Historical Development of Money

The problems of barter, especially that of double coincidence of wants led to the introduction of a uniform medium of exchange, known as money. During the early days, items such as shells, beads, cowries, coppers, silver, and gold, among others were used as forms of money in different parts of the world.

These items were not generally accepted because they were bulky and some of them could not be stored for too long. These problems led to the search for easier means of exchange until coins, banknotes, and bank deposits were introduced to replace the other commodities