Ancient to Contemporary Money | Business Studies

Welcome to another post on my blog. In today's post, I am going to share my activity that I have completed. We had to investigate three forms of money. One from the ancient history, one from the 20th century and one from the 21st century. Then, we had to think of a currency that would be possible for the future.

Lydian Lion

Credit: https://rg.ancients.info/lion/article.html

The Lydian Lion is known as the world's oldest coin. This coin is made of gold and silver alloy, it was minted by Kind Alattes in Sardis, Lydia (present-day Turkey), c. 610-600 BC. These coins are worth in the $1,500 to $3,500 range (NZD), although, it is not especially rare, it's just in significant demand because of its history. The first people who used Lydian Lion was obviously the Lydians. The invention of the coins is still a mystery.

The advantages of the money were that its light. According to Sardisexpedition, Lydian Lions weight the most of 4.7g and the smallest of 0.29g. Which was a good thing for Lydians because they weren't heavy to carry. It was stamped or minted a lion, so it was easy to recognise.

There were some disadvantages that there weren't banks in Lydia, so they couldn't secure the money. It could be stolen.

The lion minted in the coin symboled of royalty. The two deep impressions were created by a hammer.


From Notes to Credit Cards

Credit Cards
Comstock/Thinkstock

In 1950, credit cards showed up when Ralph Schneider and Frank McNamara founded Diners Club and issued it's first credit cards. But, it wasn't truly a credit card. Instead, it was a charge card that needed the cardholder to pay the entire balance off each month.

But in 1958, Bank of America issued the first general-purpose credit card. They launched BankAmericard, the paper card considered as the first credit card. Also, it had offered a revolution card, which gave customers the ability to carry in balance. In the same year, the American Express Company issued a travel and entertainment payment card.

In 1970, BankAmericard splits off into National BankAmericard, an interbank that issued and managed credit cards. Then in 1976, National Americard Inc. became Visa.

The advantages of credit cards that there is protection for the consumer (customer). There are quick resources for an emergency. It is safer than cash. It works in any currency.

The disadvantages of credit cards that there are credit card frauds. There is a range of fraud schemes that target credit cards. If you carry a balance from month to month, you'll pay interest charges.

Did you know that the first use of credit cards started in the United States in the 1920s, when individual firms, like oil companies and hotel chains, began issuing them to customers for purchases made at company outlets?


Contactless Payment

Contactless Symbol
The logo is from the https://www.emvco.com/about/trademark-centre/ website.

Contactless Payment or 'payWave', in New Zealand, is a system that is used by credit, debit cards, smart cards, and mobile/smartphone devices to make payment more secure. Some devices/smartphones support payWave such as Google Pay, Apple Pay, Fitbit Pay, Samsung Pay, Garmin Pay and more. payWave is easy, convenient, secure and widely accepted.

payWave
Credit: https://www.visa.com.au/pay-with-visa/

The first contactless payment cards were issued in the UK by Barclaycard in 2007. According to Wikipedia, in December 2014, there were approximately 58 million contactless payment cards in use. Now, contactless payment cards are used all around the world. 

There are advantages in payWaves, such as fraud. 'Financial Fraud Action UK' says fraud on contactless cards and devices "remain low" with £2.8 million ($5.6 million, NZD) losses in 2015. payWave is easy, convenient, secure and widely accepted.

There are some disadvantages in payWaves like transaction limit. With a contactless card, you cannot change the limit per transaction chosen by your bank. If your device/smartphones battery is low, then there might be trouble paying.

Many companies support contactless cards which is good for the customers.



I hope you learnt something new and liked my post. Have a nice day!! Bye!!