Updated on 28 December 2023 11:55 PM IST | By Sanjay Thakur
There are many currencies in the world but still why has the US currency been made an international currency? Why does every country accept US currency? Why even big power countries were able to make their currency a new global currency. Is there any fear behind this?
Let us answer all the questions.
Thousands of years ago there was no currency, there used to be barter system. In the barter system, goods were taken in exchange, like you have potatoes and you need onions and I have onions and need potatoes, we both will fulfill our needs by exchanging goods. Similarly, people used to exchange their goods and services as per their needs.
Let us answer all the questions.
Thousands of years ago there was no currency, there used to be barter system. In the barter system, goods were taken in exchange, like you have potatoes and you need onions and I have onions and need potatoes, we both will fulfill our needs by exchanging goods. Similarly, people used to exchange their goods and services as per their needs.
This barter system was good for small exchanges like potatoes and onions, but it was a problem for large amounts of exchange, the goods also got spoiled when stored for a long time.
That is why they introduced such things which are not perishable like valuable metals like gold, silver and copper. Used to trade and store it for a long time which did not even get spoiled. Lynians converted these metals into science so that people could trade them easily and store them easily.
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These coins were used for a long time but there were problems in this also, the problems were that due to being made of metal, they were very heavy due to which it was difficult for people to keep them while traveling for a long time, it made it difficult to transport and protect them from theft. There was a problem.
People started coming up with a solution for this too, which is that suppose you want to go from Delhi to Mumbai, then you will search for a businessman in Delhi and tell him that you take this science and if I can get a job in Mumbai, then you will talk to the businessman you know and tell him. Please return this much coin to me and take the remaining charge from me.
In such a situation, the Delhi businessman used to take coins and give them after stamping and signing a paper and after seeing that paper, the Mumbai partner used to give the same amount of coins (gold, copper etc.) to that person.
Raste’s worries about gold and silver will be over. You must have heard the name of Hawala these days, it is also based on the same Purana system, and the paper with stamp and sign used to get it later becomes currency.
It was running fine, it was running only on trust and it was not even organized, then people started trying to take it to organized form.
In the year 1154, a person named Sanjay established a system with the Chinese authorities. It created a bank for this purpose where people could collect their coins (gold, silver, copper) and take cash.
