The History of Money

Lydians

Who Were the Lydians?

The Lydian’s were people who were from Lydia, a country in Western Anatolia, who spoke the much defined Lydian language

https://answers.yahoo.com/question/index?qid=20120726141134AAvNbTf


Language of the Lydians

· The Lydian alphabet came from an old version of the Greek alphabet. Most of the letters were somehow based off of Greek letters



· Some pronunciation of the letters and even the words haven’t been figured out yet because the language is so complicated.


The language of the Lydians was basically Greek with a little bit of spice added to it. No one could crack the code of the Lydians' language unless you were from Lydia, and that's how it was intended to be.




http://www.omniglot.com/writing/lydian.php

Before the Lydians Created Money

· Before money was created, people bartered. But, this began to be a problem because often time they couldn’t agree on a worth or value for whatever was being traded or they just simply didn’t want what the other person had.


· The form of money everyone used was tea, salt, cattle, seeds, and sometimes even tobacco (commodities).


What Was Used?

· Metal was used because it wasn’t scarce, they could reuse it over and over again without it becoming dingy, and it was easy to form and melt and work with


· The invention of money helped a lot because the value of the coins made it much easier to buy things instead of trading them because they could establish definite price for thing instead of assuming how much things were worth.


It's Time for the Real Stuff

· Around 5000 - 700 BC, the Lydians started to create a new form of money, now known as coins.


· They were the first in the Western side of the world to make coins


· After other countries started seeing how they created money, they wanted money too so they soon also started making coins, just in a different form


Relation to the Current World

· If the Lydians would’ve never invented money, today we would still be trading and definitely wouldn’t be as modern as were are with technology, stores, etc…


http://inventors.about.com/od/mstartinventions/a/money.htm

Miscellaneous

On March 10, 1862 the first United States paper money was issued. The denominations were $5, $10, and $20. They became legal tender by Act of March 17, 1862. The inclusion of "In God We Trust" on all currency was required by law in 1955. The national motto first appeared on paper money in 1957 on $1 Silver Certificates, and on all Federal Reserve Notes beginning with Series 1963.