2min snip

INSIGHT

Evolution of Money

Money crystallizes the relationship between creditors and debtors, starting with simple recordings like clay tablets.
Coins emerged as a more fungible form of money, generic tokens usable in any transaction.
Despite their flaws (debasement, counterfeiting), coins remained the primary payment method for centuries.
After the Black Death, labor shortages and the decline of feudalism led to insufficient coinage, driving the adoption of bills of exchange.

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