Money and our society

Over time, money has taken on many forms. Discover the most important stages in the history of money and what the future might look like.

Long ago, people exchanged goods directly – a clay pot for a stone axe, or services for other services. Later, commodity money was used: things like 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 spread as a popular form of payment. Each coin was worth as much as the material it was made of.

Gold coins were heavy and impractical to carry around. About 150 years ago, people started exchanging them for money in the form of notes 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 mostly fiat money, such as the Swiss franc. Fiat currencies are created by central banks and are not backed by assets.

Today’s fiat money system is under criticism, and there are discussions about whether it should be replaced. Cryptocurrencies are becoming increasingly popular and could revolutionize the financial system.