Virtual Kollage: ECONOMICS

Showing posts with label ECONOMICS. Show all posts

Posted by Chester Morton / Saturday, 14 January 2017 / No comments

The historical development of money in Liberia

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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjn09f9ZQ5cOVElblq8Ho0IWhp_aUG6WCpJS1veDuF1XkhJucASkHPK78c7430bE4-R6spBkJxRcdpx6Vk6RvOzL3DonjqhzfX_e3P_t7bu60g76D2980g230LS75oDAnks0UeaBUyBTeJn/s1600/liberia.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjn09f9ZQ5cOVElblq8Ho0IWhp_aUG6WCpJS1veDuF1XkhJucASkHPK78c7430bE4-R6spBkJxRcdpx6Vk6RvOzL3DonjqhzfX_e3P_t7bu60g76D2980g230LS75oDAnks0UeaBUyBTeJn/s320/liberia.jpg" width="320" /></a></div>
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">HISTORICAL DEVELOPMENT OF
MONEY</span></b></div>
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</div>
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<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; line-height: 115%;">Definition of money</span></i></b></div>
<div class="MsoNormal" style="text-align: justify;">
<a href="https://www.blogger.com/blogger.g?blogID=8351913307657842898" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=8351913307657842898" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-size: 12.0pt; line-height: 115%;">Money can be defined as “any commodity which is generally
acceptable in exchange for goods and services.” It has three dimensional
meanings. The first is that it is a medium of exchange. The second is that it
is a unit of account and the third is that it is a store of value. For the
ordinary man in the street, because he uses money for the exchange of goods and
services is seen as a medium of exchange.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">DEVELOPMENT</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">In the beginning, goods were exchanged for other goods. This
means that if someone wanted oranges, he or she needed to exchange what he or
she had for the orange. For instance, the person has avocado but wants oranges;
so he looks for someone who has oranges and exchanges it. This system was
called the barter system.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">There were difficulties with the operation of this barter system.
One of these problems is that if someone had avocados and wanted oranges, that
person must look for another person who has the oranges he or she is looking
for but who also wants avocado in return. Apart from that, there was a problem
of determining how many avocados must be exchanged for how many oranges. The
system was therefore not as smooth as was needed.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The next stage of the development of money is the stage of
commodity. This kind of money was valuable and wanted by many people. It was
also durable and portable. It could also be easily stored. An example of this
commodity is maize because it was in great demand and was useful on its own. At
other times, commodities like tobacco, salt etc were used as money.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">After this, precious metals were introduced and used. They
were referred to as metallic money. Some examples of precious metals which were
used as money were gold and silver. For one thing, they were valuable. They
could also be divisible into smaller sizes and weighed so as to assign a value
to each or weight. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">One of the earliest use of coins as money was in Ancient
India around the 6<sup>th</sup> century BC. Later, the Greeks and the Romans
used it.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Paper currency, on the other hand, was first introduced in
China in the 11<sup>th</sup> century. Later, it was introduced in Europe by the
renowned explorer, Marco Polo in the 13<sup>th</sup> century. The paper
currency later spread to other parts of the world. </span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">In 1847, Liberia issued her first dollar. The Liberian dollar
was used alongside the United States dollar. In 1907, the Liberian dollar was
replaced with the British West African pound. This pound was not however issued
by the West African Currency Board because the board was established five years
later.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The British West African pound circulated until 1935 when it
was replaced by the United States dollar to which was added Liberian coins in
1937 and both circulated in the republic of Liberia side by side.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Today, Liberia still uses the Liberian dollar but not the
very ones that were issued in 1937. There have been changes and replacements
over the years. There were replacements in the 1980s after the coup d’etat.
There were modifications in the 1990s, up to the year 2000s when a new Liberian
dollar was introduced on march 29<sup>th </sup>2000.</span></div>
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The historical development of money in Liberia

HISTORICAL DEVELOPMENT OF MONEY Definition of money Money can be defined as “any commodity which is generally acceptable in e...

The historical development of money in Sierra Leone

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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjN1ac_JleQsVb6hyphenhyphenVytyV21mbhM0hiuwoIlu2uVFtt3tBISNqqoYCzkvYuL_c8jO7DqjTR6jGEobyQL2DFdHxcclEKGjBT6BB-6SQpBrp-r0N_gvVw8VOYfalJUWkst9SQmk36Yf3wT9-5/s1600/money.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="184" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjN1ac_JleQsVb6hyphenhyphenVytyV21mbhM0hiuwoIlu2uVFtt3tBISNqqoYCzkvYuL_c8jO7DqjTR6jGEobyQL2DFdHxcclEKGjBT6BB-6SQpBrp-r0N_gvVw8VOYfalJUWkst9SQmk36Yf3wT9-5/s200/money.jpg" width="200" /></a></div>
<span style="clear: left; float: left; font-size: 12pt; line-height: 115%; margin-bottom: 1em; margin-right: 1em;"></span><b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">THE HISTORICAL DEVELOPMENT OF MONEY IN SIERRA LEONE</span><i style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; line-height: 115%;"> </span></i></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; line-height: 115%;">Definition of money</span></i></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Money can be defined as “any commodity which is generally
acceptable in exchange for goods and services.” It has three dimensional
meanings. The first is that it is a medium of exchange. The second is that it
is a unit of account and the third is that it is a store of value. For the
ordinary man in the street, because he uses money for the exchange of goods and
services is seen as a medium of exchange.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">DEVELOPMENT</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">In the beginning, goods were exchanged for other goods. This
means that if someone wants oranges, he or she needed to exchange what he or
she had for the orange. For instance, the person has avocado but wants oranges;
so he looks for someone who has oranges and exchanges it. This system was
called the barter system.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">There were difficulties with the operation of this barter system.
One of these problems is that if someone had avocados and wanted oranges, that
person must look for another person who has the oranges he or she is looking
for but who also wants avocado in return. Apart from that, there was a problem
of determining how many avocados must be exchanged for how many oranges. The
system was therefore not as smooth as was needed.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The next stage of the development of money is the stage of
commodity. This kind of money was valuable and wanted by many people. It was
also durable and portable. It could also be easily stored. An example of this
commodity is maize because it was in great demand and was useful on its own. At
other times, commodities like tobacco, salt etc were used as money.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">After this, precious metals were introduced and used. They
were referred to as metallic money. Some examples of precious metals which were
used as money were gold and silver. For one thing, they were valuable. They
could also be divisible into smaller sizes and weighed so as to assign a value
to each or weight. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">One of the earliest use of coins as money was in Ancient
India around the 6<sup>th</sup> century BC. Later, the Greeks and the Romans
used it.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Paper currency, on the other hand, was first introduced in
China in the 11<sup>th</sup> century. Later, it was introduced in Europe by the
renowned explorer, Marco Polo in the 13<sup>th</sup> century. The paper
currency later spread to other parts of the world. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">In 1912, the British formed the West African Currency Board
and its main function was to control the supply of currency to the British West
African colonies. Thus the board introduced the British West African pound in
the various colonies including Sierra Leone.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The Leone was introduced in Sierra Leone on 4<sup>th</sup>
August 1964 to replace the British West African pound. At the time of the
introduction of the Leone, one British West African pound was equivalent to two
Leones. <span style="mso-spacerun: yes;"> </span></span></div>
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<br /></div>
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<span style="font-size: 12.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"><a href="http://www.virtualkollage.blogspot.com/" target="_blank"><<Back to Home Page</a> </span></span></div>
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<span style="font-size: 12.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"><a href="http://virtualkollage.blogspot.com/p/economics.html" target="_blank">Go to other topics in economics>></a> </span></span></div>
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<span style="font-size: 12.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"><a href="http://virtualkollage.blogspot.com/p/list-of-subjects.html" target="_blank">Go to the list of other subjects>></a> </span></span></div>

The historical development of money in Sierra Leone

THE HISTORICAL DEVELOPMENT OF MONEY IN SIERRA LEONE Definition of money Money can be defined as “any commodity which is genera...

The historical development of money in The Gambia

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<div class="MsoNormal" style="text-align: justify;">
<span style="clear: left; float: left; font-size: 12pt; line-height: 115%; margin-bottom: 1em; margin-right: 1em;"><img alt="https://cdn.pixabay.com/photo/2016/11/29/06/22/architecture-1867772__340.jpg" height="133" src="https://cdn.pixabay.com/photo/2016/11/29/06/22/architecture-1867772__340.jpg" width="200" /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">HISTORICAL DEVELOPMENT OF MONEY IN THE GAMBIA</span></b><br />
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; line-height: 115%;">Definition of money</span></i></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Money can be defined as “any commodity which is generally
acceptable in exchange for goods and services.” It has three dimensional
meanings. The first is that it is a medium of exchange. The second is that it
is a unit of account and the third is that it is a store of value. For the
ordinary man in the street, because he uses money for the exchange of goods and
services is seen as a medium of exchange.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">DEVELOPMENT</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">In the beginning, goods were exchanged for other goods. This
means that if someone wants oranges, he or she needed to exchange what he or
she had for the orange. For instance, the person has avocado but wants oranges;
so he looks for someone who has oranges and exchanges it. This system was
called the barter system.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">There were difficulties with the operation of this barter system.
One of these problems is that if someone had avocados and wanted oranges, that
person must look for another person who has the oranges he or she is looking
for but who also wants avocado in return. Apart from that, there was a problem
of determining how many avocados must be exchanged for how many oranges. The
system was therefore not as smooth as was needed.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The next stage of the development of money is the stage of
commodity. This kind of money was valuable and wanted by many people. It was
also durable and portable. It could also be easily stored. An example of this
commodity is maize because it was in great demand and was useful on its own. At
other times, commodities like tobacco, salt etc were used as money.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">After this, precious metals were introduced and used. They
were referred to as metallic money. Some examples of precious metals which were
used as money were gold and silver. For one thing, they were valuable. They
could also be divisible into smaller sizes and weighed so as to assign a value
to each or weight. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">One of the earliest use of coins as money was in Ancient
India around the 6<sup>th</sup> century BC. Later, the Greeks and the Romans
used it.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Paper currency, on the other hand, was first introduced in
China in the 11<sup>th</sup> century. Later, it was introduced in Europe by the
renowned explorer, Marco Polo in the 13<sup>th</sup> century. The paper
currency later spread to other parts of the world. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Like all the other British colonies of West Africa, the
Gambia also extensively used other forms of money prior to the introduction of
currency by the British. Some of the monies used were cowry shells and gold dust.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">In 1912, the British formed the West African Currency Board
and its main function was to control the supply of currency to the British West
African colonies. Thus the board introduced the British West African pound in
the Gambia as in the other colonies from around 1916. <span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">It was in 1965 that the Gambia introduced the Gambian pound
to replace the British West African pound. This was a recommendation by the West
African currency Board after the Gambia attained internal self-government status
in 1963 October. The Gambian pound was used until 1971. In 1971, the Central
Bank of The Gambia introduced the Dalasi to replace the Gambian pound. The
dalasi has been in use since it was introduced till this day.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
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<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://www.virtualkollage.blogspot.com/" target="_blank"><<Back to Home Page</a> </span></div>
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<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://virtualkollage.blogspot.com/p/economics.html" target="_blank">Go to other topics in Economics>></a> </span></div>
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<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://virtualkollage.blogspot.com/p/list-of-subjects.html" target="_blank">Go to the list of other subjects>></a> </span></div>

The historical development of money in The Gambia

HISTORICAL DEVELOPMENT OF MONEY IN THE GAMBIA Definition of money Money can be defined as “any commodity which is generally acce...

Home ECONOMICS

Posted by Chester Morton / Friday, 13 January 2017 / No comments

The historical development of money in Nigeria

<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="text-align: center;">
<b style="text-align: justify;"><span style="font-size: 12.0pt; line-height: 115%;"><img alt="Money, Banking, Finance, Business" src="https://cdn.pixabay.com/photo/2017/01/20/17/27/money-1995440__340.jpg" /></span></b></div>
<span style="text-align: justify;"><span style="font-size: 12pt; line-height: 115%;"><b>THE HISTORICAL DEVELOPMENT OF MONEY IN NIGERIA</b></span></span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-style: normal;"><span style="font-size: 12pt; line-height: 115%;"><b><i>Definition of money</i></b></span></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Money can be defined as “any commodity which is generally
acceptable in exchange for goods and services.” It has a three-dimensional
meanings. The first is that it is a medium of exchange. The second is that it
is a unit of account and the third is that it is a store of value. For the
ordinary man in the street, because he uses the money for the exchange of goods and
services is seen as a medium of exchange.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt;"><b><i>Development</i></b></span><br />
<span style="font-size: 12pt;">In the beginning, goods were exchanged for other goods. This
means that if someone wants oranges, he or she needed to exchange what he or
she had for the orange. For instance, the person has avocado but wants oranges;
so he looks for someone who has oranges and exchanges it. This system was
called the barter system.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">There were difficulties with the operation of this barter system.
One of these problems is that if someone had avocados and wanted oranges, that
person must look for another person who has the oranges he or she is looking
for but who also wants avocado in return. Apart from that, there was a problem
of determining how many avocados must be exchanged for how many oranges. The
system was therefore not as smooth as was needed.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The next stage of the development of money is the stage of
commodity. This kind of money was valuable and wanted by many people. It was
also durable and portable. It could also be easily stored. An example of this
commodity is maize because it was in great demand and was useful on its own. At
other times, commodities like tobacco, salt, etc were used as money.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">After this, precious metals were introduced and used. They
were referred to as metallic money. Some examples of precious metals which were
used as money were gold and silver. For one thing, they were valuable. They could
also be divisible into smaller sizes and weighed so as to assign a value to
each or weight. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br />
<div style="text-align: center;">
<img alt="Ecommerce, Selling Online, Online Sales" height="274" src="https://cdn.pixabay.com/photo/2017/03/13/17/26/ecommerce-2140603__340.jpg" width="640" /></div>
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">One of the earliest use of coins as money was in Ancient
India around the 6<sup>th</sup> century BC. Later, the Greeks and the Romans
used it.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Paper currency, on the other hand, was first introduced in
China in the 11<sup>th</sup> century. Later, it was introduced in Europe by the
renowned explorer, Marco Polo in the 13<sup>th</sup> century. The paper
currency later spread to other parts of the world. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">In Nigeria, cowry shells were widely used as a medium of
exchange but in 1907, the British West African pound was introduced. It was
part of the introduction of the British West African pound in the whole of
British West Africa. This was in use until 1958 when the Nigerian pound was
introduced.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The government of Nigeria introduced the Nigerian currency
called naira on 1<sup>st</sup> January 1973. This new currency replaced the West
African British pound. Nigeria thus became the last English speaking West
African country to abandon the West African monetary system. The naira has
since been used as the medium of exchange in Nigeria.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;"><span style="font-size: 12pt; line-height: 115%;"><b>SAMPLE QUESTION(S)</b></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">1. Trace the history and development of money.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://www.virtualkollage.blogspot.com/" target="_blank"><<Back to Home Page</a> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://virtualkollage.blogspot.com/p/economics.html" target="_blank">Go to other topics in economics>></a> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://virtualkollage.blogspot.com/p/list-of-subjects.html" target="_blank">Go to the list of other subjects>></a> </span></div>

The historical development of money in Nigeria

THE HISTORICAL DEVELOPMENT OF MONEY IN NIGERIA Definition of money Money can be defined as “any commodity which is generally accepta...

The historical development of money in Ghana

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<span style="clear: left; float: left; font-size: 12pt; line-height: 115%; margin-bottom: 1em; margin-right: 1em;"><img alt="Real Estate, Mortgage Bond, House Sales" data-lazy="https://cdn.pixabay.com/photo/2017/03/22/12/45/real-estate-2164882__340.jpg" data-lazy-srcset="https://cdn.pixabay.com/photo/2017/03/22/12/45/real-estate-2164882__340.jpg 1x, https://cdn.pixabay.com/photo/2017/03/22/12/45/real-estate-2164882__480.jpg 2x" height="133" src="https://cdn.pixabay.com/photo/2017/03/22/12/45/real-estate-2164882__340.jpg" title="Real Estate, Mortgage Bond" width="200" /></span><b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">THE HISTORICAL DEVELOPMENT OF MONEY IN GHANA</span><i style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; line-height: 115%;"> </span></i></b><br />
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; line-height: 115%;">Definition of money</span></i></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Money can be defined as “any commodity which is generally
acceptable in exchange for goods and services.” It has three dimensional
meanings. The first is that it is a medium of exchange. The second is that it
is a unit of account and the third is that it is a store of value. For the
ordinary man in the street, because he uses money for the exchange of goods and
services is seen as a medium of exchange.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">DEVELOPMENT</span></b></div>
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<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="clear: right; float: right; margin-bottom: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><br /></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><br /></td></tr>
</tbody></table>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="clear: right; float: right; margin-bottom: 1em; text-align: left;"><tbody>
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</tbody></table>
<a href="https://www.blogger.com/blogger.g?blogID=8351913307657842898" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-size: 12.0pt; line-height: 115%;">In the beginning, goods were exchanged for other goods. This
means that if someone wants oranges, he or she needed to exchange what he or
she had for the orange. For instance, the person has avocado but wants oranges;
so he looks for someone who has oranges and exchanges it. This system was
called the barter system.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">There were difficulties with the operation of this barter system.
One of these problems is that if someone had avocados and wanted oranges, that
person must look for another person who has the oranges he or she is looking
for but who also wants avocado in return. Apart from that, there was a problem
of determining how many avocados must be exchanged for how many oranges. The
system was therefore not as smooth as was needed.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The next stage of the development of money is the stage of
commodity. This kind of money was valuable and wanted by many people. It was
also durable and portable. It could also be easily stored. An example of this
commodity is maize because it was in great demand and was useful on its own. At
other times, commodities like tobacco, salt etc were used as money.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">After this, precious metals were introduced and used. They
were referred to as metallic money. Some examples of precious metals which were
used as money were gold and silver. For one thing, they were valuable. They could
also be divisible into smaller sizes and weighed so as to assign a value to
each or weight. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">One of the earliest use of coins as money was in Ancient
India around the 6<sup>th</sup> century BC. Later, the Greeks and the Romans
used it.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Paper currency, on the other hand, was first introduced in
China in the 11<sup>th</sup> century. Later, it was introduced in Europe by the
renowned explorer, Marco Polo in the 13<sup>th</sup> century. The paper
currency later spread to other parts of the world. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">In the Gold Coast, now Ghana, cowry shells were in use from
the 14<sup>th</sup> century till about 1796. It was in 1796 that the Gold Coast
coin was introduced and it run parallel to the cowry shell till 1901.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Later, the British introduced the British West African pound
into the Gold Coast and the other British colonies in West Africa. Then the
Ghanaian pound was introduced in 1958 and was used for seven years. In 1965,
Ghana, which had attained independent status earlier, left the British colonial
monetary system and introduced the cedi as a legal tender. This has been the
Ghanaian currency up until today. Though it was changed many times and
recently, in 2006, redenominated and re-christened the Ghanaian cedi, it has
remained Ghana’s legal tender.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: 12.0pt; line-height: 115%;">SAMPLE QUESTIONS</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">1. Trace the history and development of money   </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://www.virtualkollage.blogspot.com/" target="_blank"><<Back to Home Page</a> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://virtualkollage.blogspot.com/p/economics.html" target="_blank">Go to other topics in Economics>></a> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><a href="http://virtualkollage.blogspot.com/p/list-of-subjects.html" target="_blank">Go to the list of other subjects>></a> </span></div>

The historical development of money in Ghana

THE HISTORICAL DEVELOPMENT OF MONEY IN GHANA Definition of money Money can be defined as “any commodity which is generally accept...

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The historical development of money in Nigeria

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