Money Numismatics is the scientific study of money .
Oldest Coins:
Oldest Coins Ancient Greek coins. Obverse (front) and reverse (back) of a coin of Mithradates , King of Pontus, about 100 B.C. (above); and of a coin of Alexander the Great, 300's B.C. (left). The custom of showing a ruler or head of government on the obverse of coins has continued to the present day Obverse and reverse of a Roman solidus of the emperor Constantine III (early A.D. 400's) As the history of money tells, the first people who are known to have used coins as money were the Lydians , Lydian electrum trite (4.71g, 13x10x4 mm). This coin type, made of a gold and silver alloy, was in all likelihood the world's first, minted by King Alyattes in Sardis, Lydia, Asia Minor (present-day Turkey), c. 610-600 BC.
EARLY ANCIENT SILVER COIN FROM INDIA :
EARLY ANCIENT SILVER COIN FROM INDIA COINS OF THE INDIAN PRINCELY STATES INDIA’S FIRST DECIMAL COINS INCLUDES ODD SHAPES MODERN INDIAN COIN SET INCLUDES ODD SHAPES
Coins From Different Countries:
Coins From Different Countries American Coins Japanese Coins European Coins
Barter System:
Barter System It's hard to imagine our world without money. A long time ago there were no coins. There was no such thing as money. Before money was invented people had to get their food, clothing and other needs by trading things. There is a special name for this kind of trading. The name is barter. The word barter comes from a French word, barater , which means " to trade ." When you swap baseball cards with a friend or trade your chocolate pudding for a cookie at lunchtime you are bartering because you are exchanging something you have for something you want.
Barter System:
Barter System People traded some of the things they didn't need for things they wanted or needed. Even then people had different jobs and skills. Some people were good hunters, some were better farmers than others, some people made beautiful clay pots, some were skilled carpenters, and so on. There were many different ways in which these people bartered, or traded, for things they needed. Most of the time, bartering was a good way of getting things. But sometimes there were problems. What happened when you had something to trade but nobody wanted it? What happened when the traders couldn't agree on what was a fair trade? The following have all been used as money in different parts of the world: Pepper – Europe Stones – Pacific Islands (in Micronesia, stone money is still used) Coils of red feathers – Pacific Islands Dogs’ teeth – New Guinea Bread – Iraq Iron nails – Scotland Whales’ teeth – Fiji
The Indian Rupee:
The Indian Rupee Ever since the dawn of civilization, man has been trading with each other. In the ancient times when there was no concept of money, people used barter system. In this system goods were exchanged with each other instead of paying money. Gradually, with development, metals were used to cast coins. The Indian rupee symbol is derived from the Devanagari consonant " र" ( Ra) with an added horizontal bar. It is also derived from the English consonant "R" without the vertical line, with added two horizontal bars, (similar in comparison with Yen and Euro symbols) The origin of the word "rupee" is found in the word rūp or rūpā , which means "silver" in many Indo-Aryan languages such as Hindi. The Sanskrit word rupyakam ( Devanagari : रूप्यकम्) means coin of silver. The derivative word Rūpaya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE. The original Rūpaya was a silver coin weighing 175 grains troy (about 11.34 grams. The coin has been used since then, even during the times of British India. Formerly the rupee was divided into 16 annas , 64 paise , or 192 pies .
Indian Rupees:
Indian Rupees
Paper Money :
Paper Money Among the earliest issues of paper rupees were those by the Bank of Hindustan (1770–1832), the General Bank of Bengal and Bihar (1773–75, established by Warren Hastings), the Bengal Bank (1784–91), amongst others. Reserve Bank issues during British India The Reserve Bank of India was formally inaugurated on Monday, April 1, 1935 with its Central Office at Calcutta. The bank issued the first five rupee note bearing the portrait of George VI in 1938. This was followed by Rs. 10 in February, Rs 100 in March and Rs 1,000 and Rs 10,000 in June 1938. The first Reserve Bank issues were signed by the second Governor, Sir James Taylor . In August 1940, the one-rupee note was reintroduced as a wartime measure, as a Government note with the status of a rupee coin. Bank Notes After Independence After Independence of India , the government brought out the new design Re. 1 note in 1949. Initially it was felt that the King's portrait be replaced by a portrait of Mahatma Gandhi . Finally however, the Lion Capital of Asoka was chosen. The language panel on the Indian rupee banknotes has 15 of the 22 national languages of India.
Plastic Money:
Plastic Money This is the era of plastic money - credit & debit cards . They have changed the face of banking in India. Now, people can remotely access their money through these plastics. Does it make sense to introduce children to plastic money? If yes than , how and when ? Parents hold strong views on this topic. It is widely believed that unless children understand the basics of money through traditional sources like cash management, introducing them to plastic money can be harmful..
Plastic Money:
A credit card is a form of plastic money, which allows people to spend now and pay back the money later. Credit cards are not linked to any bank account. The interim period - between the time money is spent & is paid is called 'credit period'. While using credit cards, people need to actively remember to pay up the card bill due else interest rate is charged on the pending payments. Using credit cards is similar to taking small loans at small intervals of time and repaying the same timely. And if the due payment is not done, interest is charged! A debit card allows expenditure only to the extent of funds in the account. And hence ensures that no overspending occurs. Debit cards did not exist 10 years back; only ATM cards did. An ATM card can be used to withdraw money from ATM's( automated teller machine also popularly known as any time money). In the last decade, ATM cards have been combined as debit cards and the same plastic can be used both for withdrawing money and making purchases. Debit cards are fast replacing cash or cheques. People actively use debit cards to pay their bills; and since there is no fear of extra expenditure/ delayed payments and hence high interest. Plastic Money
Plastic Money:
Plastic Money All credit and debit cards are affiliated to two major issuers-VISA and Master Card . Master Card and VISA are global non-profit organizations who promote the growth of the card business throughout the world. T hey have built vast network of Member Establishments so that customers can use the cards worldwide for their debit and credit purchases. AMEX (American Express) and Diners Club card are well known branded charge cards. They have their own merchant establishments and tie ups and does not depend on the network of Master card or VISA. These care are typically meant for the high income group categories and companies. Charge Cards: A Charge card has all features of credit card. But, after using the charge card the entire payments of the bills has to be made by the due date. If it is failed to be done, then the client is likely to be considered as a defaulter and he has to pay a steep late payment charges. But in case of Credit cards, the client is not declared as a defaulter if he misses to pay by due
Plastic Money:
Smart Cards : A smart Card contains an electronic chip which is used to store Cash. This is most useful to pay for small purchases for example in Fairs, coffee shops etc. No identification, signature or payment authorization is required for using this card. Affinity Card: The card issuer has a tie up with popular organizations and institutions which are often non-profit organizations like Stanchart Cricket Cards or City WWF card. Plastic Money
Plastic Money:
Plastic Money Photo Card : When a Photo is imprinted on the card, it helps to identify the user of the credit card and is considered to be safer. In many cases, Photo card can also be used as identity card. Global Card : Global cards can be used as credit cards instead of cash and traveler cheques while traveling abroad to foreign countries for business or personal reasons. Add On Cards : It is a privilege offered to the spouse, parents, Children or other family members of the original card holder. Normally, an issuing bank permits two add on cards per credit card. All expenses incurred on add on card are billed to the primary card holder. Petro Card : Some Petroleum companies allow customers to pay for the fuel through electronic medium. It offers a scheme of gifting the points to the customers, when they pay for the fuel using petro card. It is convenient, secured and speedy mode of transaction. Co-branded credit cards like IOC- Citi bank and HPCL-ICICI bank are the co-branded petro cards available in the market.
Plastic Money:
Plastic Money Such cards may be used for following purposes :- Purchase of air, rail and road tickets for traveling For the Settlement of hotel bills . For Cash withdrawals . For the Settlement of club bills . For the Payment of purchase bills . For the Payment of insurance premium . Refilling the fuels in vehicles . Payment of phone, water and electricity bills . Payment of school/ education expenses.
Different bank accounts:
Different bank accounts Different bank accounts offer different features – such as cheque books, cash cards, overdrafts etc. Find the one that's right for you. Basic bank account This will usually: receive money give you a cash card let you set up Direct Debits or standing orders to pay bills act as a stepping stone to a current account allow you to do business at the bank counter let you check your balance and withdraw cash at Post Office® branches let you check your balance and withdraw cash from a cash machine. Current account This will usually: receive money give you a cash or debit card let you set up Direct Debits and standing orders to pay bills to give you a cheque book and guarantee card allow you to check your balance and withdraw cash from a cash machine. Savings account This will usually: pay you interest on your money. It may offer: a passbook access to your money via a cash machine.
Types of Personal Bank Accounts in India :
Types of Personal Bank Accounts in India Savings bank accounts are the most popular account. They promote the habit of saving money, as the fund is locked for a certain period. The rate of interest is around 4 percent. The minimum balance to be maintained in the public sector banks is 100 Indian Rupees, but if you are planning to make more transactions and need a checkbook, the minimum balance to be maintained is 500 Indian Rupees. Fixed deposit account is also known as Term Deposits . In a Fixed deposit account, a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest. The rate of interest depends on the maturity period.
A currency is a unit of exchange and hence a kind of money and medium of exchange. Currency includes paper or polymer banknotes and metal coins. :
A currency is a unit of exchange and hence a kind of money and medium of exchange. Currency includes paper or polymer banknotes and metal coins. India Indian rupee United States United States dollar $ United Kingdom British pound £ Thailand Thai baht ฿ South Africa South African rand R Russia Russian ruble руб. Mexico Mexican peso $ Spain Euro € Malaysia Malaysian ringgit RM Japan Japanese yen ¥ France Euro € Germany Euro € Egypt Egyptian pound £ or ج.م
