Question: What were the earliest form of objects used as money in India?

What was the earliest form of object used as money in India?

Cowry shells were first used in India as commodity money. The Indus Valley Civilization may have used metals of fixed weights such as silver for trade activities which is evident from the DK area of Mohenjo Daro from the late Harappan period (dated 1900–1800 BC or 1750 BC).

What objects are used as money in India?

Answer:Food grains and cattle were used as money before the introduction of coins in India. In India before the introduction of coins the people used the food grains and some of the liquid substance like kerosene, oil as the medium of exchange or as money.

What is used as money in the early age?

The earliest known use of wampum, which are strings of beads made from clam shells, was by North American Indians in 1535. Most likely, this monetary medium existed well before this date.

What is unique about development of money?

Answer: The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability. … Money has evolved through different stages according to the time, place and circumstances.

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When was paper money first used?

People used metal objects as money to exchange goods and services as early as 5000 B.C. Paper money in the United States dates back to 1690 and represented bills of credit or IOUs. New currencies were introduced in the U.S. in 1861 to help finance the Civil War.

Which object is used as money?

For. example, since the very early ages, Indians used grains and cattle as money. . Thereafter, came the use of metallic coins—a phase which continued well into the last century.

What are the different types of objects used as money before introduction of coins?

Answer:

  • Before the introduction of coins, a variety of objects were used as money. For. example, since the very early ages, Indians used grains and cattle as money.
  • Thereafter, came the use of metallic coins—a phase which continued well into the last century.

What are the current forms of money?

Money comes in three forms: commodity money, fiat money, and fiduciary money. Most modern monetary systems are based on fiat money.

When did Currency start in India?

The introduction of small denomination notes in India was essentially in the realm of the exigent. Compulsions of the first World War led to the introduction of paper currency of small denominations. Rupee One was introduced on 30th November, 1917 followed by the exotic Rupees Two and Annas Eight.