{"id":602377,"date":"2019-03-26T03:45:39","date_gmt":"2019-03-26T03:45:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/26\/how-did-we-come-to-accept-paper-money-a-web-series-by-extra-history\/"},"modified":"2019-03-26T03:45:39","modified_gmt":"2019-03-26T03:45:39","slug":"how-did-we-come-to-accept-paper-money-a-web-series-by-extra-history","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/26\/how-did-we-come-to-accept-paper-money-a-web-series-by-extra-history\/","title":{"rendered":"How did we come to accept paper money? A web-series by Extra History"},"content":{"rendered":"

How did we come to accept paper (and now intangible crypto currency) as legit forms of payment?<\/b> Although we all pay for products and services with our debit\/credit cards or cash on a daily basis without a second\u2019s thought, it has certainly crossed many of our minds how and when the human race began to place so much value in a piece of plastic or paper. The history of money doesn\u2019t begin with actual paper bills: it began with barter and slowly evolved into \u2018commodity money\u2019 and specie (coins), which gave way to commodity-backed IOUs, transformed into \u2018fractional reserve banking\u2019 and credit money, moved all the way to abandoning the gold standard, and finally culminated in what we call today plastic or digital money. After trying countless systems and currencies and grappling with different theories, we finally came to accept money as \u201can idea, rather than a thing.\u201d<\/p>\n

Fun fact:<\/b> \u2018Shell money\u2019 \u2014 in the form of cowry shells \u2014 not gold, is actually the most successful form of currency, and one that was used for the most expansive period of time. This six-episode season from YouTube-based web series Extra History runs through the history of money and similar interesting tidbits of knowledge. Start with the first episode (runtime: 8:14)<\/a><\/u>, and binge through the rest.<\/p>\n","protected":false},"excerpt":{"rendered":"

How did we come to accept paper (and now intangible crypto currency) as legit forms of payment? Although we all pay for products and services with our debit\/credit cards or cash on a daily basis without a second\u2019s thought, it has certainly crossed many of our minds how and when the human race began to […]<\/p>\n","protected":false},"author":1,"featured_media":602378,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9004],"tags":[104,72,412,2388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-watching","tag-economy","tag-enterpriseam","tag-history","tag-worth-watching","wpautop","entry"],"acf":{"mongo_id":"6a64f0bd-9929-4bd7-803b-38995439ed6d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/3\/1548.jpg","photo_position":"above","related_issue":[602357],"teaser":"","voice_url":""},"yoast_head":"\nHow did we come to accept paper money? A web-series by Extra History - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/26\/how-did-we-come-to-accept-paper-money-a-web-series-by-extra-history\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How did we come to accept paper money? A web-series by Extra History\" \/>\n<meta property=\"og:description\" content=\"How did we come to accept paper (and now intangible crypto currency) as legit forms of payment? 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