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GLIMPSES OF HISTORY OF MONEY

There are numerous myths about the origins of money. The concept of money is often confused with coinage. Coins are a relatively modern form of money. Their first appearance was probably in Asia in the 7th century BC.

At different periods of time and in different parts of the world many different commodities have served as money. These commodities were: cattle, sheep, furs, leather, fish, tobacco, tea, salt, shells etc. The experts underline that to serve effectively as money, a commodity should be fairly durable, easily divisible, and portable.

Early Stone Age man began the use of precious metals as money. Until the invention of coins, metals were weighed to determine their value. First they were superseded by silver and later by gold ingots.

When a payment was made the metal was first weighed out. The next stage was the cutting of the metal into pieces of definite weight and so coins came into use.

The first printed money appeared in China, around 800 AD. Paper money first came into use in the form of receipts given by goldsmiths in exchange for deposits of silver and gold coins. After goldsmiths became bankers their receipts became banknotes. That's how the first banknotes came into existence. At first coins were worth their face value as metal. But later token coins of limited value as legal tender were issued. Now smaller denomination coins are made from bronze and are often referred to as coppers. Bigger denomination coins are made from cupronickel and are usually called silver.

The first severe inflation was in the 11th century AD. The Mongols adapted the bank note system in the 13th century.

1. Ответьте на вопросы по тексту:

1. What commodities served as money in the past?

2. What are the requirements of a commodity to serve as money?

3. What precious metal was used first to serve as money?

4. How did coins come into existence?

5. How did paper banknotes come into existence?

2. Найдите в тексте эквиваленты слов и выражений профессионально-ориентированной лексики:

Происхождение денег, монеты, различные товары, скот, меха, кожа, износостойкий, драгоценные металлы, заменить серебром, золотые слитки, отвесить металл, разрубить металл на части, печатные деньги, златокузнец (ювелир), номинальная стоимость, деноминация, медяки, сильная инфляция.

3. Расскажите, используя профессионально-орентированную лексику, что говорится в тексте о:

• the money in the past
• the way banknotes appeared
• the metals of which coins were and are made
• the silver coins and coppers