It has often been said that money makes the world go around. Is this true? Well, money doesn't really move the Earth, but it does make things happen on it. So much of our lives centers around money and its spending power. Try to think of a world without money. It's not easy to do, is it? How would you buy things like food and clothes? How would you do many of the things you are used to doing?
Well, there once was a time when money didn't exist. Years ago, people bartered for items they wanted. To barter means to talk about and perhaps agree to exchange something for something else. To barter means to trade.
- You have a model airplane that you don't want anymore.
- Your best friend has a baseball mitt that he doesn't want anymore.
- You tell your best friend that you'll give him your airplane if he gives you his baseball mitt.
- He agrees and you exchange the plane for the mitt. This is bartering.
- It's your turn to wash the dishes.
- You have waited for a week to watch a special tv show.
- You tell your sister that if she washes the dishes, you will help her clean her room.
- Your sister likes that idea. She does the dishes and you help her clean her room. This is also bartering.
PAPER BILLS AND COINS THAT JINGLE
Money came into existence when people decided to place a common and more even value on items and services. Throughout history, many things have been used as money. In fact, everything from shells and precious metals, to beads and animals have been used as money. The first true money was cowrie shells that were used in China over 3000 years ago. More recent money systems have been divided into paper bills and metal coins. However, paper money is not really paper. It is made from a mixture of cotton and linen and man-made fibers. Paper alone would not be strong enough to last and would tear too easily. The first printed money was in China around 800 AD. The first coins were made in the 7th century in the nation that is now Turkey.
Coins take care of the fractions. They're used for things that are priced between the bill number amounts. Whenever we write a dollar amount, there is a period (dot) after the number to separate the whole numbers from the fractions. $1.00 means there is only an amount that adds up to a single dollar. $3.25 means there is an amount that adds up to 3 dollars and an amount that adds up to 25 cents. These amounts can be reached by combining bills and/or coins.
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