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According to multiple sources, including the Britannica, an IOU didn’t work for larger trades. When you’re traveling across the sea to get a sphere in exchange for a horse yet to be born, how can you expect the other party to wait a year for someone to arrive on a boat with that little cute foal?
This is when people started putting value to commodities. According to the book Jamestown Settlement & American Revolution Museum at Yorktown, traders started using items that are consistently and highly desired.
The first and oldest form of money is actually livestock. It included cows, camels, goats and other animals. The biggest advantage of livestock is that it allows the seller to set a price. It even brought upon the early formation of the concept of standard pricing. For example, two goats were traded for one cow as cows were deemed to be more valuable than goats.
By 1200 BC, other items started being used as “money” like animal skins, salt, and weapons. They were easier to carry around. The value of these things were still negotiable though but it introduced the concept of standard pricing.
It wasn’t long until cowrie shells entered the picture.
Cowrie shells are shells of a mollusk that was widely available in the waters of the Pacific and Indian Ocean. More than just a decorative piece, it was first used as money in China during the Shang dynasty. Its main advantage is that it is almost impossible to forge them. Aside from China, many societies in India and Africa have regarded cowries as an important era of their currency. Because of this, cowrie shells were not only known as the longest used currency in history but as also the most widely used.
By 1,000 BC, China’s ingenuity kicked in and they realized they didn’t need to rely on the Pacific and Indian Ocean for money. They can just create some on their own.
Watch the next part to learn about the highly debated birth of fiat currency.
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