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3 March, 19:30

How did money emerge out of barter economy

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  1. 3 March, 20:29
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    Money emerged out of the barter economy when goldsmiths kept gold for people and gave them receipts instead. The receipts became the "money".

    In the 1600s, a lot of London merchants would place their gold in locked storage rooms of the goldsmiths in the city for preservation; the goldsmiths would give receipts to the merchants. The receipts could also be cashed in for gold, which had real value.
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