exchange. Precious metalsCattleGrainCowrie shellsMetal toolsWampumPepper.

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chapter 4 -- addendum

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1. Chapter 4 -- Addendum History of Money

3. The barter system

4. The barter system

5. The barter system

7. Bartering -- issues in product and quantity

8. Introducing medium of exchange

9. Media of exchange Precious metals Cattle Grain Cowrie shells Metal tools Wampum Pepper

10. Medium of exchange Accepted Store of value Easily divided into units Scarce

11. Banking begins c. 3,000 - 2,000 BCE Temples of Babylonia provide safe places to store “money” Banking originates in Mesopotamia as one of the activities of temples and palaces which provided safe places for the storage of valuables.

12. First coins c. 640 BCE Greece and India both introduced coins Dominated trade for 2,000 years

13. Mongol Empire -- First paper money c. 1236 ACE

14. Checks Introduced by Italian merchants in the Middle Ages

15. Goldsmith bankers, 1633-1672

16. Paper money in the Americas First paper money issued by the Massachusetts Bay Colony in 1690 used to pay soldiers returning from Quebec In 1764 England forbade colonies to issue paper money as legal tender (except for military expenditures) In 1789 Constitution gives Congress authority to create money. Banks also create money

17. Paper money in the Americas 1792 the dollar is set as the unit of account in the U.S. Dollar backed by silver and gold; later dollar backed by gold only (convertibility) 1862 tax placed on state-issued notes 1913 Federal Reserve system created

18. Paper money in the Americas 1971 dollar is no longer convertible into gold 1973 the U.S. goes off the gold standard

19. Plastic Takes over in 2003 Use of cash and checks down for first time Use of credit cards and debit cards now greater than cash and checks

20. Questions?

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