History of Money Lesson for Kids - Lesson | Study.com (2024)

FAQs

What is the history of money for kids? ›

The use of money dates back thousands of years. About 3,000 years ago, China developed the use of miniature metals as a system of trade. At first, they created small symbols out of bronze, which is a mix of copper and tin metal. For instance, you could trade a bronze symbol of a shovel for a real shovel.

Lesson Summary

Begin by teaching them to skip count, and then move on to explaining all about money. Have students identify value, count, and practice before combining more than one type of coin. Finally, it will be time to put them all together. Reinforce skills by connecting to home and making learning visible.

Money is a mode of payment accepted by both sellers and buyers for goods and services. Money is what we give in return when we buy stuff like food, clothes, house, groceries, etc. We give money in return for purchasing anything. This is a simple trade or exchange.

The barter system likely originated 6,000 years ago. The first coin we know of is from the 7th century BC and the first paper money came into the world around 1020 AD. Eventually, medieval banking systems gave way to the gold standard, which in turn gave way to modern currency.

Money is made in factories called mints! The U.S dollar is the most commonly used currency in the world! The first Credit-Card like payment method appeared in 1950 when the “Diners Club” issued its first charge card. Before money existed, people used other systems to pay for goods, like bartering.

To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange. Modern economies use fiat money-money that is neither a commodity nor represented or "backed" by a commodity.

Money is a liquid asset used to facilitate transactions of value. It is used as a medium of exchange between individuals and entities. It's also a store of value and a unit of account that can measure the value of other goods.

There are more than five stages of money's evolution. Still, five notable stages include: commodity money (i.e., grains, livestock), metallic money (i.e., coins), paper money, credit and plastic forms of currency, and digital money.

Where in the Bible is the first mention of money? ›

The first mention in the Bible of the use of money is in the Book of Genesis in reference to criteria for the circumcision of a bought slave. Later, the Cave of Machpelah is purchased (with silver) by Abraham, some time after 1985 BC, although scholars believe the book was edited in the 6th or 5th centuries BC.

Etymology. The word money derives from the Latin word moneta with the meaning "coin" via French monnaie. The Latin word is believed to originate from a temple of Juno, on Capitoline, one of Rome's seven hills.

Money was invented more than 4,000 years ago. People who wanted to trade goods and services gradually realized that exchange would be easier if there were some single commodity that everyone would accept as valuable. There was something—precious metal, or three precious metals, to be exact.

The English word money first appeared in the 14th century. It was derived from the Latin word moneta, a name given to the Roman goddess Juno, at or near whose temple the Romans first began minting coins around 300 BCE. (Read Milton Friedman's Britannica entry on money.)

The first such toy money was printed in 1880 by the Milton Bradley Toys company, and was actually a teaching tool, distributed to schools so that children could play at commercial transactions and learn skills for reckoning change, recognizing coins, and budgeting purchases.

Kids between the ages of 6 and 8 may start to understand how money works. "As soon as your child is receiving an allowance, he'll need a place to put his money," says Pearl.