features of money

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Title: features of money

Essay Details:

Subject: Business

Author: Willie T

Date: March 26, 2014

Level: University

Grade: A

Length: 5 / 1320

Essay text:

Problems arose when either someone did not want what was being offered in exchange for the other good, or if no agreement could be reached over how much one good was worth in terms of the other. Valuable metals such as gold and silver began acting as a medium of exchange. Governments then decided to melt down these metals into coins. By the seventeenth century people were leaving gold with the local goldsmith for safe keeping. Receipts of ?1 and ?5 were issued which could then be converted back into gold at any time. Soon these receipts were recognised as being 'as good as gold' and were readily taken in exchange for goods...

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