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Evolution of Money

In ancient times, a great variety of commodities and cattle and cattle were used as money in various countries. Salt and cattle, for example, were used as money in ancient Rome, tobacco was used in the early American colonies and pigs were used is some South Sea Islands. All kinds of commodities, ranging from grain to animal skin, have been used as money. However, in due course of time most of the countries found that metallic coins, such as iron, countries found that metallic coins, such as iron, copper, silver, gold etc., were more suited to serve as money. Iron and copper originally predominated. However, as major increase in their supplies occurred, they become so plentiful as to reduce their scarcity-value to their supplies occurred, they become so plentiful as to reduce their scarcity-value to the point at which coins would have been excessively bulky and heavy. Silver was considerably more and become a popular form of money. Until two or three hundred years ago, gold was so scarce that it did not of gold coins of convenient size. Metal coins were the main form of money throughout the major portion of recorded history. They served well because they possessed the desirable characteristics of money. They were so easy to carry; they could be easily divided into commodity usage as in their monetary usage. These qualities led to the use of metallic coins as money. In modern times, money is mostly non-commodity money such as paper money and credit money.