A2Money & economy·2 min·295 words

Money

Cowrie shells once used as money in ancient China, in the Yinxu Museum, Anyang
Gary Todd · CC0 1.0 · Shang Cowrie Money (10197685123).jpg (Wikimedia Commons)
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Money, also sometimes called currency, can be defined as anything that people use to buy goods and services. Money is what many people receive for selling their own things or services.

There are lots of different kinds of money in the world. Most countries have their own kind of money, such as the United States dollar or the Iranian rial.

The idea of bartering things is very old. A long time ago, people did not buy or sell with money. Instead, they traded one thing for another to get what they wanted or needed. One person who owned many cows could trade with another person who had a lot of wheat. Each would trade a little of what he had with the other. This would support the people on his farm. Other things that were easier to carry around than cows also came to be held as valuable. This gave rise to trade items such as jewelry and spices.

When people changed from trading in things like, for example, cows and wheat to using money instead, they needed things that would last a long time. They must still have a known value, and could be carried around. The first country in the world to make metal coins was called Lydia. These first appeared during the 7th century BC, in the western part of what is now Turkey. The Lydian coins were made of a weighed amount of precious metal and were stamped with a picture of a lion. This idea soon spread to Greece, the rest of the Mediterranean, and the rest of the world. Coins were all made to the same size and shape. In some parts of the world, different things have been used as money, like clam shells or blocks of salt.

Questions

  1. A2What is the money of Iran called in the text?
  2. A2Before money, how did people get what they needed?
  3. B1Why did things like jewelry and spices become trade items?
  4. A2Which country made the first metal coins?
  5. A2What picture was on the first Lydian coins?
  6. A2Put these in the order the text tells them: (1) coins spread to Greece, (2) people trade cows for wheat, (3) Lydia makes metal coins.
  7. A2What else has been used as money in some parts of the world?

Talk or write about it

  • Imagine a world without money. How would you get food and clothes? Write a short paragraph.
  • What would be good or bad about paying only with cards and phones, with no coins or notes? Discuss.
Money — English reading, level A2 | Krumeto