Monday, 25 January 2016

OUGD505 Licence to Print Money - Research, History of & Issues Around Money (Studio Brief One)


9000 BC - 6000 BC

Livestock - particularly cattle were used as forms of exchange. This trading was an initial step towards the notion of standard pricing, for example, a cow was thought to be more expensive and was worth two goats rather than one.

3000 BC - 2000 BC

Banking - originated in Babylonia (present day Iraq) with inital deposits of grain, cattle, agricultural implements and precious metals. During this period, there was a belief that temples were a place of absolute refuge. Due to this, gold was placed in temples for safekeeping, leaving priests as acting 'bankers' as they became the gatekeepers for gold and issued loans where necessary.

2250 BC - 2150 BC

A guarantee - the state of Cappadocia (present day Turkey) guaranteed the quality of silver ingots, increasing their acceptance of money.

687 BC

First to mint - King Alyattes of Lydia was the first to mint coins. Lydians were the first people to open retail shops.

640 BC - 630 BC

Electrum - The Lydians coined the first modern form of money by producing metal coins made out of electrum, a naturally occurring alloy of gold and silver.

550 BC

Separation - Lydians began producing separate gold and silver coins.

390 BC

Cackling geese - In Rome, cackling geese alert authorities against thieves stealing the cities money reserves. Romans built a shrine to Moneta, the goddess of warning. The words 'money' and 'mint' originate from this goddess.

118 BC

Leather money - it was made from white deerskin and was issued in China. Many people believed this to be the earliest form of a banknote.

30 BC

Caesar reforms - Caesar Augustus reformed Roman monetary system by issuing gold, silver, brass and copper coins.

806 - 821

Paper money - paper money was invented in China.

1232 - 1253

The florin - a gold coin minted in Florence, Italy, became widely accepted currency throughout Europe.

1275 - 11292

Marco Polo - Europe learns about paper money from Marco Polo's travels in the Far East, including China.

1452 - 1519

Milled money - Leonardo de Vinci's drawings were used to create a press for producing coins using a water-driven mill. The new money was called 'milled money'.


Bank notes - Europe's first bank note was issued in Sweden.


Coinage - The US issued its first coins under the Coinage Act.


E-money - Western Union marks the beginning of electronic money with electronic fund transfer (EFT).


Fifty-cent - The official opening of the Ottawa Branch of Britain's Royal Mint is commemorated with a fifty-cent piece.


Bank of Canada - The Bank of Canada is established.


Diners Club - The era of credit cards begins with the Diners Club card.


ABM - The first Automated Banking Machine is introduced in England.


Videotax - Online banking begins when four of New York's largest banks offer home banking services using the Videotex system.


Age of the smart card - New technologies include electronic cheques and embedded smart cards.


Mobile banking - European banks begin offering mobile banking through primitive smart phones.


Euro - The circulation of Euro bank notes and coins begins.


Penny for your thoughts - Canada stops minting the penny for circulation.


The main issues surrounding physical money is theft, as it isn't safe to keep large sums of money out of the bank. This is a minor issue, however, as banks are (generally) a safe place to keep money.

The main issues surrounding online banking and money is also theft. Hacking is possible, however banks work very hard to make it more and more difficult for hacking to occur, and also have security measures in place for large sums of money leaving peoples accounts.

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