The History Of Money - InetTeacher

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5.0.29The History of MoneyGrade Level 7-12“Active Learning Tool”Original Source: Federal Reserve Bank of urric/history.cfmTime to complete: variesIntroductionThe History of Money is an article that describes the evolution of money through various time periods. Thechanging appearance of money is described and pictures showing the changes are included in the article. A worksheetis also provided that guides students through the article. The History of Money can be assigned as an additionalshort reading assignment for students with all Family Economics & Financial Education units and lesson plans.Facilitation1. Make one copy of The History of Money article 5.0.29.E1 and The History of Money Worksheet5.0.29.A1 for all students.2. Working in teams of two, have students work together to answer the following questions.a. Where did money originate?b. Why it is necessary that people have money?3. Ask a couple of groups to share their answers with the class.4. Pass out one The History of Money article 5.0.29.E1 and The History of Money Worksheet 5.0.29.A1 toeach student.5. Explain that The History of Money article 5.0.29.E1 will describe the evolution of money and why money isa necessity in today’s society.6. Instruct students to read the article individually and complete The History of Money Worksheet 5.0.29.A1as they read.7. Allow time for the students to read the article and complete the worksheet.MaterialsThe History of Money Worksheet – 5.0.29.A1The History of Money article – 5.0.29.E1Answer Key – 5.0.29.K1ResourcesFederal Reserve Bank of Minneapolis ry.cfm#contentFamily Economics & Financial Education – Revised March 2006 – Active Learning Tools – The History of Money -Page 1Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

5.0.29.E1The History Of MoneyOriginal Source: Federal Reserve Bank of urric/history.cfmCONSIDER THIS PROBLEM:You catch fish for your food supply, but you are tired of eating it every day. Instead you want to eat some bread.Fortunately, a baker lives next door. Trading the baker some fish for bread is an example of bartering, thedirect exchange of one good for another.However, bartering is difficult when you try to obtain a good from a producer that does not want what youhave. For example, how do you get shoes if the shoemaker does not like fish? The series of trades required toobtain shoes could be complicated and time consuming.Early societies faced these problems. The solution was money. Money is an item, or commodity, that is agreedto be accepted in trade. Over the years people have used a wide variety of items for money, such as seashells,beads, tea, fish hooks, fur, cattle and even tobacco.COINSMost early cultures traded precious metals. In 2500 BC the Egyptians produced metal rings for use as money.By 700 BC, a group of seafaring people called the Lydians became the first in the Western world to make coins.The Lydians used coins to expand their vast trading empire. The Greeks and Romans continued the coiningtradition and passed it on to later Western civilizations. Coins were appealing since they were durable, easy tocarry and contained valuable metals.Lydian Coin (Western Turkey), 700-637 BCDracma, Thessaly (Eastern Greece), 400-344 BCDuring the 18th century, coins became popular throughout Europe as trading increased. One of the mostwidely used coins was the Spanish 8-reale. It was often split into pieces or bits to make change. Half a coin was4 bits, a quarter was 2 bits; a term still used today.Coins containing precious metals are an example of commodity money. The item was traded because it heldvalue. For example, the value of the coin depended upon the amount of gold and silver it contained.Family Economics & Financial Education – Revised March 2006 – Active Learning Tools – The History of Money -Page 2Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

5.0.29.E1PAPER CURRENCYThe Chinese were the first to use paper money, beginning in the T'ang Dynasty(618-907 AD). During the Ming Dynasty in 1300 AD, the Chinese placed theemperor's seal and signatures of the treasurers on a crude paper made from mulberrybark. (see picture to the right)Representative money is tokens or pieces of paper that are not intrinsically valuablethemselves, but can be exchanged for a specific commodity, such as gold or silver. In1715 Maryland, North Carolina and Virginia issued a "tobacco note" which couldbeconverted to a certain amount of tobacco. This type of money was easier to make large payments and carry thancoins or tobacco leaves.New York Note, 1776In the late 1800s, the U.S.government issued gold and silver certificates (see picture tothe right).Silver Certificate 1886 (worth 5 of silver)Fiat money is similar to representative money except it can not be redeemed for a commodity, such as gold orsilver. The Federal Reserve notes we use today are an example of fiat money. In 1967, Congress authorized theU.S. Treasury to stop redeeming silver certificates in silver dollars or bullion beginning the following year. By1970, silver was removed from the production of coins. The old coins were gradually removed from circulationand replaced with new copper-cored coins that were faced or “clad” with layers of an alloy of 75 percent copperand 25 percent nickel—the same alloy used in nickels today. 10,000 Federal Reserve Note 1934 (no longer in print).Portrait of Salmon Chase, Treasury Secretary 1861-1864People are willing to accept fiat money in exchange for the goods and services they sell only because they areconfident it will be honored when they buy goods and services. The Federal Reserve is responsible formaintaining the integrity of US currency by setting monetary policy - controlling the amount of money incirculation—to keep prices stable. If prices remain stable, people have confidence that the dollar they use to buygoods and services today will buy a similar amount in the future.Family Economics & Financial Education – Revised March 2006 – Active Learning Tools – The History of Money -Page 3Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

5.0.29.A1WorksheetThe History of Money Worksheet20Total Points EarnedTotal Points PossiblePercentageNameDateClassDirections: Answer the following questions while reading through The History of Money article 5.0.29.E1.1. Define bartering. (1 point)2. Why is bartering not practical in today’s society? (2 points)3. In 2500 BC the Egyptians produced for money. (1 point)4. Which group of people was the first in the Western World to make coins? (1 point)5. Why were coins appealing to Western civilizations? (1 point)6. What was one of the most widely used coins during the 18th century? (1 point)7. How was change made using the Spanish 8-reale? (2 points)8. A common high school cheer is “Two bits, four bits, a dollar sixteen. All for ” Where do the terms“two bits” and “four bits” come from? (2 points)Family Economics & Financial Education – Revised March 2006 – Active Learning Tools – The History of Money -Page 4Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

5.0.29.A1Worksheet9. How is “commodity money” determined? (2 points)10. Which nationality was the first to use paper money? (1 point)11. Which type of tree did the Chinese use to make their paper money from? (1 point)12. Define representative money. (1 point)13. How much was the 1886 Silver Certificate worth? (1 point)14. How is fiat money different than representative money? (2 points)15. Who is responsible for maintaining the integrity of U.S. currency by setting monetary policy? (1 point)Family Economics & Financial Education – Revised March 2006 – Active Learning Tools – The History of Money -Page 5Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

5.0.29.K1Activity Answer KeyActivity Answer KeyThe History of Money worksheet 5.0.29.A1:1.The process of direct exchange of one good for another.2.Bartering is not practical in today’s society because the series of trades can become complicated and timeconsuming. Bartering is also difficult when an individual tries to obtain a good from a producer that doesnot want what you have.3.metal rings4.Lydians5.Coins are durable and easy to carry. They also contain valuable metals.6.Spanish 8-reale7.It was split into pieces or bits to make change.8.The process of splitting a Spanish 8-realse into pieces.9.Coins containing precious metals that held value.10.Chinese11.mulberry tree12.Representative money is tokens or pieces of paper that are not intrinsically valuable themselves, but can beexchanged for a specific commodity, such as gold or silver.13. 5 of silver14.Fiat money can not be redeemed for a commodity, such as gold or silver.15.The Federal ReserveFamily Economics & Financial Education – Revised March 2006 – Active Learning Tools – The History of Money -Page 6Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

The History of Money can be assigned as an additional short reading assignment for students with all Family Economics & Financial Education units and lesson plans. Facilitation 1. Make one copy of The History of Money article 5.0.29.E1 and The History of Money Worksheet 5.0.29.A1 for all students. 2.

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