There are three main types of monetary standards. They are:. When only on metal is adopted as the standard money and is made legal tender for all payments, the system is known as monometallism or single standard. For example, now many countries have the Gold Standard. Suppose a country has adopted silver as the standard money, then it is said to have Silver Standard. For example, England was on Silver Standard until
Currency - Wikipedia
Receive emails about upcoming NOVA programs and related content, as well as featured reporting about current events through a science lens. Barter is the exchange of resources or services for mutual advantage, and the practice likely dates back tens of thousands of years, perhaps even to the dawn of modern humans. Some would even argue that it's not purely a human activity; plants and animals have been bartering—in symbiotic relationships—for millions of years. In any case, barter among humans certainly pre-dates the use of money. Today individuals, organizations, and governments still use, and often prefer, barter as a form of exchange of goods and services. Cattle, which throughout history and across the globe have included not only cows but also sheep, camels, and other livestock, are the first and oldest form of money.
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts , such as taxes , in a particular country or socio-economic context. Money is historically an emergent market phenomenon establishing a commodity money , but nearly all contemporary money systems are based on fiat money. The money supply of a country consists of currency banknotes and coins and, depending on the particular definition used, one or more types of bank money the balances held in checking accounts , savings accounts , and other types of bank accounts. Bank money, which consists only of records mostly computerized in modern banking , forms by far the largest part of broad money in developed countries. The word money derives from the Latin word moneta with the meaning "coin" via French monnaie.
Paper money is a country's official, paper currency that is circulated for the transactions involved in acquiring goods and services. The printing of paper money is typically regulated by a country's central bank or treasury in order to keep the flow of funds in line with monetary policy. Paper money tends to be updated with new versions that contain security features and attempt to make it more difficult for counterfeiters to create illegal copies.