The latin word"Moneta"was the original word from which the word "Money" was derived.It was the surname of the royal goddess of juno in whose temple at Rome,money was coined.
Money came into being as a result of the difficulties posed by barter system.what is an acceptable medium of exchange has changed and continue to change overtimes.The origin of money in its various forms are discussed here under one after the order.
COMMODITY MONEY:
In medieval times one of the most important improvements over the simplest forms of early barter was the selection of any commodity or item considered scarce or important so that the preferred items became partly accepted because of their qualities in acting as medium of exchange.
METALLIC MONEY:
The use of precious metals featured prominently at the early stages of evolution of money.with spread of civilization and trade relations by land and seas,metallic money took the place of commodity money .
Precious metal such as gold silver bronze and copper have had ornamental uses throughout history and that could be one reason why they were adopted for use as money in many ancient societies.
COINAGE MONEY
True coinage developed in Asia Miner as a result of the practice of king Midas of Lydia in the eight century B.C,of stamping small round pieces of precious metals as a guarantee of their purity(Giyn 2002)the first that was minted were made up of electrum.a natural mixture of gold and silver and were crude,bean shaped solid pieces of metals bearing primitive seals or royal stamps that served as symbol of both purity and weight .The seal on the coins also protected them from being easily counterfeited.
CONCLUSION
In conclusion,therefore ,the evolution of money reflects ,at each stages the williness of man to harmonize its monetary instrument to the reality of its economy.In other words ,the type of money in every stages depended on the nature of its livelihood.The origin of money has moved from commodity money to mettalic money as discussed next time we will discuss on the various evolution of money in the ecomomy.
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