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twelvefold
duodecimal
20
twenty times
twentyfold
score
Text I. /by Erin Bouma // English./
Read the text “Coined Money” and answer the questions:
1. What was the reason of stamping coins?
2. Which reason led to the return of exchanging goods direct in the Mid-
dle Ages in Europe?
3. What did the discovery of America result in?
Coined Money
The Lydians, a people of Asia Minor, were the first to use coined
money. In the eighth century B.C., they began to make pieces of metal
money which were uniform in weight and design and which could there-
fore be easily recognized. Gold and silver had been in use as money long
before that, but not in the form of coins. They had circulated as bars from
which pieces were cut and weighed in order to pay for purchases or to
make change. This method was not satisfactory. It was tedious and time
consuming. There was no guarantee of purity or weight of the pieces of
metal exchanged. It was for this reason that the Lydians thought of stamp-
ing pieces of this reason the Lydians thought of Stamping pieces of metal
with some symbol as a guarantee.
Other peoples around the Mediterranean sea imitated the Lydians, and
gradually the use of coins became widespread. In many cases these coins
merely represented some other article which could not easily be used for
money. Thus many coins were stamped with the picture of the object they
represented, such as a cow.
The greater convenience of metal money led to the use of copper and
other metals for coins of small value. Early coins had no modern safe-
guards in design, such as milled edges to prevent tiny bits of metal from
being chipped off and stolen without being readily noticed. Thus it often
happened that coins would lose some of their value because this metal was
taken from them. This practice, and that of reducing the quality of the al-
loy, are referred to as "debasing" a coin. When the Roman Empire was at
its height, standard coins and paper money in the form of letters of credit
made trade nearly as easy as it is today. Under the later Roman Empire
most sources of gold became practically exhausted, and precious metals
were taken out of circulation. As a result coins were debased and their
value went down and the prices of goods and services went up, along with
tax rates.
During the Middle Ages in Europe the coining privilege was owned by
numbers of feudal lords resulting in a land flooded with a variety of coins.
Most of these coins were of doubtful value except in districts directly un-
der the power of the ruler who manufactured them. Testing coin value by
weight became the regular custom. Rural regions went back to exchanging
goods direct. However, there were some coins which gained a reputation
for purity and correct weight. One of these was the bezant, a Byzantine
gold coin, which was circulated widely in Europe.
The discovery of America and the development of mines there vastly
increased the amount of precious metals available for coinage. There was a
large amount of silver which in the Middle Ages had been rarer than gold.
The most effective force in establishing more uniform money systems in
Europe was the rise of industrial cities. They supported the kings against
the nobles. Gradually the longs took over the sole right of coining money
within their kingdoms. This decreased the confusion creased by the use of
many different coins developed by the feudal lords.
Text II.
Read the text “The History of Money” and get ready to do the coin quiz.
The History of Money
In the Beginning: Barter
Barter is the exchange of resources or services for mutual advantage, and
may date back to the beginning of humankind. Some would even argue
that it's not purely a human activity; plants and animals have been barter-
ing -in symbiotic relationships - for millions of years. In any case, barter
among humans certainly pre-dates the use of money. Today individuals,
twelvefold duodecimal loy, are referred to as "debasing" a coin. When the Roman Empire was at
20 twenty times score its height, standard coins and paper money in the form of letters of credit
twentyfold made trade nearly as easy as it is today. Under the later Roman Empire
most sources of gold became practically exhausted, and precious metals
Text I. /by Erin Bouma // English./ were taken out of circulation. As a result coins were debased and their
Read the text “Coined Money” and answer the questions: value went down and the prices of goods and services went up, along with
tax rates.
1. What was the reason of stamping coins? During the Middle Ages in Europe the coining privilege was owned by
2. Which reason led to the return of exchanging goods direct in the Mid- numbers of feudal lords resulting in a land flooded with a variety of coins.
dle Ages in Europe? Most of these coins were of doubtful value except in districts directly un-
3. What did the discovery of America result in? der the power of the ruler who manufactured them. Testing coin value by
weight became the regular custom. Rural regions went back to exchanging
Coined Money goods direct. However, there were some coins which gained a reputation
for purity and correct weight. One of these was the bezant, a Byzantine
The Lydians, a people of Asia Minor, were the first to use coined gold coin, which was circulated widely in Europe.
money. In the eighth century B.C., they began to make pieces of metal The discovery of America and the development of mines there vastly
money which were uniform in weight and design and which could there- increased the amount of precious metals available for coinage. There was a
fore be easily recognized. Gold and silver had been in use as money long large amount of silver which in the Middle Ages had been rarer than gold.
before that, but not in the form of coins. They had circulated as bars from The most effective force in establishing more uniform money systems in
which pieces were cut and weighed in order to pay for purchases or to Europe was the rise of industrial cities. They supported the kings against
make change. This method was not satisfactory. It was tedious and time the nobles. Gradually the longs took over the sole right of coining money
consuming. There was no guarantee of purity or weight of the pieces of within their kingdoms. This decreased the confusion creased by the use of
metal exchanged. It was for this reason that the Lydians thought of stamp- many different coins developed by the feudal lords.
ing pieces of this reason the Lydians thought of Stamping pieces of metal
with some symbol as a guarantee. Text II.
Other peoples around the Mediterranean sea imitated the Lydians, and Read the text “The History of Money” and get ready to do the coin quiz.
gradually the use of coins became widespread. In many cases these coins
merely represented some other article which could not easily be used for The History of Money
money. Thus many coins were stamped with the picture of the object they
represented, such as a cow. In the Beginning: Barter
The greater convenience of metal money led to the use of copper and Barter is the exchange of resources or services for mutual advantage, and
other metals for coins of small value. Early coins had no modern safe- may date back to the beginning of humankind. Some would even argue
guards in design, such as milled edges to prevent tiny bits of metal from that it's not purely a human activity; plants and animals have been barter-
being chipped off and stolen without being readily noticed. Thus it often ing -in symbiotic relationships - for millions of years. In any case, barter
happened that coins would lose some of their value because this metal was among humans certainly pre-dates the use of money. Today individuals,
taken from them. This practice, and that of reducing the quality of the al-
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