ASSIGNMENT#1

MONEY AND BANKING

HISTORY OF MONEY

SUBMITTED BY: MUHAMMAD RAZA NADEEM (S2016285007)

FATIMA ALI (15011058004)
 History of Money

Money is one of the earliest and most significant invention of the

civilization.
It has been the part of human for 3000 years, at the beginning
people used to exchange goods with goods for what they needed
that was known as Barter system.
Grains and cow were popular goods of barter, but later the
problem that appeared was some people didn’t had the right
thing for exchange so to resolve that issue human developed
bronze coins for trading.
The first official currency was introduced by King Alyattes of Lydia.
China then created the paper money which later on didn’t catch
on for quite some time with the first bank notes being printed in
Sweden. Then the first credit card was introduced in 1946.
John Biggins invented the credit card.
In 1999 European banks began offering mobile banking with smart
phones. In 2008 Contactless payment cards were issued in the UK
for the first time, later in 2014 bitcoins entered in the mainstream
the first time which was fully implemented decentralized
cryptocurrency.