Friday, August 21, 2009

Early evolution of coinage.

metal coinage - at least to start with - had only a subsidiary role as a means for allowing differential barter to take place. Its initial purpose was fiscal in character, with coinage being used as a means of controlling and simplifying expression of weight. ... The appearance at the end of the fifth century BC of bronze coinage created conditions for the development of an internal market and for trade based on profit, as well as for the development of a banking system. In the fourth century BC, for Aristotle money had become the leading expression of wealth, being followed by land and goods, such as slaves and livestock.

An historical geography of Europe. ed. R.A.Butlin and R.A. Dogson. p. 28.

From reflecting weight to expressing value to measuring wealth to enabling a banking system.

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