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A Brief (and Fascinating) History of Money

International currencies, money, various banknotes, currency

Money . People worry about it, think of ways to get more of it, and dream about how to spend it. But how much do we really know about money? Keep reading for a short history of currency.

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Essay on Money | Money Essay for Students and Children in English

February 13, 2024 by Prasanna

Essay on Money: The concept of money was invented somewhere in 5000 B.C by a few traders in Western Europe. Ever since the invention, different countries have adopted it and started printing their own money with specific values, which was usually backed by gold. But before money was invented, trading used to happen with a system called a barter system, where you could buy one product or service with an exchange of another product. This is basically a brief history of money.

For centuries, money has been, gradually, incorporated into every corner of our lives. Not to sound cliché, but the entire world runs on one simple thing called money. Thanks to those traders hundreds of years back, our lives now entirely revolve around the man-made concept of money.

You can also find more Essay Writing articles on events, persons, sports, technology and many more.

Long and Short Essay on Money in English for Children & Students

In this article, we provide a 600-word long essay on money for school children for projects and assignments. We also provide a 200-word short essay on money for school and college assignments and project work.

Long Essay on Money

A very informative 400 to 600-word long essay on money for school and college projects and assignments can be found below.

While not everything is about money, we will have to come at a point of realization where we simply cannot live without money. It’s a hard truth. But isn’t the world being too negative about money? No essay on money will make sense if it is just about history and facts. So let us see how money has impacted our lives. Just like every attribute in our society, money has two sides. The evil and the good.

What’s the Good Side of Money?

When we say our lives revolve around money and everyone is just chasing it, it is usually considered with a negative connotation. Not everything about money should be taken in a bad light. The whole concept of money and capitalism has given people livelihood, better standards of living and most importantly an equal platform for everyone to work hard and fulfill their dreams.

Trust and Convenience of Money

Money is one of the biggest and most valuable and trustworthy forms of trade in which businesses can thrive and consumers can be saved from fraud and cheating. One of the biggest plus points of money is the trust factor it carries with it. Imagine having to carry out the barter system even today, where, to get a kilo of rice, you need to give a kilo of wheat. Sounds funny, isn’t it?

Equality of Money

This is, surprisingly, one thing that can bring people from different walks of life to agree upon. Money can buy you a good standard of living, it can buy you respect and value in society. Every person, irrespective gender, race, ethnicity or creed will be provided with an equal level playing field to earn money and lead a better life

Motivation and Direction of Money

Imagine the world without money. We will eventually come to a point where we will be asking questions like “what’s the point of life”. Hope and goals are some of the important things that will keep a man going in life. Without any sense of achievement or motivation, there wouldn’t be any inventions or progress in the world. People work to get money and then people work harder to get more money. This cycle of life that keeps a man motivated and hopeful is one of the biggest advantages of the system of money

What is the Evil Side of Money?

Well, not everything is hunky-dory about our financial systems. It would only be fair to talk about the disadvantages of money also to have a well-informed essay on money.

Whether it is capitalism or socialism, democracy, or communism or where its India or China, our system of money in the world has many cracks and fault lines within it.

Broken system: If the concept of money in its pure form was used properly, there would have been equality on all scales and levels in the world. But, the reality is far from our imagination. The hierarchical system, in both capitalism or socialism, has created an immense amount of inequality and large gaps in income. It is true that more than 90% of the world’s wealth is in the hands of 2% of the population. If this is not a sign of a broken system, then we don’t know what is
Greed: We need to understand the difference between desire and greed. When the fine line between the two is made more visible, then maybe our world will start healing itself. We are not necessarily talking about individual greed for money, but we are talking about issues on a much larger scale. Businesses are solely running to make profits, the government is more concerned about saving the economy than their own people or the environment we live in. The greed for money is destroying our nature, creating an imbalance in the natural cycle of the world and led us into wars, famine, poverty and pandemics.

Short Essay on Money

A short essay on money with a word limit of 150 to 200 can be found below for school assignment and projects

We can’t deny the fact that we cannot live without money. Money is undoubtedly the more important thing to live a happy and content life. Sure, the money will help us buy our dream car or impress and give a dignified life for our parents, but we also need to remember that there is more to life than just earning money.

Money can make or break many things, but like any other thing in the world, money also needs to have limits and should be used judiciously. The gap between rich and poor is because of poorly planned financial systems and an immense amount of greed which is a pet of human tendency

On a big picture level, governments need to fix the broken financial systems and modify our capitalist and socialist mindsets to create for ourselves a better world and leave an even better society to our next generation.

10 Lines on Money Essay

Money is the only trustworthy and convenient way of trade
The money we use is guaranteed and backed by our government
Money, collected in the form of tax, helps us create a better environment for us
Earning money will give people hope and direction to lead a happy life
Money doest just buy tangible things like car or house, money also helps you earn respect and dignity in the society
Hard work, responsibility and dedication is what reflects in a person’s character if they have a good amount of money
Money is the core factor in all type of economies like a capitalist, socialist and communist economies
Money has provided equal opportunities for everyone in the world
Wrong use of money and greed has led to certain world issues like terrorism, pandemics and famine
The difference between the amount of money rich and poor has, reflects loopholes and problems in our system

FAQ’s on Essay on Money

Question 1. What if the concept of money was not there?

Answer: We would be back to our age-old barter system. Globalization and industrialization would never be possible and each country and each village in the country would be self-sufficient and isolated

Question 2. Is money good or bad?

Answer: This is one of the most daunting questions that economists, leaders and other experts are pondering upon for years. There is no simple answer, but the present system, if modified well, can make money the best thing in the world.

Question 3. Why can’t governments just print money?

Answer: Every money, even a Rs. 1 is backed by government securities, usually in gold or dollars. If we print more than the security we have, our fiscal deficit will increase, which means that the value of money will get reduced as it will be available everywhere to everyone. It is a simple supply and demand theory.

Question 4. What are the different types of money?

Answer: In terms of value and currencies, we have dollar, rupees, pounds, yuan and many more for each country. In terms of physical existence, we have digital money (like bitcoins) and hard paper-based cash. In terms of tangibility, we have hard cash, commodities, fiduciary, representative and fiat money.

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Introduction

Different countries have different currencies, or kinds of money. The money of the United States is called the dollar.

How Money Works

Before people used money, they bartered, or traded things they had for the things they wanted. For example, a person may have traded five goats for one cow. Bartering was not always simple, though. Each person had to agree that the items being traded had an equal value. Also, each person had to have something that the other person wanted.

People invented money to avoid bartering. Someone with five goats could exchange them for a certain amount of money instead of a cow. The person could then exchange that money for grain, cloth, or other goods of the same value.

Today the metal coins and pieces of paper that people use for money have little real value. In other words, people do not use the paper for writing or the metal for making tools. The value of paper money and coins comes from an agreement between all people. They agree that they will accept certain forms of money in exchange for their goods and services. This agreement between people is the reason money works.

People have used money for more than 4,000 years. In the 600s bce the kingdom of Lydia in what is now Turkey began to make coins. It was probably the first government to do so. These coins were a combination of silver and gold, called electrum. Many ancient peoples, including the Greeks and the Romans, also used coins.

The first types of paper money were used in China more than 1,000 years ago. Early paper money was simply a written promise to pay a certain amount of gold or silver money. The paper money was valuable because it could be traded for gold or silver. Later, governments began printing paper money. In the 1900s most governments made paper money valuable on its own. It no longer stood for gold or silver.

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What Is Money?

Bartering to Currency
First Official Currency
Paper Currency
Currency Wars

Mobile Payments

Virtual currency, the bottom line.

Personal Finance
Financial Literacy

The History of Money: Bartering to Banknotes to Bitcoin

How money has changed over 5,000-plus years

Teaching Financial Literacy: Why You Need to Start from a Young Age
Guide to Allowances & Kids
Everyday Activities to Teach Financial Literacy to Kids
Biggest Financial Hurdles Young People Face
10 Tips for Teaching Your Child to Save Money
How to Inspire a Love of Math
10 Questions Kids Ask About Money
History of Money CURRENT ARTICLE
What Is the Difference Between Needs and Wants?
Your Credit Rating Matters
Opening Your Child's First Bank Account
Best Savings Accounts for Kids
Best Debit Cards for Teens
Small Saver Certificate
How to Teach Your Child About Investing
Best Custodial Accounts
How to Introduce Kids to Cryptocurrency
Financial Tips for Young Adults
How to File Your Child's First Income Tax Return
Getting Your First Credit Card
Top 5 Benefits of a Summer Job
Best Part-Time Jobs for College Students
Financial Literacy for Parents
Venmo, Apple Wallet, and Digital Money Guide
Financial Education Resources for Kids
Top Finance Influencers Kids Follow
How Video Games Teach Kids About Money

The terms "money" and "currency" are often used interchangeably. However, several theories suggest they are not identical. According to some theories, money is inherently an intangible concept. Currency, on the other hand, is the physical or tangible manifestation of the intangible concept of money.

According to this theory, money cannot be touched or smelled. Currency is the coin, note, object, or physical representation that is presented in the form of money.

The basic form of money is numbers while the basic form of currency is paper banknotes , coins, or plastic cards like credit or debit cards. Though this distinction between money and currency is important in some contexts, for the purposes of this examination of the history of money, the terms are used interchangeably.

Key Takeaways

Money is a medium of exchange with a recognized value that was adopted to make it easier for people to trade products and services with one another.
The history of money crisscrosses the world as various cultures recognize the need to simplify trade by introducing a single, portable token of value into the process.
People bartered before the world began using money.
The world’s oldest known coin minting site was located in China, which began striking spade coins sometime around 640 BCE.
Since then, the world has adopted banknotes and moved into digital forms of payment, including virtual currencies.

Money doesn't always have value, whether it's represented by a seashell, a metal coin, a piece of paper, or a string of code mined electronically by a computer. With global wealth estimated to be about $432 trillion at the end of 2023, the value of money depends on the importance that people place on it as a medium of exchange, a unit of measurement, and a storehouse for wealth.

Money allows people to trade goods and services indirectly. It helps communicate the price and value of goods and provides individuals with a way to store their wealth. It is valuable as a unit of account—a socially accepted standard by which things are priced and with which payment is accepted. However, both the usage and form of money have evolved throughout history.

Investopedia / Sabrina Jiang

From Bartering to Currency

Money has been part of human history for at least the past 5,000 years in some form or another. Before that time, historians generally agree that a system of bartering was likely used. Bartering is a direct trade of goods and services.

For example, a farmer may exchange a bushel of wheat for a pair of shoes from a shoemaker. However, these arrangements take time.

If you exchange an axe as part of an agreement in which the other party is supposed to kill a woolly mammoth, you have to find someone who thinks the tool is a fair trade for having to face down the 12-foot tusks of a mammoth. If this doesn't work, you would have to alter the deal until someone agrees to the terms.

A type of currency slowly developed over the centuries that involved easily traded items like animal skins, salt, and weapons. These traded goods served as the medium of exchange even though the value of each of these items was still negotiable in many cases. This system of trading spread across the world and still survives today in some parts of the globe.

One of the greatest achievements of the introduction of money was the increased speed at which business, whether it involved mammoth slaying or monument-building, could be done.

In early August 2021, Chinese archaeologists with the State University of Zhengzhou announced the discovery of the world’s oldest known, securely dated, coin minting site in Guanzhuang in Henan Province, China. A mint is a facility where currency is created. Sometime around 640 BCE, this facility began striking spade coins, one of the first standardized forms of metal coinage.

Millions of coins are circulating in the United States. As many as 47,250 coins are minted per minute at the Philadelphia Mint while 40,500 coins are produced per minute by the Denver Mint.

First Official Currency Is Minted

Meanwhile, farther west during this era, in 600 BCE, metal coinage was invented when Lydia's King Alyattes minted what is believed to be the first official currency, the Lydian stater.

The coins were made from electrum, a mixture of silver and gold that occurs naturally, and the coins were stamped with images that acted as denominations .

Lydia's currency helped the country increase both its internal and external trading systems, making it one of the richest empires in Asia Minor. Today, when someone says, "as rich as Croesus," they are referring to the last Lydian king who minted the first gold coin.

Transition to Paper Currency

During 1260 CE, the Yuan dynasty of China moved from coins to paper money . By the time Marco Polo, a Venetian merchant, explorer, and writer who traveled through Asia along the Silk Road, visited China in approximately 1271 CE, the emperor of China had a good handle on both the money supply and its various denominations.

In fact, in the place where modern American bills say, "In God We Trust," the Chinese inscription at that time warned: "Those who are counterfeiting will be beheaded."

Parts of Europe still used metal coins as their sole form of currency until the 16th century. Colonial acquisitions of new territories via European conquest provided new sources of precious metals and enabled European nations to keep minting a greater quantity of coins.

But banks eventually started using paper banknotes for depositors and borrowers to carry around in place of metal coins. These notes could be taken to the bank at any time and exchanged for their face value in metal, usually silver or gold coins.

This paper money could be used to buy goods and services. In this way, it operated much like currency does today in the modern world. However, it was issued by banks and private institutions rather than the government, which is now responsible for issuing currency in most countries.

The gold standard was established in the 1870s. Under this rule, currency printing was permitted based on the amount of gold a country had in its reserves.

The first paper currency issued by European governments was actually issued by their colonial governments in North America. Because shipments between Europe and the North American colonies took a long time, colonies often ran out of cash.

Instead of going back to a barter system, the colonial governments issued IOUs that traded as currency. The first instance was in Canada (then a French colony) in 1685 when soldiers were issued playing cards denominated and signed by the governor to use as cash instead of coins from France.

The Emergence of Currency Wars

The shift to paper money in Europe increased the amount of international trade that could occur. Banks and the ruling classes started buying currencies from other nations and created the first currency market.

The stability of a particular monarchy or government affected the value of the country's currency, and thus, that country's ability to trade on an increasingly international currency market .

The competition between countries often led to currency wars , where competing countries would try to change the value of the competitor's currency by driving it up and making the enemy's goods too expensive, by driving it down and reducing the enemy's buying power (and ability to pay for a war), or by eliminating the currency completely.

The 21st century gave rise to a novel form of payment activated with the touch of your finger. Mobile payments refer to money used to pay for goods and services. They can also be used to transfer money to another individual, such as a family member or friend. This can all be done using a portable electronic device, such as a smartphone or tablet device.

This form of payment first came to prominence in Asia and Europe before moving over to North America. From payments via text message, the technology evolved to allow checks to be deposited using the camera app on smart devices.

Mobile payment services like Apple Pay are vying for retailers to accept their platforms for point-of-sale payments. There are also apps dedicated to this method of payment, including Venmo and PayPal .

Virtual currencies are only available in electronic form. As digital representations of money, this type of currency is stored and traded using computer applications or specially designated software. The appeal of virtual currency is that it offers the promise of lower transaction fees than traditional online payment mechanisms do and is operated by decentralized authorities, unlike government-issued currencies.

Bitcoin quickly became the standard for virtual currencies. It was released in 2009 by the pseudonymous Satoshi Nakamoto. All of the world's Bitcoin was worth $1.14 trillion as of Aug. 7, 2024.

Keep in mind, though, that virtual currencies like Bitcoin have no physical coinage because they are traded on exchanges.

Although Bitcoin remains the most popular and most expensive one, other virtual currencies have hit the market. They include Ethereum, XRP, and Dogecoin.

How Long Has Money Been Around, and What Were the First Forms of Value Exchange?

Money has been part of human history for at least the past 5,000 years in some form or another. Historians generally agree that a system of bartering was likely used before this time. Bartering involves the direct trade of goods and services. For instance, a farmer may exchange a bushel of wheat for a pair of shoes from a shoemaker.

When and Where Did Coin Minting Begin?

The world’s oldest known, securely dated, coin minting site was located at Guanzhuang in the Henan Province of China. The mint began striking spade coins sometime around 640 BCE, likely the first standardized metal coinage.

When Were Coins Replaced by Paper Money?

The Chinese moved from coins to paper money around 1260 CE. By the time Marco Polo visited China in approximately 1271 CE, the emperor of China had a good handle on both the money supply and its various denominations.

The history of money is still being written. The system of exchange has moved from swapping animal skins to minting coins to printing paper money, and today, we appear to be on the cusp of a massive shift to electronic transactions .

Ancient transaction forms have been co-opted: for example, bartering still occurs on the margins in some markets such as the business-to-business (B2B) space and some consumer services. The monetary system will surely continue evolving as long as humans require a medium of exchange.

UBS. " Global Wealth Report 2024 ." Play Video.

Glyn Davies. " History of Money: From Ancient Times to the Present Day ," Pages 9-11. University of Wales Press, 2002.

Zhao, Hao and et al. " Radiocarbon-Dating an Early Minting Site: the Emergence of Standardised Coinage in China ." Antiquity , vol. 95, no. 383, October 2021, pp. 1161-1178.

United States Mint. " Coin Production ."

World History Encyclopedia. " The Importance of the Lydian Stater as the World's First Coin ."

World History Encyclopedia. " The Invention of the First Coinage in Ancient Lydia ."

Hans Ulrich Vogel. " Marco Polo Was in China: New Evidence from Currencies, Salts and Revenues ," Page 94. Koninklijke Brill, 2012.

The Mariners' Museum and Park. " Marco Polo ."

Hans Ulrich Vogel. " Marco Polo Was in China: New Evidence from Currencies, Salts and Revenues ." Page 173. Koninklijke Brill, 2012.

World Gold Standard. " The Classical Gold Standard ."

Bank of Canada. " A History of the Canadian Dollar: New France (ca. 1600-1770) ." Pages 4-5.

BBVA. " Dissecting Digital Payments: How They Are Evolving Around The World ."

Tranglo. " How Mobile Payment Technology Took Over the World ."

Bitcoin Project. " Frequently Asked Questions ." Select "General: Who Created Bitcoin?"

CoinMarketCap. " Bitcoin (BTC) ."

CoinMarketCap. " Today's Cryptocurrency Prices by Market Cap ."

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Essay on Money for Students and Children

500+ words essay on money.

Money is an essential need to survive in the world. In today’s world, almost everything is possible with money. Moreover, you can fulfill any of your dreams by spending money. As a result, people work hard to earn it. Our parents work hard to fulfill our dreams .

Furthermore various businessmen , entrepreneurs have startup businesses to earn profits. They have made use of their skills and intelligence in getting an upper hand in earning. Also, the employee sector works day and night to complete their tasks given to them. But still, there are many people who take shortcuts to success and get involved in corruption.

Black Money

Black money is the money that people earn with corruption . For your information corruption involves the misuse of the power of high posts. For instance, it involves taking bribes, extra money for free services, etc. Corruption is the main cause of the lack of proper growth of the country .

Moreover, money that people having authority earns misusing their powers is black money. Furthermore, these earnings do not have proper documentation. As a result, the people who earn this do not pay income tax . Which is a great offense and the person who does this can be behind bars.

Money Laundering

In simple terms, money laundering is converting black money into white money. Also, this is another illegal offense. Furthermore, money laundering also encourages various crimes. Because it is the only way criminal can use their money from illegal sources. Money laundering is a crime, and the people who practice it are liable to go to jail.

Therefore the Government is taking various preventive measures to abolish money laundering. The government is linking bank accounts to AADHAR Card. To get all the transaction detail of each bank account. As a result, the government comes to know if any transaction is from an illegal source .

Also, every bank account has its own KYC (Know your Customer) this separates different categories of income of people. Businessmen are in the high-risk category. Then comes the people who are on a high post they are in the medium-risk category. Further, the last category is of the Employee sector they are at the lowest risk.

Get the huge list of more than 500 Essay Topics and Ideas

White Money

White money is the money that people earn through legal sources. Moreover, it is the money on which the people have already paid the tax. The employee sector of any company always has white money income.

Because the tax is already levied on their income. Therefore the safest way to earn money is in the employment sector. But your income will be limited here. As a result, many people take a different path and choose entrepreneurship. This helps them in starting their own company and make profitable incomes .

Every person in this world works hard to earn money. People try different methods and set of skills to increase their incomes. But it is always not about earning money, it’s about saving and spending it. People should spend money wisely. Moreover, things should always be bought by judging their worth. Because money is not precious but the efforts you make for it are.

Q1. What is Black Money?

A1. Black money is the money that people earn through illegal ways. It is strictly prohibited in our country. And the people who have it can go to jail.

Q2. What is the difference between Black money and White money?

A2. The difference between black money and white money is, Black money comes from illegal earnings. But white money comes from legal sources with taxation levied on it.

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Essay On Money: 10 Lines, Short And Long Essay For Children

Key Points To Remember When Writing An Essay On Money For Lower Primary Classes

10 lines on ‘money’ for kids.

A Paragraph On ‘Money’ In English For Children

Short Essay On ‘Importance Of Money’ For Kids

Long essay on ‘money’ for children, interesting facts about money for children, what will your child learn from this essay.

Money’s history goes back to the days of the barter system in Western Europe when traders would exchange goods/services for another product. Various countries had unique ways of trading before the currency was developed. Money is an essential commodity used to survive and thrive. We cannot live without money, and it covers our basic needs. Children need to understand the role of money in daily life. Writing an essay on money for classes 1, 2 & 3 is the best way to start.

Without money, it would be not easy to enjoy a degree of freedom and improve the quality of life. Given below are some critical points to remember when writing an essay on the value of money.

An essay has three basic parts – introduction, body, and conclusion.
Write an introduction emphasising the value of money in our life.
Include points like the importance of money, things we can do or buy with money, its global acceptance, etc.
The conclusion should summarise the points mentioned above.

Money is one of the easiest ways to gain trust and garner reputation since it is backed by value. It’s a mode of convenience and can be stored in different ways. Here are a few lines on money when writing an essay for classes 1 and 2.

Money helps you buy materialistic things like homes, cars, toys, and other tangible assets.
Earning money adds meaning to people’s lives and gives them hope, so teach them the value of money.
Money lets you enjoy freedom since it prepares you for early and comfortable retirement.
The purpose of making money is not just to pay bills but improve your overall quality of life.
The difference between the rich and poor is how the people plan and manage their finances. Anyone can become rich in life if they spend their money wisely.
Money can improve your health and happiness by buying better quality food and shelter.
Hard work, dedication, and passion are all essential qualities needed to make money.
Money brings equal opportunities to all individuals across the world.
Money can help afford better education and open up multiple career options.
If money is misused, it can lead to terrorism, pandemics, starvation, corruption, and other manmade issues.

A Paragraph On ‘Money’ In English For Children

Kids must understand the value of money and its requirement in daily life from an early age. Given below is a short paragraph on money for their reference:

Money can be one of the biggest motivations for learning new things, improving well-being, and striving to make the best of life. Without money, people can lack purpose and be easily demotivated to continue moving forward. Money is a basic need through which all our other requirements are met. We need money to buy resources such as food, drinks, clothes, and leasing or renting properties. Money is also essential for various things like school fees, paying salaries to employees, and starting a new trade line or work. Every country has its own currency. The Indian currency is the Indian Rupee.

Money is one of the most crucial factors for living a comfortable life. Below is a short essay on the importance of money for kids:

One of the best reasons to accumulate money is that it stores its value. The worth of Rs. 1,000 today will remain the same a few months later. Money is used as a widely accepted payment method in different countries, and governments recognise it as legal tender for paying off debts, both public and private. Every country has its own currency. The Indian currency is the Indian Rupee. Printed paper notes are accepted by professionals who offer various services such as car repairs, medical treatments, cooking, beauty and salon treatments, etc. Money can be stored in a bank and be exchanged for other commodities such as gold, bonds, stocks, shares, and investments. There are many forms of money used throughout human history, and the best characteristics of money are durability, uniformity, divisibility, and limited supply. Money classifies your status in society. Education, hard work, and perseverance are essential skills helpful in making money in the long run. Every person in the world works hard to earn money, and it’s vital to possess in-demand skills so you can get jobs in the market.

Money is crucial for fulfilling the basic survival requirements in today’s time. Here is a good long essay for class 3 on money:

Money is essential; in today’s world, nobody can survive without it. There is a saying that money makes the world go round, and it’s true. You can fulfil most of your dreams by spending money, and it’s a fact that earning good money classifies your income status. Education, hard work, and perseverance are essential skills for making money. Every nation has its own currency, and the Indian currency is the Indian Rupee.

Evolution Of Money

Here are the stages money went to undergo an evolution:

1. Commodity Money

In the days of early civilisation, any commodity used for exchanges or transactions was considered money. For example, if you had conch shells and wanted a cow, you could exchange those conch shells to get a cow!

2. Metallic Money

This took the form of metals like gold, copper, silver, etc. So, you would trade with these metals. For example, trade one piece of gold for 4 pieces of silver.

3. Paper Money

After metals came paper on prints, this is the dollar or rupee we know today and regulated by the RBI or similarly concerned authorities.

4. Plastic Money

Credit and debit cards fall under plastic money.

What Are The Uses of Money?

Money is used for:

Buying goods, services, products, and various essentials
Repaying debt and as legal tender
Holding finances and storing them for their value as long-term investments or savings
As a medium of exchange and for donations to charities
Purchasing gold, silver, and other tangible assets

How To Teach Your Child To Save Money?

Here are some tips to guide your kids on the importance of saving money.

1. Reward Them

Give your child an incentive to save money. The best way is through rewards such as giving them bonus money at the end of every month, in exchange for saving more.

2. Encourage To Set Goals

Inculcating a positive money mindset is key to saving and growing finances. Teach your children the importance of saving for their future.

3. Gift A Piggybank

A piggy coin bank is a great way to save money. The kids will get obsessed with filling it up and waiting for the chance to break it open! Great motivation.

4. Let Them Work

Allow your kids to do odd jobs or take up summer vacation work if they want to. This will give them valuable life experiences and teach them business skills.

5. Tell Them Stories Of Rich People

Inspire your kids with stories of billionaires and affluent figures in life who grew from nothing.

6. Buy Them Books

Many books on money are written for kids to teach them basic concepts and help teach kids the importance of money. These make for good reads.

7. Tell Them To Pursue A Hobby

If kids master a skill or hobby, tell them they can earn good money by teaching the same to others. For example, if they like guitar, ask them to learn with complete dedication and later, you can teach other kids and have some savings.

8. Appreciate Their Efforts

Tell them thanks and express your gratitude from time to time when you see them saving money. This will motivate the kids and leave feel-good vibes, which goes a long way in saving more.

Here are some fun facts about money for kids:

George Washington is the icon on the quarter.
US currency is the most traded around the world.
Coins last longer than bills.
There is an image of Mahatma Gandhi on Indian currency.
The first coins were introduced around 2,000 years ago.

Your child will learn the importance of saving money, improving life skills, and making an income as they grow. This will set them up for a comfortable lifestyle and live stress-free.

1. How Is Black Money Different From White Money?

Black money is not added to accounting records and is made illegally. All taxes and TDS are paid and reported to authorities for white money.

2. What If Money Didn’t Exist?

If there was no money, there would be chaos. Humans invented money as a means to transact and make sure exchanges were fair. If money is removed from existence, another exchange system would have to come into play for the smooth functioning of life.

That’s all you need to know for now. Make sure your child has fun writing the essay and teach them the value of saving money for their future!

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History of Money

Money can be said to be a commodity that is employed as a medium of exchange while carrying transactions. Categorically, money is assumed to be a store of value and unit of account in addition to being a medium of exchange for goods. A large number of writers find the first two not being very essential comparing to the third one. As a matter of fact, other goods are considered to be better in terms of intertemporal value storing, as compared to money. This is due to the fact that from time to time, money degrades in value through inflation or overthrow of a government (Rothbard 2).

On the basis by which money is measured, there are data that are published by the Federal Reserve on a weekly and monthly basis. It shows three main measures: M1, M2, and M3. It also gives data on overall sum of debt of non-financial branches of the US economy. Money measures show different degree on liquidity that different types of money usually have. The narrowest measure is usually M1, which is restricted to the liquid form of money in addition to savings account. It is the amount in travelers hands of the public among other deposits by which cheques can be written. M2 constitutes M1 and some other savings accounts, whereas M3 includes M2 and some other denominations, which are much larger (Moffat).

Forms that money has taken over the history of mankind

First, anything could have been used for trading if only the buyer and seller could agree on the value of items on trade. For example, a pig could be taken for trade with a few sacks of grain. However, the system of barter often failed in cases when where the two could not come to an agreement on the relative value of the trading items (Rothbard 45). Thus, all items that could be traded were given values according to a given number of coins that had variations. The most often used coins in the daily purchasing were copper and bronze. Silver coins were used for more expensive products. Rarely, gold coins were used, although they were made because of their great value. Additionally, gold is a very soft metal, and it could be easily damaged if not handled with great care. Thus, this resulted to reduced value of gold (Weber 3).

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In avoidance of carrying around many coins, traders began producing vouchers that represented specific quantity of coins. This was done successfully in circumstances where traders had some cash to back up the voucher that was issued. On the other side, there were those who often issued vouchers with values far greater comparing to what they were capable of paying. Another risk that was involved was the situation when people countered fake vouchers resembling a valid voucher and with no redeemable value. At a given time, the government started issuing paper money that was official and backed by silver or gold reserves, giving more stability to the system of paper money. Therefore, the government avoids a possibility to go bankrupt. Furthermore, the government is now able to take control over counterfeiting, because there was launched a standard system of money. With the help of computers, it is now possible to carry commercial transactions electronically (“A Brief History of Money Point” 5). With the given cases, money is not changed on hands but can modify accounts according to the transactions that are made. This helps people to avoid the risk of carrying cash on hand.

Fiat and commodity based money

Fiat money is money that is worthless and has no guarantee that is provided by the government, whereas commodity money is that which derives its value from the actual commodity from which the good is made. Thus, when a golden coin was to be made, its cost could be based on the coin and not the nominal value of the coin. Commodity money became a more convenient type of trade due to its superiority to that of barter. On the other hand, commodity money is normally faced with fluctuations in prices.

Supposedly that the commodity on use is gold, and some new gold mining is found, those that had much gold will lose their wealth. In today’s life, some of the prisoners use alcohol or cigarettes to be commodity money. Generally, without an official tender, people should suggest something that is common, stores value and is convenient.

On the other hand, the introduction of fiat money proved being more convenient. Rather than carrying around the silver coins, silver, or even cigarettes, one could only carry backed papers by the government. Over a given period of time, government has not been interested in making provisions of the fait currency with gold or any other commodity, and, thus, fait money became based on the government that issue it. Most of the governments demand that their national currency was accepted while paying debts (“Commodity Money vs. Fiat Money”).

The origin of expression “Bad money drives out good”

This is explained by the law of Gresham that states “Bad money drives out good”, though it is well regarded as: “Bad money drives out good if their exchange rate is set by law” (“Gresham’s Law”). The law specifically applies to a situation where two kinds of commodity money exist in circulation, and the legal tender law necessitates that it was accepted and possessed alike face values that are meant for economic deals. Artificially, money that has been overvalued attempts to drive the undervalued money out from circulation; which is done through price control.

The law of Gresham derived its name from Sir Thomas Gresham, an English financier, during the Tudor dynasty. Forty years before, Nicolause Copernicus had started the law. Aristophanes realized that bad money was used instead of good money in his fifth century century play. Good money refers to the money that shows a small disparity amid its nominal worth and the value of the commodity. Without laws governing legal tender, there can be free exchange of metal coins money in market values above bullion. The case is not theoretical and is observable presently in the bullion coins. Such coins possess certain purity and are convenient to handle. In trading, coins are more preferable than anonymous metal hunks, which are more precious thereby giving the coins more value. The demand for coins makes them profitable (“Gresham’s Law”).

Meaning of a “touchstone”

The term refers to a part of a hard stone, which is dark, for instance, a slate, jasper, or basalt, which is applied in the assaying process involving testing of the metals’ purity. There was widespread application of these stones, but in the modern society, it has reduced. Touchstones are presently kept in assaying offices, and some individuals preserve them just because of curiosity. Some of them are in museums, although they are old. To use a touchstone, a piece of metal under test would be taken and rubbed against the stone. Among the frequently tested metals, there were silver and gold because of their categorical softness and large value, which served as incentive in alloying them, using cheaper metals (Smith).

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After laying down the streak under test, the second streak was applied for comparison, using a testing pencil that is called alloy. Moreover, the impurities in the sample could be dissolved using acidic solutions in order to compare the difference amid the two streaks. The comparison could reveal some traces of cheap metal alloy. Touchstones were characteristically kept with collection of the testing pencil and acids too because of testing, whereas some firms produced and supplied them (Smith).

Where the word dollar came from

In 1516, Joachimsthal launched the silver mine, which was followed by a mint called Joachimsthal. Initially, the mint began churning coins known as Joachimsthalers, which were later shortened in their name to thalers and are currently known as the Dutch. This was corrupted to dollar by the English, and the words dollar was given to any foreign silver coin. For instance, the English men who settled in wide America named the Spanish piece of eight the Spanish dollar, which was wide in circulation.

Numerous years following the independence, the Americans could use any oddball coinage at their disposal, including the Spanish dollar. However, as time went by, they started considering having their own currency. Thomas Jefferson was not for the idea of using the English system but proposed the possession of a monetary unit with the label dollar, since this term was familiar to many. The continental congress pronounced the dollar as the US currency in 1785 up to 1794, when it was minted. Washington was already referring to the almighty dollar in 1837, and this continued later (Adams).

Why the dollars are sometimes known as bucks

The European settlers learnt of the dollar from the Indians during the eighteenth century. It meant a deerskin, which was employed in trading its rights as well as a unit of value in trading for other commodities. During the Indian Territory visit to Ohio, Conrad Weiser wrote in his periodical that he had been robbed of 300 bucks, and every whisky’s cask ought to be traded for 5 bucks. The value of deerskin had declined in the following century and could serve as an exchange medium during the time when the buck passed the dollar (Sproul 3).

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In 1856, a Californian newspaper reported the incident to the court. Notwithstanding the fact that twentieth century inflation hit the bucks, their use progressed. In nineteenth century, poker players assigned the dealer with a market which they could call the buck. The name arose, because they made use of a knife whose handle came from buckhorn. Therefore, the buck was passed when the responsibility of the transactions changed to the player.

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From the Heart to Higher Education: The 2021 College Essays on Money

Each year, we ask high school seniors to send us college application essays that touch on money, work or social class. Here are five from this year’s incoming college freshmen.

Credit... Robert Neubecker

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By Ron Lieber

June 18, 2021

When the most selective — or, even better, rejective — schools in the United States are accepting under 10 percent of the people pleading for a spot in the next freshman class, it eventually becomes impossible to know why any one person receives an offer, or why a student chooses a particular school.

So in this particularly unpredictable season — as we publish a selection of application essays about money, work or social class for the ninth time — we’ve made one small but permanent change: We (and they) are going to tell you where the writers come from, but not where they are headed.

Our overarching point in publishing their essays isn’t to crack the code on writing one’s way into Yale or Michigan, as if that were even possible. Instead, it’s to celebrate how meaningful it can be to talk openly about money and write about it in a way that makes a reader stop and wonder about someone else’s life and, just maybe, offers a momentary bit of enlightenment and delight.

One writer this year helps her mother find a new way of bringing joy into the world, while another discovers the cost of merely showing up if you’re a female employee. A young man reflects on his own thrift, while a young woman accepts a gift of ice cream and pays a price for it. Finally, caregiving becomes a source of pride for someone young enough to need supervision herself.

Each of the writers will make you smile, eventually. And this year in particular, we — and they — deserve to.

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This essay should not be treated as authoritative or accurate when considering investments or other financial products.

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Home — Essay Samples — Economics — Money — How Students Can Manage Their Money

How to Manage Your Money as a Student

Categories: Money Personal Finance

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Published: Feb 8, 2022

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Essay on Money Management

Students are often asked to write an essay on Money Management in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Money Management

Understanding money management.

Money management is about how you handle your cash. It’s like a game plan for spending, saving, and making sure you have enough for important things. You keep track of what you earn and make smart choices on what to buy.

Saving Money

Saving means putting money aside for later. Each time you get money, you should save a part of it. This can help you buy big things in the future or have money in case of emergencies.

Spending Wisely

When you spend, think about what you need versus what you want. Needs are things like food and clothes, while wants are extras. Always try to spend less money than you have.

Making a Budget

A budget is a plan for your money. You write down how much money you get and then plan how to spend it. Sticking to a budget helps you not run out of money.

250 Words Essay on Money Management

What is money management.

Money management means taking care of your money. It’s like knowing how to use your pocket money wisely. You plan how to spend it, save some, and make sure you have enough for things you need.

Saving is putting money aside for later. Imagine you want a new toy or a book. If you save a little bit of your money every time you get some, soon you will have enough to buy what you want. It’s like filling a piggy bank; drop by drop, it gets full.

When you spend money, think about what you’re buying. Ask yourself if you really need it or if it’s just something you want because it looks cool. Sometimes, waiting before buying something helps you decide if it’s important.

A budget is a plan for your money. You write down how much money you get and then list the things you need to spend money on, like food, school supplies, and clothes. If you plan it right, you can also save some money.

Why It Matters

Handling money well is a big part of life. When you learn about it while you’re young, you get better at making good choices with money when you’re older. It means you won’t run out of money when you need it, and you can even help others. Plus, you’ll feel proud that you can take care of your money all by yourself.

500 Words Essay on Money Management

Creating a budget.

Think of a budget as a spending plan. It tells you how much money you have, where it needs to go, and what you can spend without running out. To make a budget, list all the money you get, like allowance or birthday cash. Then, write down what you need to spend money on, like school lunches or saving for a new bike. What’s left is your spending money. Remember, a good budget helps you not spend more than you have.

Saving is like planting a seed that grows into a money tree over time. When you save, you set money aside for later. You might save for a game, a trip, or just to have some extra cash when you need it. A good tip is to decide on a certain amount to save each time you get money. This way, saving becomes a regular habit, just like brushing your teeth.

Smart Spending

Understanding needs vs. wants.

Needs are things you must have to live, like food, a home, and clothes. Wants are extra things that are nice to have but you could live without, like toys and video games. Good money management means taking care of needs first and then seeing if there’s money left for wants.

Dealing with Emergencies

Emergencies are like unexpected storms that can shake up your money plans. It could be a broken bike or a lost school book. This is why you have savings. If you’ve saved up, you can handle these surprises without getting stressed.

Making Money Grow

Sharing and giving.

Money isn’t just for spending on ourselves. Sharing with others can make us feel good. You might give some money to help people in need or support a cause you care about. This is a part of money management, too, because it’s about deciding how to use your money to make a difference.

Managing money is a big responsibility, but it’s also a powerful skill. When you learn to manage your money well, you’re in control. You can reach your goals, handle emergencies, and even help others. Start practicing these money management tips, and you’ll be on your way to being a money management pro!

That’s it! I hope the essay helped you.

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Essay On Saving Money For Students

In this essay, we will discuss the importance of saving money and some useful tips to save money efficiently.

Essay About Saving Money

Introduction:

Money is an essential commodity that is required for daily survival. It helps to fulfill our basic needs and wants, but we cannot deny the fact that managing money can be quite challenging. Many people struggle to save money and end up spending more than they earn. Saving money is an important habit that should be cultivated from a young age. In this essay, we will discuss the importance of saving money and some useful tips to save money efficiently.

Importance of Saving Money:

Saving money is important for several reasons. Firstly, it helps to create a financial safety net. It ensures that we have money in case of emergencies like medical emergencies, unexpected home repairs, or job loss. Secondly, saving money can help us achieve our long-term goals like buying a house, car, or going on a vacation. It is essential to have a savings plan in place to accomplish these goals. Lastly, saving money can provide financial stability and reduce financial stress.

Useful Tips to Save Money:

Here are some useful tips that can help you save money:

Create a budget: Creating a budget is the first step towards saving money. A budget helps you track your income and expenses, and it enables you to identify areas where you can cut down your expenses.
Set a savings goal: Setting a savings goal helps you stay motivated and focused. It can be a short-term goal like saving for a vacation or a long-term goal like saving for retirement.
Avoid unnecessary expenses: Avoiding unnecessary expenses is crucial when it comes to saving money. Evaluate your expenses regularly and eliminate anything that is not necessary.
Shop smartly: Shopping smartly is an excellent way to save money. Look for deals, use coupons, and compare prices before making a purchase.
Save automatically: Saving automatically is an excellent way to ensure that you save money consistently. You can set up automatic transfers from your checking account to your savings account.

Conclusion:

Saving money is not an easy task, but it is crucial for financial stability and achieving long-term goals. By following the tips mentioned above and cultivating good financial habits, you can save money efficiently. Remember, it’s never too late to start saving, so start today and secure your financial future.

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