Money was invented before written history began. [1][2] Consequently, any story of how money first developed is mostly based on conjecture and logical inference. A significant amount of evidence establishes that many things were traded in ancient markets that could be described as a medium of exchange.

Sep 29, 2023 · Adam Smith — the 18th-century Scottish economist and philosopher who penned The Wealth of Nations in 1776 — popularized the idea of currency evolving to replace barter. Some modern economic anthropologists, however, reject this claim.

While the use of metal for money can be traced back to Babylon before 2000 BCE, standardized and certified coinage may not have existed until the 7th century BCE. According to many historians, it was during this time that the kingdom of Lydia (in present-day Turkey) issued the first regulated coins.

Mar 27, 2024 · When humans created the first civilizations about 5,000 years ago, the concept of currency and money soon followed. The concept and use of money have evolved throughout time.

Oct 5, 2023 · Who Made Money? The Wealth of Nations, written by Scottish economist and philosopher Adam Smith in 1776, promoted the notion that barter will eventually give way to cash. However, several contemporary economic anthropologists disagree with this assertion.

Jun 20, 2017 · Currency first hit the scene thousands of years ago. An anthropologist explains the early origins and uses of money – and how archaeological finds fill in our picture of the past.

Oct 26, 1996 · But over the last 10,000 years, the material form that money has taken has changed considerably—from cattle and cowrie shells to today's electronic currency. Here, get an overview...

Sep 24, 2024 · Meanwhile, farther west during this era, in 600 BCE, metal coinage was invented when Lydia's King Alyattes minted what is believed to be the first official currency, the Lydian stater.

Nov 14, 2022 · The invention of money is a complex and gradual process that evolved over thousands of years in response to the needs of human societies. Money, in its primitive forms, emerged as a solution to the limitations of barter systems, where individuals exchanged goods or services directly.

Jan 16, 2025 · American economist and educator, one of the leading proponents of monetarism in the second half of the 20th century. Milton Friedman was awarded the Nobel Prize for Economics in 1976.