Answer:Food grains and cattle were used as money before the introduction of coins in India. In India before the introduction of coins the people used the food grains and some of the liquid substance like kerosene, oil as the medium of exchange or as money.
What objects are used as money in India?
Which objects were used as money?
- Before the introduction of coins, a variety of objects were used as money. For. example, since the very early ages, Indians used grains and cattle as money.
- Thereafter, came the use of metallic coins—a phase which continued well into the last century.
What objects were used instead of money in the past?
Native copper, meteorites or native iron, obsidian, amber, beads, copper, gold, silver and lead ingots have variously served as currency. People even used live animals such as cows until relatively recent times as a form of currency.
What were the object that were used before the use of currency?
Initially Indians used grains and cattle as money. Before the introduction of coins, a variety of objects was used as money. Thereafter came the use of metallic coins — gold, silver, copper coins — a phase which continued well into the last century.
What objects were used as money in India before the introduction of coins?
Food grains and cattle were used as money before the introduction of coins in India.
Is currency a form of money?
Currency is a medium of exchange for goods and services. In short, it’s money, in the form of paper or coins, usually issued by a government and generally accepted at its face value as a method of payment.
How did money first start?
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. … Using coins with set values made it easier to compare values and trade money for goods and services.
What can we use instead of money?
5 Types Of Alternative Money That Have Been More Useful Than Legal Currencies We Use Today
- Gold. Source. Gold is the most common type of commodity money and the most easily understood as well, even by people who have no understanding of economics. …
- Cigarettes. Source. …
- Rice. Source. …
- Salt. Source. …
- Shell Money.
What is the brief history of money?
Paper money consists of banknotes, with the value of each note printed on it. It was first invented in China, where it made its appearance about 1,000 years ago. About 250 years ago, paper money began to circulate widely in Europe. In those early days, a number of banks printed and issued banknotes.
Why does money exist?
Fiat money becomes the token of people’s perception of worth, the basis for why money is created. … Today, the value of money (not just the dollar, but most currencies) is decided purely by its purchasing power, as dictated by inflation. That is why simply printing new money will not create wealth for a country.
What was the first paper money made of?
THE PAPER CURRENCY ACT OF 1861
These notes came along to be the first official paper notes by a government in India. They came in denominations of Rs 10, Rs 20, Rs 50, Rs 100, and Rs 1,000, with currency details in two languages, and a portrait of the queen. These notes were printed by the Bank of England.