What are the Forms of Money in a Modern Economy? 1. Paper money is economical. Obviously, paper is much cheaper than any metal. 2. Paper money economises the use of precious and scarce metals by serving as representative money. 3. It is very convenient to carry paper money from place to place. 4. It ...
In this view, money emerged first as money of account and only later took the form of money of exchange.   Regarding money of exchange, the use of representative money historically pre-dates the invention of coinage as well. 
Jul 17, 2020 · The basic form of money is numbers; today, the basic form of currency is paper notes, coins, or plastic cards (e.g. credit or debit cards). While this distinction between money and currency is...
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- 1200 B.C.: Cowrie Shells. The first use of cowries, the shells of a mollusc that was widely available in the shallow waters of the Pacific and Indian Oceans, was in China.
- 1000 B.C.: First Metal Money and Coins. Bronze and Copper cowrie imitations were manufactured by China at the end of the Stone Age and could be considered some of the earliest forms of metal coins.
- 500 B.C.: Modern Coinage. Outside of China, the first coins developed out of lumps of silver. They soon took the familar round form of today, and were stamped with various gods and emperors to mark their authenticity.
- 118 B.C.: Leather Money. Leather money was used in China in the form of one-foot-square pieces of white deerskin with colorful borders. This could be considered the first documented type of banknote.
Over millennia money has taken a plethora of forms, emerging from primitive exchanges of minerals, and culminating in the digital abstraction we use today. The evolution of currency can largely be divided into three phases. These phases may not have occurred in any particular chronological order, as some civilizations developed faster than others, allowing for concurrent use of different currencies across the world.
May 29, 2018 · Modern forms of money are: 1. Currency-paper notes and coins. They are not made of precious things and are not of daily use. They are accepted as a form of money because of government authorization. 2. Bank deposits are also a form of money. People can open bank accounts and make demand deposits. 3.
Jun 01, 2019 · The modern forms of money are as follows. Currency. Modern form of money includes currency, paper notes and coins. As we used money earlier modern currency is not made up of precious metals such as gold, silver and the copper. Deposits with Banks. Chequ
Class-10 CBSE Board - Definition and Modern Forms of Money - LearnNext offers animated video lessons with neatly explained examples, Study Material, FREE NCERT Solutions, Exercises and Tests.
Early forms of money included coins. The coins were made from metals available in those ages.
Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. Since there were few coins minted in the Thirteen Colonies, that later became the United States, foreign coins like the Spanish dollar were widely circulated.