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Episode Markers
  • 01:38
     
    #coincidence of wants   
    A coincidence of wants is the basis that trade can exist.
  • 02:22
     
    #Problems of barter   
    Problems of barter arise when two people don&39&59;t want a direct trade.
  • 02:55
     
    #intermediary unit of exchange   
    An intermediary unit of exchange was created to solve this -- money.
  • 03:21
     
    #Cattle have often served as money   
    Cattle have often served as money.
  • 03:28
     
    #Alcohol served as money   
    Alcohol served as money at the time Europeans arrived in the Americas.
  • 03:38
     
    #Zhou Dynasty    #money existed in the form of tools, then knives    #first examples of precious metals money   
    In the Zhou Dynasty(1027-256 BC) money existed in the form of tools, then knives. These became some of the first examples of precious metals money.
  • 03:45
     
    #island of Yap    #large limestone rings serve as money    #rai stones   
    On the island of Yap, large limestone rings serve as money. These are called rai stones.
  • 03:50
     
    #stones are never moved   
    The stones are never moved. They just remember who owns them.
  • 04:05
     
    #stone is still counted inspite of never being seen   
    Once when bringing a stone back to the island, a storm hit and sent the stone to the bottom. They held a meeting and decided that the stone is still counted inspite of never being seen.
  • 04:33
     
    #form of money used the longest    #cowry shell   
    The form of money used the longest and over the widest area is the cowry shell. It is very hard to counterfeit and without modern harvesting tools, scarce.
  • 05:07
     
    #comodity money   
    Things like Alcohol, gold, silver, cowry shells are all comodity money.

The History of Paper Money - I: Origins of Exchange - Extra History

Giant stones sunk under the sea? Cows? Cowrie Shells? What do they all have in common? They were all money. Find out how we got from exchanging these things to doing 8 hours of work for a stack of paper that takes 2 seconds to print on The History of Paper Money. (--More below) Support us on Patreon! http://bit.ly/EHPatreon Grab your Extra Credits gear at the store! http://bit.ly/ExtraStore Subscribe for new episodes every Saturday! http://bit.ly/SubToEC Play games with us on Extra Play! http://bit.ly/WatchEXP Talk to us on Twitter (@ExtraCreditz): http://bit.ly/ECTweet Follow us on Facebook: http://bit.ly/ECFBPage Get our list of recommended games on Steam: http://bit.ly/ECCurator ____________ ♪ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H ♪ Get the outro music here! http://bit.ly/23isQfx *Music by Sean and Dean Kiner: http://bit.ly/1WdBhnm






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