Currency Beginning Present And Future Essay Research free essay sample

Currency, Beginning, Present, And Future Essay, Research Paper Currency, the Beginning, the Present, and the Future # 8220 ; Money # 8211 ; in the traditional sense no longer exists. It died two decennaries ago when Richard Nixon everlastingly abolished the gilded criterion. Since so, money as we one time knew it has been replaced by an unstable new planetary medium of exchange that is called # 8216 ; megabyte money # 8217 ; # 8230 ; megabyte money is a menace non merely to our state # 8217 ; s long-run growing and prosperity, but to the person as well. # 8221 ; Joel Kurtzman, The Death Of Money, 1993 Economy when it was foremost started was a seedling in a field. Poor and helpless to the environment. As this seedling grows, it becomes stronger and greater as a whole. The great Red Oak that the we as world has let it turn up to be is one of the greatest powers driving this planet. This Tree has become the state? s immense wood and the forest supports on turning with no terminal in sight. We will write a custom essay sample on Currency Beginning Present And Future Essay Research or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The thing that makes the economic tree so great, is currency. As America moves into the 20 firsts century at a rapid gait, the currency and economic system is traveling right along with it. As engineering progresss more and more the manner that Americans pay for things has besides changed. Americans are transporting less and less hard currency to the shops, but more recognition cards and cheques. The latest invention that has come out is the smart bit. But is all this engineering traveling to be the day of reckoning of civilisation. In this paper the history, the present, and the hereafter of money will be told. In the Get downing the swap was the lone manner to interchange goods. The swap system is the exchange of resources or services for common advantage, and may day of the month back to the beginning of world. Some would even reason that it # 8217 ; s non strictly a human activity ; workss and animate beings have been bartering for 1000000s of old ages. This means that workss and animate beings have been know to assist each other out. In any instance, swap among worlds surely pre-dates the usage of money. Today persons, organisations, and authoritiess still use, and frequently prefer, barter as a signifier of exchange of goods and services. In 12 hundred BC cowries were foremost used. This was the shell of a mollusc that was widely available in the shallow Waterss of the Pacific and Indian Oceans, was in China. Historically, many societies have used cowries as money, and even every bit late as the center of this century, cowries have been used in some parts of Africa. The cowry is the most widely and longest used currency in history. By the clip 1000 BC bronze and Cu cowry imitations were manufactured by China at the terminal of the Stone Age and could be considered some of the earliest signifiers of metal coins. Metal tool money, such as knife and spade monies, was besides foremost used in China. These early metal monies developed into crude versions of unit of ammunition coins. Chinese coins were made out of base metals, frequently incorporating holes so they could be put together like a concatenation. However some didn? T have entree to cowries this lead to the domestication of cowss. This was used from nine thousand to six thousand BC. Cattle, which include anything from cattles, to sheep, to camels, are the first and oldest signifiers of money. With the coming of agribusiness came the usage of grain and other veggie or works merchandises as a standard signifier of swap in many. This system nevertheless ran into some defects when there was no fit criterion on how much anything was deserving. About one 1000 BC the first coined money was invented. They were bronze and Cu cowry imitations were manufactured by China at the terminal of the Stone Age and could be considered some of the earliest signifiers of metal coins. Metal tool money, such as knife and spade monies, was besides foremost used in China. These early metal monies developed into crude versions of unit of ammunition coins. Chinese coins were made out of base metals, frequently incorporating holes so they could be put together like a concatenation. Outside of China, the first coins developed out of balls of Ag. By 500 BC the modern coin came about. They took the familiar unit of ammunition signifier of today, and were stamped with assorted Gods and emperors to tag their genuineness. These early coins foremost appeared in Lydia, which is portion of contemporary Turkey, but the techniques were rapidly copied and further refined by the Greek, Persian, Macedonian, and subsequently the Roman empires. Unlike Chinese co ins, which depended on base metals, these new coins were made from cherished metals such as Ag, bronze, and gold, which had more built-in value. In 118 BC leather money was used in China in the signifier of one-foot-square pieces of white deerskin with colourful boundary lines. This could be considered the first documented type of bill. However it wasn? T till 806 AD boulder clay the first paper bank notes appeared in China. In all, China experienced over 500 old ages of early paper money, crossing from the 9th through the 15th century. Over this period, paper notes grew in production to the point that their value quickly depreciated and rising prices soared. Then get downing in 1455, the usage of paper money in China disappeared for several hundred old ages. This was still many old ages before paper currency would re-emerge in Europe, and three centuries before it was considered common. Cherished metals were subsequently used to put a criterion for Bank notes. Gold was officially made the criterion of value in England in 1816. At this clip, guidelines were made to let for a non-inflationary production of standard bank notes, which represented a certain sum of gold. Bank notes had been used in England and Europe for several hundred old ages before this clip, but their worth had neer been tied straight to gold. In the United States, the Gold Standard Act was officially enacted in 1900, which helped take to the constitution of a cardinal bank. This nevertheless would non last. The monolithic Depression of the 1930 # 8217 ; s was felt worldwide which marked the beginning of the terminal of the gilded criterion. In the United States, the gilded criterion was revised and the monetary value of gold was devalued. This was the first measure in stoping the relationship wholly. The British and international gold criterions shortly ended every bit good, and the complexnesss of international pecuniary ordinance began. The complexnesss and economic sciences of what has happen to the gold criterions stoping can do pandemonium and break. However this break was minimum, due to the gradual alteration in the system. The United States was nevertheless non hone in their money system either. In San Francisco during 1965, 1966 and 1967. Due to the limitations on coin designation in force at that clip, no mintmarks was used. Mintmarks were cogent evidence of where the coins were made. Proof coin operations were moved from the Philadelphia Mint to San Francisco in 1968, and the missive # 8220 ; S # 8221 ; identifies that particular numismatic mintage. The mintage Act of 1965 prohibited the usage of mintmarks for a period of five old ages. This, together with the day of the month freezing, eliminated separating characteristics on our coins which could be given to do their remotion from circulation during a critical period when the Mint was endeavoring to construct up coin stock lists. No mintmarks appear on coins dated 1965, 1966, and 1967. Congressional mandate permitted recommencement of the pattern in 1968, at which clip the batch Markss, normally positioned on the contrary of the coins prior to 1968, were for good relocated on the obverse or day of the month side. Today? s currency comes is traveling over a new brand over. The United States quarters are one of the coins that is having a face-lift. To mark the 50 states the United States is coining a new one-fourth for each province every 10 hebdomads. In 1999, the Mint issued: Connecticut ( the Charter Oak ) ; Delaware ( Caesar Rodney on horseback ) ; Georgia ( province lineation, Prunus persica, unrecorded oak branchlets ) ; New Jersey ( picture of Washington Crossing Delaware ) ; and Pennsylvania ( province lineation, allegorical female figure, anchor ) . A new one-fourth will be coming out every twelvemonth until the twelvemonth 200 8. Other Bills like the 10, 20, 50, and the 100 dollar measures are get downing modified excessively. They are acquiring a bigger portrayal and having a water line. This will do it harder to forge and merchandise illicitly. The newest alteration to the United States currency has been the two 1000, dollar coin. This coin is a aureate colour and has Sacagawea on it. Sacagawea was the Shoshoni Indian adult female who helped steer the Lewis and Clark Expedition to the Northwest. This coin is similar to the Susan B. Anthony dollar that was stopped from doing because many got it confused with quarters. With all these alterations in the currency, the fact still remains that 90 per centum of all currency does non exists. In modern society we are traveling further off from money and closer to a cashless society. A cashless society is a society that has no or few currency. With a cashless society it is harder to steal peoples currency. This allows for people to maintain something with the value of money, but merely they can utilize it. In America the cashless ways of purchasing things are being changed within a life clip. Checks were the first invention to come out. When this invention came out, Americans did non hold to purchase things with hard currency any longer. Americans sighed a valid piece of paper stating how much they owed and to who they wrote the cheque to. The security hazard of this is, if person stole the chequebook, they possibly able to hammer your signature and take money out of the checking history. This was hard manner of maintaining path of what was spent. Another major disadvantage was that it was difficult to maintain up with what your balance was. Some would compose cheques, but they would non hold the money to pay for it. This is known as resiling a cheque. A new engineering must come out to counter these jobs. The following thing that came out was the recognition card. A recognition card is a card that had all your history information on a recognition card. This was a system of web computing machines that was hooked up state broad. When an point was needed to be purchased, all that was needed to be done was to skid your card through a recognition card machine. This would direct the information that was on the history to the web. Then the feedback would come back, to see if the recognition card was approved. Finally all that is needed to de done is to subscribe the reception. This was good because it was convenient and easy to utilize. A recognition card was besides hooked up to a web of computing machines. This made it harder to steal because when a individual found it lost, they could merely deactivate the card. Probably the most good factor was that monthly payments can be made. This allowed for people to pass, and merely hold to pay a small back at a clip. Some people did non like the thought of passing money that they do non hold. So a cheque card was invented. This sort of card can be used precisely like a recognition card, but it would retreat from the look intoing history. The cheque card would merely let a individual to pass every bit much as they had. This allowed many to merely hold one sort of payment and let for less or no hard currency to be carried. To do these cards even safer some have put their image ID on the cards. The newest and the fastest motion in the fiscal universe, is the smart card. Already widely used in Japan and Europe, the smart card is a computing machine bit inside the recognition card. Smart cards, which resembles ordinary recognition cards are capable of hive awaying informations, such as banking histories, medical information, favourite nutrients, etc. The smart card allows for the card to maintain path of what a individual bargain and do a shopping list from it. This card will advise a individual to state them that they have a low balance. This invention will do it even harder for a individual? s card to be stolen. This engineering and the other engineering will convey America into the 20 first century and point America towards a cashless society. A trial plan is already in consequence in the United States military. This plan is designed to prove if a cashless society would really work. In Parris developing base in South Carolina recruits are having smart cards, instead than hard currency. ? On payday, recruits receive smart cards instead than hard currency. When a Marine makes a purchase on base, he plugs the card into a little terminus and the amount is automatically deducted from his pay. ? Newsweek says, ? THE BASE IN FACT, A CASHLESS ECONOMY- even telephones take smart cards. ? Another topographic point that is proving a unvarying system of designation is schools in New York City. At least 15 schools are in this trial plan to see if a unvarying barcode system would really work. They say it is like? maintaining checks on Students. ? This should assist maintain them from acquiring into more problem. Will this unvarying designation work or is it merely another manner to go against a individual? s privateness. Some say that the smart cards and barcodes on people might go the national designation card. However is this merely a program to go against person? s security. Some believe that there is a sinister program that is being carried out to steal person? s individuality. Information hebdomadally, asks the? Ten Million Dollar Question? , ? What if a stealer swipes your card? ? This is a major concern that the authorities has to look into. Can person steal your individuality. Credit card fraud histories for a billion dollar loss every twelvemonth. All your banking, personal, and medical information could be in another individual? s manus really easy. The solution that the United States authorities is looking into is a ET Bio-Chip. This ET bit will be implantable and or injectable into a individual? s organic structure. They are believing of seting this bit in either the manus or brow. This would be a lasting manner of designation. The micro chip is traveling to be every bit bantam as a grain of rice and is traveling to keep a ten-character alphameric designation codification. This codification will neer be duplicated, so a individual? s individuality will remain with them everlastingly. When you? re ready to buy an point the bit is scanned the codification will demo up on a computing machine screen. This bit can associate a individual into a computing machine database and track a individual utilizing orbiters. Some people are afraid that this engineering is traveling to misused. Dr. Carl Sanders is an expert in technology, and micro chips in the bio-medical field. He is particularly disquieted about the abuse of this merchandise. He thinks that people are traveling to be implanted with this bit whether they want it or non. He besides believes that the authorities can supervise its population against their will excessively. Some people say that we have to worry a batch more about other things than holding our privateness invaded Disclosure 13:17 provinces? And that no adult male might purchase or sell, salvage he that had the grade, or the name of the animal or the figure of the beast. ? Does this mean that the terminal of the universe is coming? Revelation says that? The Beast? will come up once more and take over the universe. The Bible besides says that this grade will be placed in the right manus or the brow of the people. The symbol for? The Beast? is the figure 666. In 1974 a unusual new marker was placed on every merchandise in America, this marker was the UPC codification. Inside the UPC codification some say that they have found the markers of 666 hidden in every individual one of the codifications. UPC codifications are a signifier of designation Numberss for a certain point. To set this sort of designation in a individual? s organic structure is like seting the grade of the animal on the organic structure. As the economic tree supports on turning and the forest supports on distributing to greater ranges of the Earth. The state as we know it will neer be the same. The technological progresss that have been made, will go on far into the following century. Mankind started out with stones and rocks, but now the human race is paying for everything utilizing wires and recognition cards. In the following century how far will this engineering grow and where will it take us? No affair what signifier currency will take the following century, whether it is gilded, paper or plastic, the economic tree will non halt turning. 354