Coinage of India
Coinage of India, issued by imperial dynasties and middle kingdoms, began anywhere between the 1st millennium BCE to the 6th century BCE, consisted of copper and silver coins in its initial stage. Scholars remain divided over the origins of Indian coinage. Cowry shells was first used in India as commodity money; the Indus Valley Civilization dates back between 3300 BCE and 1750 BCE. What is known, however, is that metal currency was minted in India well before the Mauryan Empire, as radio carbon dating indicates, before the 5th century BCE; the practice of minted coins spread to the Indo-Gangetic Plain from West Asia. The coins of this period were called Karshapanas or Pana; these earliest Indian coins, are unlike those circulated in West Asia, were not disk-shaped but rather stamped bars of metal, suggesting that the innovation of stamped currency was added to a pre-existing form of token currency, present in the Mahajanapada kingdoms of the Indian Iron Age. Mahajanapadas that minted their own coins included Gandhara, Kuru, Shakya and Surashtra.
The tradition of Indian coinage was further influenced by the coming of Turkic and Mughal invaders in India. The East India Company introduced uniform coinage in the 19th century CE, these coins were imitated by the modern nation states of Republic of India, Sri Lanka, Bangladesh. Numismatics plays a valuable role in determining certain period of Indian history. There is evidence of countable units of precious metal being used for exchange from the Vedic period onwards. A term Nishka appears in this sense in the Rigveda. Texts speak of cows given as gifts being adorned with pādas of gold. A pāda a quarter, would have been a quarter of some standard weight. A unit called Śatamāna a'hundred standard', representing 100 krishnalas is mentioned in Satapatha Brahmana. A commentary on Katyayana Srautasutra explains that a Śatamāna could be 100 rattis. All these units referred to gold currency in some form but they were adopted to silver currency. Panini's grammar text indicates, he mentions that something worth a nishka is called naishka and something worth a Śatamāna is called a Śatamānam etc.
The units were used to represent the assets of individuals, naishka‐śatika or naishka‐sahasrika. Panini uses the term rūpa to mean a piece of precious metal used as a coin, a rūpya to mean a stamped piece of metal, a coin in the modern sense; the term rūpya continues into the modern usage as the rupee. Some scholars state; the gold to silver ratio in India was 10 to 1 or 8 to 1. In contrast, in the neighbouring Persia, it was 13 to 1; this value differential would have incentivised the exchange of gold for silver, resulting in an increasing supply of silver in India. India developed some of the world's first coins, but scholars debate which coin was first and when. Sometime around 600BC in the lower Ganges valley in eastern India a coin called a punchmarked Karshapana was created. According to Hardaker, T. R. the origin of Indian coins can be placed at 575 BCE and according to P. L. Gupta in the seventh century BCE. According to Page. E, Kasi and Magadha coins can be the oldest ones from the Indian Subcontinent dating back to 7th century BC and kosambi findings indicate coin circulation towards the end of 7th century BC.
It is noted that some of the Janapadas like shakiya during Buddha's time were minting coins both made of silver and copper with their own marks on them. Punch-marked coins were a type of early Coinage of India, dating to between about the 6th and 2nd centuries BCE. There are vast uncertainties regarding the actual time punch-marked coinage started in India, with proposal ranging from 1000 BCE to 500 BCE. However, the study of the relative chronology of these coins has established that the first punch-marked coins only had one or two punches, with the number of punches increasing over time; the first coins in India may have been minted around the 6th century BCE by the Mahajanapadas of the Indo-Gangetic Plain, The coins of this period were punch-marked coins called Puranas, Karshapanas or Pana. Several of these coins had a single symbol, for example, Saurashtra had a humped bull, Dakshin Panchala had a Swastika, like Magadha, had several symbols; these coins were made with an irregular shape.
This was gained by cutting up silver bars and making the correct weight by cutting the edges of the coin. They are mentioned in the Manu and Buddhist Jataka stories and lasted three centuries longer in the south than the north. Shurasena SurashtraEarly coins of India were made of silver and copper, bore animal and plant symbols on them. Saurashtra Janapada coins are the earliest die-struck figurative coins from ancient India from 450-300 BCE which are perhaps the earliest source of Hindu representational forms. Most coins from Surashtra are 1g in weight. Rajgor believes they are therefore 0.93 gm. Mashakas of 2 rattis and double mashakas of 4 rattis are known; the coins appear to be uniface. However, most of the coins appear to be overstruck over other Surashtra coins and thus there is the remnant of a previous symbol on the reverse, as well as sometimes under the obverse symbol as well. Coin finds in the Chaman Hazouri hoard in Kabul or the Shaikhan Dehri hoard in Pushkalavati have revealed numerous Achaemeni
In numismatics, the term milled coinage is used to describe coins which are produced by some form of machine, rather than by manually hammering coin blanks between two dies or casting coins from dies. Until 1550, coinage techniques used in European mints had not progressed from the hammered coinage of Ancient Greece; this was problematic because an increase in the supply of bullion from central Europe and America was overworking mints. That led to low quality coins which were forged or clipped, i.e. precious metal was shaved from the edges of the coins. In accordance with Gresham's law, the clipped and forged coins drove good coins out of circulation, depreciating the currency. Leonardo da Vinci's notebooks showed there was a better way and Donato Bramante, the architect who made the initial plans for St. Peter's Basilica, developed a screw press to make the lead bulla attached to Papal documents. In 1550, the French ambassador to Augsburg, Charles de Marillac, saw a way for France to get an economic advantage over the Holy Roman Empire when he learned that a local engineer had perfected a mechanical process of rolling bullion to the required thickness, cutting blanks from the rolled metal, striking coins from those blanks.
This technology was more advanced than the general manufacturing processes of the sixteenth century making the coins difficult to counterfeit. The negotiations which obtained rights to the process for France were so secret that the inventor was identified with a codename, but he was most Marx Schwab. Aubin Olivier went to Augsburg to learn the technique and Henry II of France made him chief engineer of a mechanized mint in Paris, called the Moulin des Étuves, on 27 March 1551; this mint produced well-struck and round gold and silver coins. Having round coins made it easy to detect clipping, but the coiners establishment would have none of this and within a decade the Moulin des Étuves’ ex-employees were finding work in Navarre and England. In England, a 1560 proclamation of Elizabeth I exchanged old debased coins for new pure coins; the Tower Mint added machinery to its hammering for this "great recoinage". Eloy Mestrelle did the technology transfer from France but when the great recoinage ended mint authorities found him redundant and in 1578 he was hanged for counterfeiting.
In 1632, Charles I employed another French refugee, Nicholas Briot, to improve coinage standards in both England and Scotland, which had its own coinage until 1707, but the English Civil War ended his machine coinage. Yet another Frenchman, Peter Blondeau, provided machinery for a proposed coinage designed by Thomas Simon with Oliver Cromwell's portrait; the restoration of 1660 ended that, but in 1662 Charles II recalled Blondeau to establish a permanent machine made coinage. He employed a secret process for placing other designs on the edges of coins; the inscription chosen for the edge—DECVS ET TVTAMEN, meaning an ornament and a safeguard—refers to the protection against clipping which the lettered edge provided. In accordance with Gresham's law, the inferior hammered coins limited the circulation of his coins until the hammered coins were demonetized in 1695. Meanwhile, in continental Europe, France readopted machine made coins in 1639. Both machine made and hammered coins continued through the recoinage of French silver in 1641, but this time machine made coinage's time had come and hammered French coinage ended in 1645.
Zurich and Heidelberg experimented with coinage machinery in 1558 and 1567 and the Hall mint in Tirol permanently adopted coinage machinery in 1567. Unlike the screw press used in France and England, Hall used a roller press. Here two cylindrical dies impressed designs on bullion. Coins were cut from the rolled and impressed metal; this technique spread from Hall to Cologne in 1568, Dresden in 1574, Kremnica in 1577, Danzig in 1577, other small mints. Its most significant impact occurred when Philip II of Spain used his personal funds to build a mint at Segovia which used this technique to convert silver from the Americas to coins efficiently; this allowed the king to pay his debts at a better rate. The Segovia mint was owned by the King's Royal House but other Spanish mints, which were run by the National Treasury, continued hammered coinage for decades; the Industrial Revolution shifted the focus of the economy from a rural to an urban, money based, enterprise. The main technology of the Industrial Revolution, the Watt steam engine increased the overall level of economic activity.
Both of these factors increased the demand for money. Factories were financed by introducing paper money and credit, but low denomination coins were required to pay their workers and in England copper coins were scarce. Matthew Boulton had backed Watt's development of the Steam Engine and he used it to power coin making machinery at his Soho Manufactory. Boulton struck coins for the East India Company, supplied steam powered coining machinery to the Moscow mint, manufactured private tokens which circulated in England. In 1797, Boulton received a contract to strike royal British copper coins called cartwheels. In 1805, he received a further contract to supply steam powered coinage machinery when the British Royal Mint left the Tower of London and established a new facility on Little Tower Hill; when Spain introduced coinage to America in 1536, coins were still hammered. The fineness of the silver in this coinage was reduced in 1732 and the Mexico City mint began striking the new coins using machinery.
Other Spanish American mints followed and their thaler size silver coins are known as Spanish Milled Dollars. The Spanish Milled Dollar, i
The Roman Republic was the era of classical Roman civilization beginning with the overthrow of the Roman Kingdom, traditionally dated to 509 BC, ending in 27 BC with the establishment of the Roman Empire. It was during this period that Rome's control expanded from the city's immediate surroundings to hegemony over the entire Mediterranean world. Roman society under the Republic was a cultural mix of Latin and Greek elements, visible in the Roman Pantheon, its political organisation was influenced by the Greek city states of Magna Graecia, with collective and annual magistracies, overseen by a senate. The top magistrates were the two consuls, who had an extensive range of executive, judicial and religious powers. Whilst there were elections each year, the Republic was not a democracy, but an oligarchy, as a small number of large families monopolised the main magistracies. Roman institutions underwent considerable changes throughout the Republic to adapt to the difficulties it faced, such as the creation of promagistracies to rule its conquered provinces, or the composition of the senate.
Unlike the Pax Romana of the Roman Empire, the Republic was in a state of quasi-perpetual war throughout its existence. Its first enemies were its Latin and Etruscan neighbours as well as the Gauls, who sacked the city in 387 BC; the Republic nonetheless demonstrated extreme resilience and always managed to overcome its losses, however catastrophic. After the Gallic Sack, Rome indeed conquered the whole Italian peninsula in a century, which turned the Republic into a major power in the Mediterranean; the Republic's greatest enemy was doubtless Carthage, against. The Punic general Hannibal famously invaded Italy by crossing the Alps and inflicted on Rome two devastating defeats at the Lake Trasimene and Cannae, but the Republic once again recovered and won the war thanks to Scipio Africanus at the Battle of Zama in 202 BC. With Carthage defeated, Rome became the dominant power of the ancient Mediterranean world, it embarked in a long series of difficult conquests, after having notably defeated Philip V and Perseus of Macedon, Antiochus III of the Seleucid Empire, the Lusitanian Viriathis, the Numidian Jugurtha, the great Pontic king Mithridates VI, the Gaul Vercingetorix, the Egyptian queen Cleopatra.
At home, the Republic experienced a long streak of social and political crises, which ended in several violent civil wars. At first, the Conflict of the Orders opposed the patricians, the closed oligarchic elite, to the far more numerous plebs, who achieved political equality in several steps during the 4th century BC; the vast conquests of the Republic disrupted its society, as the immense influx of slaves they brought enriched the aristocracy, but ruined the peasantry and urban workers. In order to solve this issue, several social reformers, known as the Populares, tried to pass agrarian laws, but the Gracchi brothers, Saturninus, or Clodius Pulcher were all murdered by their opponents, the Optimates, keepers of the traditional aristocratic order. Mass slavery caused three Servile Wars. In this context, the last decades of the Republic were marked by the rise of great generals, who exploited their military conquests and the factional situation in Rome to gain control of the political system.
Marius Sulla dominated in turn the Republic. These multiple tensions lead to a series of civil wars. Despite his victory and appointment as dictator for life, Caesar was murdered in 44 BC. Caesar's heir Octavian and lieutenant Mark Antony defeated Caesar's assassins Brutus and Cassius in 42 BC, but turned against each other; the final defeat of Mark Antony and his ally Cleopatra at the Battle of Actium in 31 BC, the Senate's grant of extraordinary powers to Octavian as Augustus in 27 BC – which made him the first Roman emperor – thus ended the Republic. Since the foundation of Rome, its rulers had been monarchs, elected for life by the patrician noblemen who made up the Roman Senate; the last Roman king was Lucius Tarquinius Superbus. In the traditional histories, Tarquin was expelled in 509 because his son Sextus Tarquinius had raped the noblewoman Lucretia, who afterwards took her own life. Lucretia's father, her husband Lucius Tarquinius Collatinus, Tarquin's nephew Lucius Junius Brutus mustered support from the Senate and army, forced Tarquin into exile in Etruria.
The Senate agreed to abolish kingship. Most of the king's former functions were transferred to two consuls, who were elected to office for a term of one year; each consul had the capacity to act as a check on his colleague, if necessary through the same power of veto that the kings had held. If a consul abused his powers in office, he could be prosecuted. Brutus and Collatinus became Republican Rome's first consuls. Despite Collatinus' role in the creation of the Republic, he belonged to the same family as the former king, was forced to abdicate his office and leave Rome, he was replaced as co-consul by Publius Valerius Publicola. Most modern scholarship describes these events as the quasi-mythological detailing of an aristocratic coup within Tarquin's own family, not a popular revolution, they fit a narrative of a personal vengeance against a tyrant leading to his overthrow, common among Greek cities and theorised by Aristotle
A cheque, or check, is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account where their money is held; the drawer writes the various details including the monetary amount, a payee on the cheque, signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated. Cheques are a type of bill of exchange and were developed as a way to make payments without the need to carry large amounts of money. Paper money evolved from promissory notes, another form of negotiable instrument similar to cheques in that they were a written order to pay the given amount to whoever had it in their possession. A cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified transactional account held in the drawer's name with that institution.
Both the drawer and payee may be legal entities. Cheques are order instruments, are not in general payable to the bearer as bearer instruments are, but must be paid to the payee. In some countries, such as the US, the payee may endorse the cheque, allowing them to specify a third party to whom it should be paid. Although forms of cheques have been in use since ancient times and at least since the 9th century, it was during the 20th century that cheques became a popular non-cash method for making payments and the usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually. Since cheque usage has fallen, being replaced by electronic payment systems. In an increasing number of countries cheques have either become a marginal payment system or have been phased out; the spellings check and cheque were used interchangeably from the 17th century until the 20th century. However, since the 19th century, the spelling cheque has become standard for the financial instrument in the Commonwealth and Ireland, while check is used only for other meanings, thus distinguishing the two definitions in writing.
In American English, the usual spelling for both is check. Etymological dictionaries attribute the financial meaning to come from "a check against forgery", with the use of "check" to mean "control" stemming from a check in chess, a term which came into English through French, Latin and from the Persian word "shah" or "king"; the cheque had its origins in the ancient banking system, in which bankers would issue orders at the request of their customers, to pay money to identified payees. Such an order was referred to as a bill of exchange; the use of bills of exchange facilitated trade by eliminating the need for merchants to carry large quantities of currency to purchase goods and services. There is early evidence of using cheques. In India, during the Mauryan period, a commercial instrument called the adesha was in use, an order on a banker desiring him to pay the money of the note to a third person; the ancient Romans are believed to have used an early form of cheque known as praescriptiones in the 1st century BCE.
Beginning in the third century CE, banks in Persian territory began to issue letters of credit. These letters were termed čak, meaning "document" or "contract"; the čak became the sakk used by traders in the Abbasid Caliphate and other Arab-ruled lands. Transporting a paper sakk was more secure than transporting money. In the ninth century, a merchant in one country could cash a sakk drawn on his bank in another country. In the 13th century in Venice the bill of exchange was developed as a legal device to allow international trade without the need to carry large amounts of gold and silver, their use subsequently spread to other European countries. In the early 1500s in the Dutch Republic, to protect large accumulations of cash, people began depositing their money with "cashiers"; these cashiers held the money for a fee. Competition drove cashiers to offer additional services including paying money to any person bearing a written order from a depositor to do so, they kept the note as proof of payment.
This concept went on to spread to elsewhere. By the 17th century, bills of exchange were being used for domestic payments in England. Cheques, a type of bill of exchange began to evolve, they were called drawn notes, because they enabled a customer to draw on the funds that he or she had in the account with a bank and required immediate payment. These were handwritten, one of the earliest known still to be in existence was drawn on Messrs Morris and Clayton and bankers based in the City of London, dated 16 February 1659. In 1717, the Bank of England pioneered the first use of a pre-printed form; these forms were printed on "cheque paper" to prevent fraud, customers had to attend in person and obtain a numbered form from the cashier. Once written, the cheque was brought back to the bank for settlement; the suppression of banknotes in eighteenth-century England further promoted the use of cheques. Until about 1770, an informal exchange of cheques took place between London banks. Clerks of each bank visited all the other banks to exchange cheques, whilst keeping a tally of balances between them until they settled with each other.
Daily cheque clearing began around 1770 when the bank clerks met at the Five Bells, a tavern in Lombard Street in the City of London, to exchange all their cheques in
The stock of a corporation is all of the shares into which ownership of the corporation is divided. In American English, the shares are known as "stocks." A single share of the stock represents fractional ownership of the corporation in proportion to the total number of shares. This entitles the stockholder to that fraction of the company's earnings, proceeds from liquidation of assets, or voting power dividing these up in proportion to the amount of money each stockholder has invested. Not all stock is equal, as certain classes of stock may be issued for example without voting rights, with enhanced voting rights, or with a certain priority to receive profits or liquidation proceeds before or after other classes of shareholders. Stock can be bought and sold or on stock exchanges, such transactions are heavily regulated by governments to prevent fraud, protect investors, benefit the larger economy; as new shares are issued by a company, the ownership and rights of existing shareholders are diluted in return for cash to sustain or grow the business.
Companies can buy back stock, which lets investors recoup the initial investment plus capital gains from subsequent rises in stock price. Stock options, issued by many companies as part of employee compensation, do not represent ownership, but represent the right to buy ownership at a future time at a specified price; this would represent a windfall to the employees if the option is exercised when the market price is higher than the promised price, since if they sold the stock they would keep the difference. A person who owns a specific percentage of the share has the ownership of the corporation proportional to his share; the shares together form stock. The stock of a corporation is partitioned into shares, the total of which are stated at the time of business formation. Additional shares may subsequently be authorized by the existing shareholders and issued by the company. In some jurisdictions, each share of stock has a certain declared par value, a nominal accounting value used to represent the equity on the balance sheet of the corporation.
In other jurisdictions, shares of stock may be issued without associated par value. Shares represent a fraction of ownership in a business. A business may declare different types of shares, each having distinctive ownership rules, privileges, or share values. Ownership of shares may be documented by issuance of a stock certificate. A stock certificate is a legal document that specifies the number of shares owned by the shareholder, other specifics of the shares, such as the par value, if any, or the class of the shares. In the United Kingdom, Republic of Ireland, South Africa, Australia, stock can refer to different financial instruments such as government bonds or, less to all kinds of marketable securities. Stock takes the form of shares of either common stock or preferred stock; as a unit of ownership, common stock carries voting rights that can be exercised in corporate decisions. Preferred stock differs from common stock in that it does not carry voting rights but is entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders.
Convertible preferred stock is preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares any time after a predetermined date. Shares of such stock are called "convertible preferred shares". New equity issue may have specific legal clauses attached that differentiate them from previous issues of the issuer; some shares of common stock may be issued without the typical voting rights, for instance, or some shares may have special rights unique to them and issued only to certain parties. New issues that have not been registered with a securities governing body may be restricted from resale for certain periods of time. Preferred stock may be hybrid by having the qualities of bonds of fixed returns and common stock voting rights, they have preference in the payment of dividends over common stock and have been given preference at the time of liquidation over common stock. They have other features of accumulation in dividend. In addition, preferred stock comes with a letter designation at the end of the security.
B, whereas Class "A" shares of ORION DHC, Inc will sell under ticker OODHA until the company drops the "A" creating ticker OODH for its "Common" shares only designation. This extra letter does not mean that any exclusive rights exist for the shareholders but it does let investors know that the shares are considered for such, these rights or privileges may change based on the decisions made by the underlying company. "Rule 144 Stock" is an American term given to shares of stock subject to SEC Rule 144: Selling Restricted and Control Securities. Under Rule 144, restricted and controlled securities are acquired in unregistered form. Investors either purchase or take ownership of these securities through private sales from the issuing company or from an affiliate of the issuer. Investors wishing to sell these securities are subject to different rules than those selling traditional common or preferred stock; these individuals will only be allowed to liquidate their securities after meeting the specific conditions set forth by SEC Rule 144.
In economics, a time-based currency is an alternative currency or exchange system where the unit of account is the person-hour or some other time unit. Some time-based currencies value everyone's contributions equally: one hour equals one service credit. In these systems, one person volunteers to work for an hour for another person. Others use time units. While most time-based exchange systems are service exchanges in that most exchange involves the provision of services that can be measured in a time unit, it is possible to exchange goods by'pricing' them in terms of the average national hourly wage rate. Time-based currency exchanges date back to the early 19th century; the Cincinnati Time Store was the first in a series of retail stores created by American individualist anarchist Josiah Warren to test his economic labor theory of value. The experimental store operated from May 18, 1827 until May 1830; the Cincinnati Tire Store experiment in use of labor as a medium of exchange antedated similar European efforts by two decades.
The National Equitable Labour Exchange was founded by Robert Owen, a Welsh socialist and labor reformer in London, England, in 1832. It was established in Birmingham, before folding in 1834, it issued "Labour Notes" similar to banknotes, denominated in units of 1, 2, 5, 10, 20, 40, 80 hours. John Gray, a socialist economist, worked with Owen and with Ricardian Socialists and postulated a National Chamber of Commerce as a central bank issuing a labour currency. In 1848, the socialist and first self-designated anarchist Pierre-Joseph Proudhon postulated a system of time chits. Josiah Warren published a book describing labor notes in 1852. In 1875, Karl Marx wrote of "Labor Certificates" in his Critique of the Gotha Program of a "certificate from society that has furnished such and such an amount of labour", which can be used to draw "from the social stock of means of consumption as much as costs the same amount of labour." Edgar S. Cahn coined the term "Time Dollars" in Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time-Into Personal Security & Community Renewal, a book co-authored with Jonathan Rowe in 1992.
He went on to trademark the terms "TimeBank" and "Time Credit". Timebanking is a community development tool and works by facilitating the exchange of skills and experience within a community, it aims to build the'core economy' of family and community by valuing and rewarding the work done in it. The world's first timebank was started in Japan by Teruko Mizushima in 1973 with the idea that participants could earn time credits which they could spend any time during their lives, she based her bank on the simple concept that each hour of time given as services to others could earn reciprocal hours of services for the giver at some stage in the future in old age when they might need it most. In the 1940s, Mizushima had foreseen the emerging problems of an ageing society such as seen today. In the 1990s the movement took off in the US, with Dr Edgar Cahn pioneering it there, in the United Kingdom, with Martin Simon from Timebanking UK. Paul Glover created Ithaca Hours in 1991; each HOUR was valued at one hour of basic labor or $10.00.
Professionals were entitled to charge multiple HOURS per hour, but reduced their rate in the spirit of equity. Millions of dollars' worth of HOURS were traded among thousands of 500 businesses. Interest-free HOUR loans were made, HOUR grants given to over 100 community organizations. According to Edgar S. Cahn, timebanking had its roots in a time when "money for social programs dried up" and no dominant approach to social service in the U. S. was coming up with creative ways to solve the problem. He would write that "Americans face at least three interlocking sets of problems: growing inequality in access by those at the bottom to the most basic goods and services. In particular Cahn focused on the top-down attitude prevalent in social services, he believed that one of the major failings of many social service organizations was their unwillingness to enroll the help of those people they were trying to help. He called this a deficit based approach to social service, where organizations view the people they were trying to help only in terms of their needs, as opposed to an asset based approach, which focuses on the contributions towards their communities that everyone can make.
He theorized that a system like timebanking could " the infrastructure of trust and caring that can strengthen families and communities." He hoped that the system "would enable individuals and communities to become more self-sufficient, to insulate themselves from the vagaries of politics and to tap the capacity of individuals who were in effect being relegated to the scrap heap and dismissed as freeloaders."As a philosophy, timebanking known as Time Trade is founded upon five principles, known as TimeBanking's Core Values: Everyone is an asset Some work is beyond a monetary price Reciprocity in helping Community is necessary A respect for all human beingsIdeally, timebanking b
A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange circulating banknotes and coins. A more general definition is that a currency is a system of money in common use for people in a nation. Under this definition, US dollars, pounds sterling, Australian dollars, European euros, Russian rubles and Indian Rupees are examples of currency; these various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote and money; the latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the currency's value.
Some currencies are legal tender in certain political jurisdictions. Others are traded for their economic value. Digital currency has arisen with the popularity of the Internet. Money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities; this formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place, safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. A trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast.
It is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end, it was only the recovery of Phoenician trade in the 10th and 9th centuries BC that led to a return to prosperity, the appearance of real coinage first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa, many forms of value store have been used, including beads, ivory, various forms of weapons, the manilla currency, ochre and other earth oxides; the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, in many places, various forms of barter still apply; these factors led to the metal itself being the store of value: first silver both silver and gold, at one point bronze.
Now we have other non-precious metals as coins. Metals were mined and stamped into coins; this was to assure the individual accepting the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but the existence of standard coins created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be tested for their fine weight of metal, thus the value of a coin could be determined if it had been shaved, debased or otherwise tampered with. Most major economies using coinage had several tiers of coins of different values, made of copper and gold. Gold coins were the most valuable and were used for large purchases, payment of the military and backing of state activities. Units of account were defined as the value of a particular type of gold coin. Silver coins were used for midsized transactions, sometimes defined a unit of account, while coins of copper or silver, or some mixture of them, might be used for everyday transactions.
This system had been used in ancient India since the time of the Mahajanapadas. The exact ratios between the values of the three metals varied between different eras and places. However, the rarity of gold made it more valuable than silver, silver was worth more than copper. In premodern China, the need for credit and for a medium of exchange, less physically cumbersome than large numbers of copper coins led to the introduction of paper money, i.e. banknotes. Their introduction was a gradual process which lasted from the late Tang dynasty into the Song dynasty, it began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers' shops. These notes were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began to circulate these notes amongst the traders in its monopolized salt industry; the Song government granted several shops the right to issue banknotes, in the early 12th century the government took over these shops to produce state-issued currency.
Yet the banknotes issued w