Money in transition
Our money has taken on different forms over the course of time. Discover the most important milestones in the history of money and explore what the future might hold.
Our ancestors once traded clay jugs for stone axes and exchanged services with each other. Later, commodity money was used, such as stone money, shells, spices, precious metals and other natural goods.
The world's first gold coin is almost 3,000 years old. Minted gold and silver coins became a popular means of payment. Each coin had the value of the material from which it was made.
Gold coins were quite heavy and impractical to transport. About 150 years ago, people began exchanging gold coins for money (banknotes and coins). The value printed on the money reflected the value of the gold held in reserve.
What we use today in everyday life is mainly fiat money, such as our euro. Fiat currencies are created by central banks and are not backed by assets.
The current fiat money system is under criticism and there is a controversial debate as to whether it should be replaced by another system. Cryptocurrencies are becoming increasingly popular and could revolutionize the existing financial system.
