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The metals such as silver and gold gained importance gradually all over the world. So, these metals were used as standard value in the exchange of goods. This was called as natural money.
As days went by, issues arose because while trade prospered, there were insuffi cient reserves of gold and silver. Mines also had a limited reserve of these metals. An alternative was found and coins were made using metals with lesser value. These were used to buy and sell goods of lesser value. It was used as the money of the poor people.
Hence these coins were printed in large numbers. Paper money came into being as the next stage. This money was without form and people started saving in banks. The Great Economic Depression was also prompted the saving habit of the people.
Money has become an inseparable part of everyone’s life today. It has changed its form in the economic front. Money transactions are done through many ways in the electronic world
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