The History of Money (Grade 10 NSC Matric Economics): Flashcards
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Practise the cards
10 cards from this deck
Barter system
Barter system
Direct exchange of goods & services for other goods & services
Medium of exchange
Medium of exchange
Something representing value to make trading easier
First official metal coins: when & where
First official metal coins: when & where
Around 650 BCE in Lydia (modern-day Turkey)
Currency
Currency
Official money system used within a nation
Gold standard
Gold standard
System where bank notes are backed by gold held at banks
Examples of indigenous African money
Examples of indigenous African money
Cattle, beads, ostrich shells, cloth, ivory, gold
Cape rixdollar: when established
Cape rixdollar: when established
1705 as official monetary unit for Cape Colony
South African Reserve Bank: when established
South African Reserve Bank: when established
1921
SA decimal system adoption (rands & cents)
SA decimal system adoption (rands & cents)
1961
Legal tender
Legal tender
Currency that may be legally used in a country