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Why was gold used as a currency

On June 18, 2013, in History of Money, by Deyan Dimitrov

Gold has been the world’s currency for thousands of years. The rise of the current monetary system with fiat money did not happen until the middle of the 20 century. It has been used by all major world civilizations throughout the whole history. Many people might wonder why gold was accepted as a currency for [...]

The Euro

On April 21, 2010, in History of Money, by admin

An economic and monetary union between the members of the European community was first attempted in the 1960s, but the euro wasn’t created until January 1, 1999. It was finally put into use in 2002, and it was slowly taking over the former national currencies. The European Economic Community needed a way to reduce the [...]

Wire Transfer

On April 12, 2010, in History of Money, by admin

Money is believed to be first used in 600AD in China, and money transfers started about 150 years ago—around the time the telegraph was invented. Western Union completed the first transcontinental telegraph line in 1861. In 1879, WU left the telephone business. That inevitably led to money transfer becoming their primary business. In the past, [...]

The Short Story of Banking

On April 12, 2010, in History of Money, by admin

Before the money was invented, food, clothing, shelter, gold and other items were traded instead. It was not long after goldsmiths started casting golden coins, so people could trade them for goods. Exchanging coins was far more convenient and people could carry them on longer distances. By collecting these coins, they were gaining wealth, and [...]