Money Through the Ages
3100 BC
GOLD & SILVER
EGYPT
As far back as 3100 BC, we have evidence of a gold/silver value ratio in the code of Menes, the founder of the first Egyptian dynasty. In this code, it is stated, “one part of gold is equal to two and one half parts of silver in value”. This makes it one of the earliest forms of definitive currency.
2500 BC
COWRY SHELLS
CHINA
More than 3,000 years ago, during the Qin Dynasty, China led the ancient world by introducing shells as a medium of exchange and unit of account in commerce. The character for “shell” (贝) is an important component in Chinese and almost all things or acts concerning money have the component of the shell: fortune, poverty, goods, trade, businessman, tribute, greed, expense, compensation, ransom, expensive, noble, cheap, humble. Shell (贝) also gave rise to the term
