More Than Money: Cows, Clams and Cash – A Brief History of Money

Leonard Raskin

While most of know that forms of currency vary around the world, we may be surprised by just how diverse – and sometimes strange – the history of money has been.

For example, did you know that the oldest form of money wasn’t paper, metal or anything close to what we have today?

No, the oldest form of money was actually alive.

It was cattle, and cattle as currency dates all the way back to 9000 B.C., and was still used as money in parts of Africa until the mid 20th century.

So, it’s not surprising that the first coins were actually pieces of bronze shaped like cattle, and came onto the scene about 2000 B.C. The value of the coins was determined by weight, making the whole process of exchange quite cumbersome.

Coins imprinted with a corresponding value were first produced around 650 B.C. in Lydia (which is now Turkey). Then, around A.D. 806, the Chinese invented and briefly used a form of paper currency, but the consistent use of paper money didn’t occur until the French adopted it in the 18th century.

Before paper money was introduced in America, animal skins where traded for goods and services. In fact, the word “buck” (buckskin) comes from this era. But even before that, Native Americans used clamshells, called wampum, as currency. Wampum was declared legal tender by 1637, and is likely the origin of the term “clams,” the mobster-speak for money.

The first American paper money was introduced in 1690 by The Massachusetts Bay Colony. In 1792, Congress created the U. S. Mint, which produced the very first circulating coins (11,178 copper cents) the following year. The mint began issuing gold and silver coins not long after.

Of course, today’s paper money is more easily damaged than coins, cows or clams, so the Office of Currency Standards will replace it if you can present 51% of the note. If your cash is completely destroyed, the Office will assist you in verifying what was lost.

As you can imagine, the Office of Currency has seen it all – from the man who stored his money in a shotgun that he fired before remembering, to the farmer who sent his cash to the Office in a cow’s stomach.

It’s a good thing, then, that the government also offered free money washing. In 1916, dirty money was sent to Washington, D.C., where it was washed, ironed and reissued.

Of course, ATM and credit cards have opened a new chapter in the history of money, but it’s too soon guess what will happen to our modern cash and coins. All we can do is hope we don’t one day go back to cows.

Next time: MORE FUN MONEY FACTS

To getting wiser,

Leonard Raskin
Women Getting Wise on Wealth from Raskin Global
443-212-1122

***

Get the TOP 10 FEMALE FEARS ABOUT MONEY absolutely FREE when you enter your email address on our website (just look for the GET RICH IN KNOWLEDGE box at the top right).

We’ll also keep you up-to-date on our popular FREE seminar series – so visit www.WomenGettingWiseonWealth.com today!

Raskin Global is a team of highly experienced financial planners who believe you deserve more than financial advice. You deserve to be confident and inspired so that you can take charge of your own future and make the wisest decisions possible in all areas of your life. To talk with us about all the ways you can take charge of your finances and create the life you want, give us call at 443-212-1122.

Leonard P. Raskin, Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS), 954 Ridgebrook Road, Suite 300, Sparks, MD 21152.  Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, (410)828-5400.  Field Representative, The Guardian Life Insurance Company of America (Guardian), New York, New York. PAS is an indirect, wholly-owned subsidiary of Guardian.  Raskin Global is not an affiliate or subsidiary of PAS or Guardian. PAS is a member of FINRA, SIPC.