Recommended articles
The concept of money was to basically allow individuals to communicate the price and value of goods and services as well as provide individuals with a way to store their wealth.
Over the years, shell money (shells or beads) and commodity money (Salt, weapons, grain, manilla) has been used across the world as noticed in the histories of Indigenous tribes of America to the villages of Africa.
About 3000 years after the barter form of trade existed, the first forms of currencies invented in early China and Europe were coins. The emergence of banks switched the currency production from coins to bank notes to enable easy storage and transportation.
ADVERTISEMENT
With more innovation and advancement in financial technology, the emergence of mobile payments came on board in the 21st century and allowed individuals to transfer money to another individual with just a portable electronic device, such as a smartphone or tablet device.
Later on, Virtual currencies which exist electronically without the need for banks or regulatory authority were introduced. These include digital money like Ethereum (ETH), Ripple (XRP), Tether (USDT), and Litecoin (LTC).
Money and currency are sometimes used interchangeably but Investopedia clearly and distinctly defines money and currency as having different meanings.
The report defines money as an intangible concept which manifests physically or tangibly in the form of currency. In simpler terms, money is described in numbers while the basic form of currency is paper banknotes, coins, or plastic cards like credit or debit cards. So with this explanation, this article aims to unveil the earliest currencies that are still in use till date.
The table below sourced from VisualCapitalist highlights the 10 oldest currencies which were created years ago and are still traded today.
ADVERTISEMENT
| Rank | Country/User | Currency | Introduced |
|---|---|---|---|
| 1 | UK + 9 British territories | British pound | 8th century |
| 2 | Serbia | Serbian dinar | 1214 |
| 3 | Russia | Russian ruble | 13th century |
| 4 | U.S. | Dollar | 1785 |
| 5 | Haiti | Haitian gourde | 1813 |
| 6 | Falkland Islands | Falkland Islands pound | 1833 |
| 7 | Dominican Republic | Dominican peso | 1844 |
| 8 | Switzerland | Swiss franc | 1850 |
| 9 | Canada | Canadian dollar | 1871 |
| 10 | Japan | Yen | 1871 |
The oldest currency that is still in use today is the British pound, also known as the pound sterling. The currency was created during the Anglo-Saxon period, when silver pennies were first minted in what is now England.
The oldest currencies after the British pounds (the Serbian dinar and the Russian ruble) were introduced in the 13th century and still used today while the US dollar came centuries later in 1785 and has remained the most traded currency in the world till date.
As long as world trade continues, the concept of money will always be here and will continue to evolve and adapt to human needs.
