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9000 BCE
Grains and Cattle
As early as 9000 BCE both grain and cattle were used as money. -
3000 BCE
Banking
Banking originated in Babylonia (present day Iraq) with initial deposits of grain, then cattle, agricultural implements, and precious metals. During this time, there was a cultural belief that temples were a place of absolute refuge. Due to this belief, gold was placed in temples for safekeeping, leaving priests as acting ‘bankers’ as they became the gatekeepers for gold and issuing loans when necessary. -
2250 BCE
Guarantee
The State of Cappadocia (present day Turkey) guarantees the quality of silver ingots, increasing their acceptance as money. -
687 BCE
Minted Money
King Alyattes of Lydia (present day Turkey) is the first to mint coins. Lydians are also the first people to open retail shops. -
550 BCE
Seperate coins
Lydians begin producing separate gold and silver coins. -
390 BCE
Geese
In Rome, cackling geese alert authorities against those intent on stealing the city's money reserves. -
350 BCE
Bartering
Aristotle contemplated on the nature of money. He considered that every object has two uses, the first being the original purpose for which the object was designed, and the second possibility is to conceive of the object as an item to sell or barter. -
118 BCE
Banknote
Leather money made from white deerskin, measuring about one foot square, is issued in China. Many people believe this to be the earliest form of a banknote. -
30 BCE
Caesar
Caesar Augustus reforms Roman monetary system by issuing gold, silver, brass, and copper coins. -
Dec 24, 806
Paper Money
Paper money is invented in China. -
Dec 24, 1275
Marco Polo
Europe learns about paper money from Marco Polo’s travels in the Far East, including China. -
Dec 24, 1452
Milled Money
Leonardo da Vinci’s drawings are used to create a press for producing coins using a water-driven mill -
Europe Banknote
Europe’s first bank notes issued in Sweden. -
US Money
United States issues its first coins under the Coinage Act -
E-Money
Western Union marks the beginning of electronic money with the electronic fund transfer (EFT). -
Bank of Canada
The Bank of Canada is established. -
Diners Club
The era of credit cards begins with the Diners Club card -
ABM
The first Automated Banking Machine is introduced in England. -
Smart Card
New technologies include electronic cheques and embedded smart cards. -
Mobile Banking
European banks begin offering mobile banking through primitive smart phones. -
Euro
The circulation of Euro banknotes and coins begins. -
Penny
Canada stops minting the penny for circulation.
