English Social Studies department Grade 8 Quarter Two Chapter 5 lesson 4 History of money

Money Money is anything that is commonly accepted by a group of people for the exchange of goods, services, or resources.

BARTERING Barter is an exchange of something for other goods or services that people want. Commodity money: a commodity is a basic item used by almost everyone. In the past salt, tea, cattle and seeds were commodities and were used as money.

Cattle and livestock People used cattle and livestock were used as a unit of exchange . After agricultural developed, people used fruits, vegetables and other crops for barter.

Cowry shell In China, cowry shells became the first medium of exchange, or money. A cowry shell is a small clam shell. The cowry is the most widely and longest form of money used in history. Cowries have also been used in some parts of Africa.

FIRST MONEY Metal money: After the discovery of metals at the end of the stone age, china produces mock bronze and copper shells. Metal was used because it was available, easy to work with and could be recycled. The Chinese coins were made out of base metals which had holes, which had holes in them so that you could put the coins together to make a chain. Other nations made the first coins out of bronze, silver or gold. Coins stamped with various gods and emperors to indicate their origin.

Leather currency: Leather money was used in China. It was made of white deer skin and had colorful borders. In the ninth century, the first paper banknote appeared in China.

The Gold standard The amount of money in a country should be equal to the amount of gold in the same country.

Answer the following questions: 1- What is money Answer the following questions: 1- What is money? 2- What is meant by “Barter”? 3- What is meant by “Commodity money”? 4- What were the commodities used In the past? 5- What was the commodity used in the China instead of money? 6- What did china produce After the discovery of metals at the end of the stone age? 7- What were the first coins made out of? 8- Why were coins made of Metal? 9- Why did Chinese coins have holes? 10- What did the ancient people stamp on the coins?

11- What did the Leather money look like in the past 11- What did the Leather money look like in the past? 12- Where did the first paper banknote appear in the ninth century? 13- What is meant by “The Gold Standard”?

1- What is money? Money is anything that is commonly accepted by a group of people for the exchange of goods, services, or resources. 2- What is meant by “Barter”? Barter is an exchange of something for other goods or services that people want. 3- What is meant by “Commodity Money”? Commodity money: a commodity is a basic item used by almost everyone. 4- What were the commodities used In the past? In the past salt, tea, cattle and seeds and crops were commodities and were used as money. 5- What was the commodity used in the China instead of money? In China, cowry shells became the first medium of exchange “commodity “.

9- Why did Chinese coins have holes? 6- What did China produce After the discovery of metals at the end of the stone age? After the discovery of metals at the end of the stone age, china produces mock bronze and copper shells. 7- What were the first coins made out of? Other nations made the first coins out of bronze, silver or gold. 8- Why were coins made of Metal? Metal was used because it was available, easy to work with and could be recycled. 9- Why did Chinese coins have holes? The Chinese coins were made out of base metals which had holes, which had holes in them so that you could put the coins together to make a chain. 10- What did the ancient people stamp on the coins? Coins stamped with various gods and emperors to indicate their origin.

11- What did the Leather money look like in the past? It was made of white deer skin and had colorful borders. 12- Where did the first paper banknote appear in the ninth century? In the ninth century, the first paper banknote appeared in China. 13- What is meant by “The Gold Standard”? The amount of money in a country should be equal to the amount of gold in the same country.