THE EVOLUTION OF CURRENCY

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DEBASMITA BHATTACHARYA : Money has been a major part of human society from time immemorial with earliest evidence of currency dating back to the later vedic era. It has become an integral part of livelihood as without money we can not take a step.

Before money came into existence, battering domestic goods were used in lieu of money, e.g. you pay a hen with a measure of grain. Then, in 1100 B.C. the Chinese  introduced  a primitive bronze coins as a medium of exchange. The first minted coins were created by king Alyattes of Lydia,featuring a roaring lion. It was in the 17th century AD when printing press was invented and paper money came to be used in Europe. Eventually Banks began to issue bank notes to their clients instead of coins for the ease of handling.

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The  first issuance of paper currency took place in 1685 by the European Government.  As the military payroll from France was delayed,the French colonial in Canada issued playing cards to soldiers exchanged for a fixed value of coins. Then its evaluated form found its way during the Civil War. Therefore this war hiked the value of metals and the government had to embrace paper currency. In 1933,the US official abandoned the gold standard too. 20th century saw the rise of digital currency and crypto currency. Then paper currency has been replaced with digital currency or crypto currency.

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The development of computer technology in 20th century has led money to represent digitally. As result,  21st century gave rise to two discredit forms of currency – mobile payments and virtual currency.

Therefore, THE EVOLUTION OF CURRENCY is a contionuous changing process that is taking place in our society affecting our economical system positively or negatively, vise versa.

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