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Why were coins introduced as money and what were the advantages of this?
Wiki User
∙ 14y ago
It's not only that coins were introduced as money - it's the concept of money, symbolic tokens that somehow carry value.
Coins were chosen for several reasons. First they were usually made of "rare" metals, which meant that they still had a value in themselves (which a bill hasn't), then they were durable, reasonably hard to counterfeit, and within reach of the production technology of the time.
Before the concept of money, trade was through barter, basically trading one kind of merchandise for another. This works fine if you're a fisherman and want to trade a fish for a loaf of bread - but it's not as practical if you want to buy something more substantial. It's also a hassle if the one who've got what you want isn't interested in what you've got - arranging a 3-way barter is much harder. Saving up is also more difficult in a barter culture.
The advantages are mainly as above. Suddenly every one can have something to trade that is of interest to the other - money. The money can be stored to when you need it and it won't spoil.
Wiki User
∙ 14y ago
Coins were introduced as money to improve the convenience of trade by providing a standardized form of currency that was easily transportable and divisible. The advantages of coins include their durability, uniformity, and intrinsic value, which helped to facilitate economic transactions and promote commerce in ancient societies.
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What are some of the advantages and disadvantages of paper money when compared to coins?
Advantages of paper money include being lightweight and easy to carry in large amounts. Disadvantages include being more susceptible to wear and tear compared to coins. Coins are more durable and have intrinsic value due to the metal they are made from.
What were the advantages for Athens' of coined money?
One of the advantages is that trade became easier . After switching from the barter system to do this trade was a lot simpler. Around 570 B.C they switched to coins . The Government made the coins. People were willing trade their goods for coins. Coins could also buy anything.
When was money first money?
Metals objects were introduced as money around 5000 B.C. By 700 BC, the Lydians became the first in the Western world to make coins.
What are the advantages of paper money?
Some of the advantages of paper money include: 1. paper money is less expensive to produce than coin money 2. paper money is not as heavy as coins, thus it is easier to transport or work with. Good luck with your homework kid!!
What year did the world start using paper money and coins?
Coins and paper money have been in use for millennia so there's no recorded history of their very first use. Coins have been traced back as far as the Lydians in the 8th century BCE, while paper money was introduced by the Chinese during the Tang dynasty (7th to 10th centuries)
Who introduced the silver coins in the economy?
kushans
What are the advantages of coins?
They last longer than paper money so in the long term they are cheaper to make because they don't have to be replaced as often.
How do you get 100000000 coins?
Coins are money, so to have a lot of coins, you need a lot of money.
When did the Mozambican metical first come in circulation?
Coins were introduced in 1853. Banknotes were introduced in 1877.
Did the roman coins influenced the United States to use the coins?
No. For one thing the Roman were not the only ancient people who issued coins. In fact when they introduced their coins, which was quite late, they copied the Greek's use of coinage. Moreover, coins have been used ever since by the many states of Europe. Having coins (and banknotes, since they were introduced) is part of the monetary economy. The US introduced coins because it had a monetary economy. The Americans were using coins before independence. They used British coins. When they became independent, it was only natural that they issued their own coins.
What are the advantages of borrowing money?
what are the advantages of borrowing money
What land of the people who introduced coined money as a medium of exchange in trade?
Coins came into use about the same time in Asia minor (present-day Turkey) and in China.
