By Encyclopedia Britannica
Publication Date: 2025-11-14 10:36:00
Various denominations of the euro currency.
Encyclopædia Britannica, Inc.
Top Questions
What is money?
Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed. It circulates from person to person and country to country, facilitating trade, and it is the principal measure of wealth.
When was paper money first used?
The first use of paper money occurred in China more than 1,000 years ago. By the late 18th and early 19th centuries, paper money and banknotes had spread to many other parts of the world.
When were coins first used as money?
The use of metal for money can be traced back to Babylon, prior to 2000 BCE. Standardization and certification in the form of coinage did not occur except perhaps in isolated instances until the 7th century BCE. Historians generally ascribe the first use of coined money to Croesus, king of Lydia, a state in Anatolia.
money, a commodity accepted by general consent as…
