Invention and Development of Money

the invention and development of money
the invention and development of money

The history of money, which is the most important economic tool that shapes today's world, dates back to the Lydians. The Lydians, the first civilization to find money in history, BC. He lived in Anatolia in the 7th century. So, the place where money comes from is the land we live in now.

The discovery of money has led to the change of many phenomena in the world and the development of civilizations. People who had previously wanted to buy a product, who had to give the person to whom it would have the property, an equivalent product or item that might be needed, were freed from this burden with the invention of money. Because the barter system was not always fair. People sometimes had to give their precious items for a small amount of food. Thanks to the invention of money, it has now become a tool that measures the value of labor and paves the way for improvement.

Why Is The Place Where The Money Is Printed Is Called Mint?

The reason why the minting place is called the mint is related to the Lydians. The Lydians, who minted the first coin in history, used the minting method to print money at that time. In this method; The paillette placed in a mold is placed in the moving upper system. The mold is also hit with a hammer. Thus, the money is printed. Although it was a difficult road for that period, the Lydians, who changed the course of the whole world, made their names written in history.

The Ottoman Empire played a role in the transition to the large mint. Fatih Sultan Mehmet established the first big mint in history after he conquered Istanbul.

History of the Banknote

There are centuries between the discovery of the coin and the transition to the banknote system. The coin found in Anatolia spread all over the world in time and kings minted coins with their own names. However, the transition to paper money took place in China in the 6th century AD. Paper money was invented as a bill, not because the coin did not meet the needs, but then the bills became money.

In Europe, money was first minted in Sweden in 1661, and in America in 1690.

How were the First Accumulations in History Made?

When we examine the first saving habits, we see that people take the responsibility of saving and keeping their money themselves, since there are no banks you can trust to entrust your money as today. For thousands of years, people buried their money in the ground. They put up signs so as not to forget the areas they buried. They made secret compartments in their houses to hide money. Although the method of burying money in the ground worked in the short term, the money dug up after many years could have lost value.

There are different claims regarding the history of banking. Although it is thought that the foundations of banking were laid in ancient Babylon, Egypt and Greece in similar periods, the banking system mentioned here is far from modern banking today. At that time, temples, which were the places where the people could trust the most, also helped the people to protect their money and to keep valuable items.

With the establishment of the first banks in the modern sense and providing assurance for money savings, people started to entrust their savings to banks.

Modern Banking

In the 20th century, banks entered into a rapid modernization process due to factors such as technological developments and the widespread use of mass media. ATMs, cash machines and cash machines started to be used. Banking systems have gradually switched to computer technologies.

Today, banks; He closely takes care of his customers in many issues such as money saving, investment options, money sending, payment systems. Now you don't even need to come to the bank to manage your money. You can easily handle almost all of your transactions thanks to internet banking.

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