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The Birth of Money
In 3,000 B.C.E. in Mesopotamia, money took form as gold and silver ingots (referred to by ancient Hebrews
as shekels.) But precious metals were too scarce for any widespread trade or economy.
The real birth of money came between 560 and 546 B.C.E. when Croesus, the king of Lydia, began making
the first standardized gold and silver coins for the purpose of commerce. This new medium of exchange
virtually changed the course of human history and gave rise to the first retail marketplace, giving people far
greater access to goods and services than they had ever had before. As money, goods, and commerce
increased, so did the human desire for more. It is interesting to note that the Lydians invented not only coins
but also the game of dice, forging a relationship between money and gambling that lives on today.
Because of his efforts to conquer other kingdoms and widespread conspicuous consumption, the wealth
created by Croesus was all but spent in a relatively short period of time. Although Croesus’s empire fell, the
money legacy he left behind would shape the world in ways that no one could have imagined. In other
words, this was but a preview of coming attractions….
Excerpt from Money Magic by Deborah L. Price
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