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History of Money
About money
We use money to buy goods and services and to pay debts. Most people use money everyday and use cash (coins, banknotes) to pay for smaller purchases such as bread and takeaway items.
Governments make coins and banknotes from paper, plastic or metal and assigns each a value. These coins and banknotes are then used to make and accept payments.
Bartering
When money did not exist bartering (exchange of goods and services) was commonplace. People worked out what was thought to be a good exchange of goods - for example an animal skin would be exchanged for some fish. Bartering however was never a perfect solution as it only worked if you had goods that you could exchange with someone that had what you wanted and vice versa.
First coins in Australia
The arrival of the First Fleet brought a small amount of English and foreign coins into Australia. Bartering of rum was common amongst the Convicts and the early settlers and military personnel.
The earliest currency used was English money and also the Spanish dollar brought by the early ships. |
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In 1813 Governor Macquarie had their centres cut out because of the coin shortage, and they became known as 'holey dollars' and cores known as 'dumps'.
The first Australian coins were released in 1910
First Banknotes Printed in Australia
In 1913 the first Australian banknotes were printed.
Introduction of Decimal Currency
On 14 February 1966, decimal currency was introduced. Dollars and cents replaced the pounds, shillings and pence. This became a much simpler system to use - where one dollar is worth 100 cents |
Decimal Change Over Song
In come the dollars and in come the cents
To replace the pounds and the shillings and the pence
Be prepared for change when the coins begin to mix
On the fourteenth of February 1966.
Chorus:
Clink go the coins, clink, clink, clink
Change over day is closer than you think
Learn the value of the coins and the way that they appear
And things will be much smoother when the decimal point is here.
In come the dollars and in come the cents
To replace the pounds and the shillings and the pence
Be prepared folks when the coins begin to mix
On the fourteenth of February 1966.
Lyrics written by Ted Roberts
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$1 and $2 coins introduced to replace notes
The $1 coin was introduced in 1984 to replace the $1 note and the $2 coin was introduced in 1988 to replace the $2 note. The paper banknotes had a short life and only lasted approximately eight months but a coin much longer – possibly up to 30 years.
Polymer Banknotes
At around the same time a much longer lasting polymer banknote to replace the paper $10 note was introduced. The polymer notes have the advantage of not only lasting longer, they stay cleaner and old or damaged notes can be recycled into other products. Security devices such as transparent windows, serial numbers that change color under ultra-violet light, along with other features were also incorporated to help prevent counterfeits.
Plastic Cards
The use of credit cards is thought to have originated in the United States during the 1920s. It was used to sell fuel to a growing number of automobile owners. By 1938 several companies started to accept each other's cards. Today there are countless options and companies offering credit cards.
Debit cards
With debit cards money can be moved electronically by swiping a card through an EFTPOS (electronic funds transfer at point of sale) machine and entering a PIN (personal identification number). Cash can also be withdrawn when buying goods and services. Debit cards can also be used to withdraw or deposit cash, or to deposit a cheque in ATMs (automatic Teller machines.)
Credit Cards
A credit card allows you to purchase goods and services and pay for it later. Regular statements alert you to what is owed and when payment is due. Credit cards often have limits and interest is charged if payment is not paid on time.
Whats Next?
We can buy and sell most goods and services using Plastic cards, computers. telephones and over the internet. People are using less cash and shop from home or work by ordering goods over the internet and paying for them electronically. Plastic cards with computer chips that hold information such as the “smart” card can hold such information as bank account details and can be used to make and record payments and purchases.
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The History of Money
From primitive man's cowrie shells to the electronic cash card, from the markets of Timbuktu to the New York Stock Exchange, "The History of Money" explores how money and the myriad forms of exchange have affected humanity, and how they will continue to shape all aspects of our lives--economic, political, and personal. |
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What Is Money ?
This volume provocatively rethinks the economics, politics and sociology of money and examines the classic question of what is money. Starting from the two dominant views of money, as neutral instrument and a social relation, "What is Money? presents a thematic, interdisciplinary approach which points to a definitive statement on money. |
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