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98,000 BCE
Barter
The use of barter-like methods may date back to at least 100,000 years ago -
650 BCE
First gold and silver coins
The Lydians were the first people to introduce the use of gold and silver coins -
1100
Banknotes
Paper money was introduced in China during the 11th century. The development of the banknote began in the seventh century -
1290
Paper Money in Europe
Paper money became known in Europe through the accounts of travelers, such as Marco Polo and William Rubruck. -
Period: to
First European Banknotes
The first European banknotes were printed in Sweden by Stockholms Banco. Initially, all went well, but the bank soon started issuing more notes than it could afford to honour and in 1668, the bank collapsed. -
The gold standard
The gold standard was an innovative concept that combined the best aspects of paper money with those of coins. It allowed central banks to create money whilst at the same time having that money backed by precious metals. -
The credit card
A credit card with revolving credit was issued by Bank of America. However, federal regulations limited its use to the state of California. At the same time, American Express was launched and was the first card to be accepted worldwide. -
The Bitcoin Cryptocurrency
Satoshi Nakamoto posted a paper titled “Bitcoin: A Peer to Peer Electronic Cash System”. The first bitcoins were mined by computers performing complex mathematical equations. The appeal of this virtual currency resided in the promise of lower transaction fees.
