Dana Meachen Rau - The History of Money

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Table of Contents

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The History of Money

MATH

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Money and Banks

The History of Money

By Dana Meachen Rau

Reading consultant: Susan Nations, M. Ed. , author/literacy coach/consultant

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Please visit our Web site www. garethstevens. com. For a free color catalog of all our high-quality books, call toll free 1-800-542-2595 or fax 1-877-542-2596.

Library of Congress Cataloging-in-Publication Data

Rau, Dana Meachen, 1971 The history of money / by Dana Meachen Rau. p. cm. ( Money and banks) Includes bibliographical references and index. ISBN: 978-1-4339-3381-3 ( pbk. ) ISBN: 978-1-4339-3382-0 ( 6-pack) ISBN: 978-1-4339-3380-6 ( library binding) Money History Juvenile literature. I. Title. II. Series. HG221. R37 2005 dc22 2005042886

New edition published 2010 by Gareth Stevens Publishing East 14th Street, Suite New York, NY 10003

New text and images this edition copyright 2010 Gareth Stevens Publishing

Original edition published 2006 by Weekly Reader Books

An imprint of Gareth Stevens Publishing

Original edition text and images copyright 2006 Gareth Stevens Publishing

Art direction: Haley Harasymiw, Tammy West Page layout: Michael Flynn, Dave Kowalski Editorial direction: Kerri ODonnell, Barbara Kiely Miller

Photo credits: Cover, pp. 1, 4, 12, 14, Shutterstock. com; pp. 5, 9, 14, North Wind Picture Archives; p. Charles Napier/The Bridgeman Art Library/Getty Images; p. Nancy Carter/ North Wind Picture Archives; p. McGraw/Getty Images; pp. 10, courtesy of American Numismatic Associations Money Museum, Colorado Springs, Colorado; pp. 11, 17, Diane Laska-Swanke; p. ARS/USDA; p. courtesy of Foster Swanke.

All rights reserved. No part of this book may be reproduced in any form without permission in writing from the publisher, except by a reviewer.

Printed in the United States of America

CPSIA compliance information: Batch #WW10GS: For further information contact Gareth Stevens, New York, New York at 1-800-542-2595.

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Table of Contents

Making a Trade

So Many Kinds!

Coins and Paper

Todays Money

Math Connection: Count the Shells

Glossary

For More Information

Index

Boldface words appear in the glossary

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Making a Trade

People use money to buy things every day. Buying is like trading. Trading means giving someone something they need. In return, they give you something you need. When you buy a book, you give the store clerk money. The clerk gives you the new book.

When you buy something, you must trade money for what you want.

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Another word for trading is bartering. Long ago, people did not use money. They bartered with each other. Bartering helped people get what they needed.

Native Americans and settlers bartered with each other. They traded animal furs, tools, clothes, and food.

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Think about a sherman who lived many years ago. What would he need to do his job? He would need a boat and a net. How do you think shermen got the things they needed for shing?

Fishermen have always needed the right equipment to catch fish.

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Another person in the shermans village might be a toolmaker. The toolmaker would spend his day collecting wood and vines from trees or stones from the ground. He would use these things to make tools. Maybe he had a large family. They would need food to eat. How do you think the toolmaker got food to feed his family?

Long ago, people used stones and rocks as tools. They also used rocks to grind corn.

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The sherman and the toolmaker could barter. The sherman could give the toolmaker some sh for his family to eat. In return, the toolmaker could give the sherman a net. Maybe a boatbuilder lived in the village, too. The sherman could trade some sh for a boat.

In some places, people still use bags of grain to trade for things they need.

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So Many Kinds!

What if everyone in the village made the same thing? What if no one had the things other people needed? How could they barter for the things they needed? Bartering sometimes caused problems.

Sometimes, people had to decide if they wanted what others had to trade.

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Money solved the problems. People decided to use one thing for money that everyone agreed was valuable to their community. Some people used cattle or animal furs. Other early forms of money included shells and seeds. Native Americans put beads they

called wampum on strings. Some early settlers used wampum as money when trading with Native Americans.

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Seashells were one of the most common early forms of money. People in Africa, Thailand, and China used small seashells as money. The shells t easily into their pockets. They were sometimes tied together on a string. People could carry the shells from village to village.

Small seashells like these are easy to carry.

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In Mexico, people bought what they needed with cacao beans. They also used the beans to make a popular drink. Cacao beans are the main ingredient in chocolate.

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