GLIMPSES OF HISTORY OF MONEYAt different periods of time and in different parts of the world many different commodities have served as money. These commodities were: cattle, sheep, furs, leather, fish, tobacco, tea, salt, shells etc. The experts underline that to serve effectively as money, a commodity should be fairly durable, easily divisible, and portable. None of the above-mentioned commodities possessed all these qualities, and in time they were superseded by precious metals. First they were superseded by silver and later by gold. When a payment was made the metal was first weighed out. The next stage was the cutting of the metal into pieces of definite weight and so coins came into use. Paper money first came into use in the form of receipts given by goldsmiths in exchange for deposits of silver and gold coins. After goldsmiths became bankers their receipts became banknotes. That's how the first banknotes came into existence. At first coins were worth their face value as metal. But later token coins of limited value as legal tender were issued. Now smaller denomination coins are made from bronze and are often referred to as coppers. Bigger denomination coins are made from cupronickel and are usually called silver.
Exercises: № 1. Find the answer in the text: 1. What commodities served as money in the past? 2. What are the requirements of a commodity to serve as money? 3. Why did precious metals start to serve as money? 4. What precious metal was used first to serve as money? 5. What precious metal was used then? 6. How did coins come into existence? 7. How did paper banknotes come into existence? 8. What coins are called silver? 9. What are coppers? № 2. Translate into Russian: face value, legal tender, a new issue, cutting of the metal into pieces, paper money, in exchange for deposits, bigger denominations coins.
№ 3. Sum up what the text says about: the money in the past the way banknotes appeared the metals of which coins were and are made the silver coins and coppers
№ 4. Fill in the words used in text Underline them: When a payment was made the metal was fist … out. But later token coins of limited value as … … were issued. Now smaller denomination … are made from bronze. In time they were superseded by precious …. First they were … by silver and later by gold.
№ 5. Read the text and discuss it in Russian: What is money? Money is one of the most important inventions of humankind. Without it a complex, modern economy based on the division of labor, and the exchange of goods and services, would be impossible. When you buy a candy bar, you may pay for it with a coin or paper note. The storekeeper knows that you will eat candy, and that he never will be able to get it back from you. He also knows that he can eat neither the coin nor the note you gave him. Why does he accept the coin or note in trade for candy? It is because the coin is money. At first sight answering the question what money is seems obvious; the man or woman in the street would agree on coins and bank notes, but would they accept them from any country? What about checks? They would probably be less willing to accept them than their country's coins and notes. What about credit cards and gold? The gold standard belongs to history but even today many rich people in different parts of the world rather keep some of their wealth in the form of gold than in official, inflation-prone currencies. The attractiveness of gold, from aesthetic point of view, and its resistance to corrosion are two of the properties which led to its use for monetary transactions years. In complete contrast, a form of money with virtually no tangible properties - electronic money -seems to gain in popularity.
Новые слова; A coin - монета. Tangible properties - осязаемые свойства.
“Компании и деньги”. Тема: “Выплата заработной платы в компании”. Words:
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