BANKING

“INTRODUCING MONEY
AND INTEREST RATE“

ARTIFACTS
OF
MONEY
Sumerian Cuneiform Tablets Cowrie Shells (1000 BCE)
BARTER (5,000 BCE)
(4,000 BCE)
●Early trade involved direct ●Used as money as early as the
exchange items. 14th century on Africa's western
●Ancient clay records
coast.
Lydian Gold coins (600 BCE) Athenian Drachma coin (600 BCE) Han Dynasty coin (200 BCE)
These coins were made of bronze and
During the 6th century BCE, Athenian
featured square holes in the center, allowing
The ancient Lydians invented coins as a means drachma coins were typically made of silver
them to be strung together for easy
of authenticating payment. Coins represent a and featured various designs, often including
transportation and storage. The inscription
fundamental change in the human world, as symbols representing Athena, the patron
on the coins typically included the reign title
their invention represented an important part goddess of Athens. These coins were an
of the emperor and the phrase "Wu Zhu"
of the history of trade between peoples since important medium of exchange in the ancient
meaning "five grains," representing the
600 BC. Lydia is a kingdom of Anatolia with Greek economy and played a significant role in
standard value of the coin in terms of
ancient Greek connections. trade and commerce.
agricultural produce.
Roman Coin (27 BCE)
A Roman coin from 27 BCE would depict
Emperor Augustus, marking the start of
the Roman Empire, symbolizing imperial
power and legitimacy.
Byzantine coin (700CE) Anglo-Saxon coin (900 CE)

likely feature an image of the reigning emperor or
empress, along with religious symbols such as
crosses or images of saints. These coins were
An Anglo-Saxon coin from about 900 CE
typically made of gold, silver, or bronze and would have the king's picture on one side
served as a medium of exchange within the and symbols on the other. They were
Byzantine Empire, reflecting the political and mostly silver and used as money in Anglo-
religious values of the time. Saxon England, showing what was
important in society back then.
Arabic Dirham coin (900 CE)

The dirham was made of various metals,
including silver and copper, and was an
important medium of exchange for trade and
commerce in the Islamic civilization. These
coins played a crucial role in facilitating
economic transactions and were circulated
throughout the vast territories under Islamic
rule.
“THE ECONOMICS OF MONEY"
●POTOSI INFLATION (1540-1640)-The Spanish discovered
silver in Potosi, Bolivia, and caused a century of inflation by
shipping 350 tons of the metal back to Europe annually.
●THE GREAT DATABASEMENT (1542-1551)- Henry VIII

debased the silver penny, making it three-quarters copper. Inflation
increased as trust dropped.
●EARLY JOINT-STOCK COMPANIES (1553)-Merchants in

England began to form companies in which investors bought
shares (stock) and shared its rewards.
●BANK OF ENGLAND (1694)-The Bank of England was created

as a body that could raise funds at a low interest rate and manage
national debt.
●THE ROYAL MINT (1696)- Isaac Newton became Warden and
argued that debasing undermined confidence. All coins were
recalled and new silver ones were minted.
●US DOLLAR (1775)- The Continental Congress authorized the

issue of United States dollars in 1775, but the first national
currency was not minted by the US Treasury until 1794.
●GOLD STANDARD (1844)- The British pound was tied to a

defined equivalent amount of gold. Other countries adopted a
similar Gold Standard.
● CREDIT CARDS (1970s)-The creation of credit cards enabled

consumers to access short-term credit to make smaller purchases.
This resulted in the growth of personal debt.
●DIGITAL MONEY (1990s)- The easy transfer of funds and
convenience of electronic payments became increasingly popular as
internet use increased.
●EURO (1999)-Twelve EU countries joined together and replaced

their national currencies with the Euro. Bank notes and coins were
issued three years later.
●BITCOIN (2008)- A form of electronic money that exist solely as

encrypted data on servers- is announced. The first transaction took
place in January 2009.
“HIGHLIGHTS IN THE HISTORY OF
MONEY IN THE PHILIPPINES”
● PRE-SPANISH REGIME - In Philippine history, the year 1521
marks the arrival of the first colonial power, and the beginning of what
is often called the Spanish period. This period is thus described as the
pre-colonial era or the pre-Spanish era. The pre-Spanish historical
period ending in 1521.
● SPANISH REGIME – The Spanish introduced coins in the

Philippines when they colonized the country in 1521. Silver coins
minted in Mexico were predominantly used in 1861, the first mint was
established in order to standardize coinage.
● AMERICAN REGIME – After gaining independence in 1898 when

Spain ceded the Philippines to the United States. The country’s first
local currency, the Philippine Peso, was introduced replacing the
Spanish-Filipino Peso.
● JAPANESE REGIME – When the Philippines was occupied by Japan during
World War II, the Japanese issued the Japanese War notes. There bills had no
reserves nor backed up by any government asset were called “mickey mouse”
money.
● POST-WAR PERIOD – In 1944, when the American forces defeated the

Japanese Imperial army, the Philippine Commonwealth was established under
President Sergio Osmeña. All Japanese currencies circulating in the Philippines
were declared illegal, all banks were closed and all Philippine National Bank
notes were withdrawn from circulation.

BANKING

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“INTRODUCING MONEY

AND INTEREST RATE“

Byzantine coin (700CE) Anglo-Saxon coin (900 CE)

Arabic Dirham coin (900 CE)

●THE GREAT DATABASEMENT (1542-1551)- Henry VIII

●EARLY JOINT-STOCK COMPANIES (1553)-Merchants in

●BANK OF ENGLAND (1694)-The Bank of England was created

●US DOLLAR (1775)- The Continental Congress authorized the

●GOLD STANDARD (1844)- The British pound was tied to a

● CREDIT CARDS (1970s)-The creation of credit cards enabled

●EURO (1999)-Twelve EU countries joined together and replaced

●BITCOIN (2008)- A form of electronic money that exist solely as

● SPANISH REGIME – The Spanish introduced coins in the

● AMERICAN REGIME – After gaining independence in 1898 when

● POST-WAR PERIOD – In 1944, when the American forces defeated the

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