History of Money
Commodity Money
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Commodity money has been used throughout history. Commodity money is money that has intrinsic value.
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Metallic Money
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With the progress of human civilizations, commodity money has changed into Metallic Money. Metals like gold, silver, copper, etc were used as money.
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Paper Money
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It was found inconvenient to carry Metallic money from place to place. So, the invention of paper money was a very important stage in the development of money.
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Credit Money
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Credit money is any future monetary claim against an individual that can be used to buy goods and services. People keep a part of their cash as deposits with banks, which they can withdraw their money through cheque.
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Plastic Money
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Plastic money is the latest type of plastic money in the form of Credit cards and Debit cards. Plastic money is made out of plastic and it is new and it is easier to use to pay for goods and services.
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