Who_Invented_Money____The_History_of_Money___Barter_System_of_Exchange___The_Dr_Binocs_Show(360p)

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00:00Kitty, what story?

00:11Oh, actually, I forgot to bring my wallet, little kitty.

00:15So, I don't have the money right now.

00:18Why need money?

00:21That's a valuable question.

00:24So, by the time I bring back the wallet,

00:27let us have a look at the brief history of money

00:31and see who invented it.

00:33Zoom in!

00:36Have you ever tried to trade your toy for a friend's toy?

00:40Like, if you wanted a new bicycle,

00:43you would ask your friend to give it to you

00:45in exchange for a set of board games.

00:48I know it sounds crazy,

00:50but believe it or not,

00:52that's how people purchased things way back in time.

00:56Yes, way before money was invented,

01:01people used to barter,

01:03which means that they would trade goods or services

01:06for other goods or services.

01:09For example, a farmer might trade a sack of wheat

01:13for a pair of shoes,

01:15or a loaf of bread for a bottle of milk.

01:19This system remained intact for centuries

01:22and worked well in most cases.

01:25But unfortunately, it has many limitations

01:29as not all goods or services were easily traded,

01:33and there was no easy way to determine

01:36the value of goods or services.

01:39And as societies were getting more complex,

01:44and people were travelling all around the world,

01:47the need for a better medium of exchange

01:50became a necessity.

01:52People understood that they require something

01:56that is mutually valuable,

01:59can be easily calculated,

02:01can be reproduced,

02:03and can be stored for a long period of time.

02:08Then somewhere around 1200 BCE,

02:12many ancient cultures began to use things

02:15like kauri shells,

02:17beads,

02:18and even stones as an early form of money.

02:22These items were small,

02:24portable,

02:25and easy to trade.

02:26Plus,

02:27they had a consistent value,

02:29which made them ideal for exchanging goods and services.

02:34But,

02:35metallic coins as we know them today,

02:38first appeared around 600 BCE,

02:42in a region called Lydia,

02:45an ancient kingdom located in what is now Turkey.

02:50These coins were made from a mixture of gold and silver,

02:54and were stamped with various images and symbols

02:57to signify their value.

02:59Soon, coins became popular,

03:02and were adopted by other civilizations

03:05throughout the world.

03:07But,

03:08there was still a tiny viney problem,

03:11and that is,

03:13too many of them were quite heavy to carry.

03:16So,

03:17to tackle this weight,

03:18around 618 CE,

03:21the Chinese thought of making the most out of their invention of paper,

03:26and began to print paper money.

03:29At that time,

03:33merchants would deposit their coins with trustworthy individuals,

03:38such as goldsmiths,

03:40or moneylenders,

03:41and receive a paper receipt in return,

03:45which they could then use to make purchases.

03:49This system proved to be quite popular,

03:52as it was more convenient than carrying around large amounts of coins.

03:57Over time,

03:58the use of paper money spread throughout China,

04:02and eventually made its way to other parts of the world,

04:06and led to the development of paper money as we know it today.

04:12But,

04:13the face of money didn't stop there.

04:15Today,

04:16we have sophisticated financial systems,

04:19that allow us to use our cards to buy things online,

04:23and we can even use our phones to pay for things at the store.

04:27Now,

04:28with the potential of digital money,

04:30we may not know exactly what the future of money will look like.

04:35But,

04:36one thing is for sure,

04:38it will continue to adapt and transform as we do.

04:43Trivia time!

04:46Did you know,

04:47paper money is not actually paper?

04:50Yes,

04:51it's made from a blend of cotton and linen,

04:54a type of cloth,

04:56that's made from a plant called flax.

05:01Sketching time!

05:03Today's sketch of the day goes to,

05:06Varnika Shukla.

05:09Hope you had fun today!

05:12Until next time,

05:13it's me,

05:14Dr. Binox,

05:15Zooming out!

05:27Never mind!

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