Adesoji Adegbulu

Money Forms: The C’s of Currency

Money has taken many forms over the years, from the first form – cowries, to the most recent form, – crypto. With its different forms come different ways in which people associate with money. Here is a brief history of money forms.

Cowries

Cowries were first used in 1200 B.C. mostly for buying and selling, a means to replace bartering. This was the first time currency took hold. Cowries are sea snail shells.

Coins

Coins were first used in 1000 B.C., not long after cowries were introduced. This was the first time people adopted metal money.

Cash

Coins were then used many years before the introduction of Cash in 1200. This was the first time paper money was introduced. Cash started in the East (China) before it arrived for the first time in the West (Switzerland) in 1661.

Credit

Credit was then introduced in 1958. Although credit systems had fueled local trade for years, the modern credit card was first used in the United States in 1958.

Crypto

Bitcoin and its alternative are the recent form of money. It all started when Bitcoin was created in 2009 as a decentralized (crypto)currency.

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