History Of Money. Fiat is the Latin word for "let it be done." Money is now given its value by government fiat or decree, ushering in the era of enforceable legal tender, which means that by law, the refusal of "legal tender" money in favor of some other form of payment is illegal. Representative money has now been replaced by fiat money.
INTRODUCTION TO MONEY: ORIGIN, HISTORY AND FUNCTIONS Key Concepts Barter, the purpose of money, early and current forms of money Summary This lesson introduces students to types of money (cash, coin) and the purposes of money.
Everything was done in communities where goods and services could be freely bartered.
Representative money has now been replaced by fiat money. S. dollar, because the dollar has more stable value than the local currency. Overview & Lesson Objectives The history of money ranges from the barter system to our modern use of paper money, promissory notes, and cryptocurrency.






