A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Who created the money?

Best Answers

No one knows for sure who first invented such money, but historians believe metal objects were first used as money as early as 5,000 B.C. Around 700 B.C., the Lydians became the first Western culture to make coins. read more

Money creation by bank lending. Commercial/bank lending expands the amount of bank deposits. Through fractional-reserve banking, the modern banking system can expand the money supply of a country beyond the amount created or targeted by the central bank, creating most of the broad money in the system. read more

"Up until 1500 BC, all money was cattle, lambs, goats or pigs – live money that was real life-support wealth, wealth you could actually eat. Steers were by far the biggest food animal and so they were the highest denomination of money. read more

Encyclopedia Research

Wikipedia: