Money What It Does

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Part of The Young Citizen: The Magazine for Young People

Title: Money What It Does
Year: 1941
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Fulltext: ]UNB, 1941 THE YOUNG CITIZEN HISTORY SECTION MONEY: WHAT IT DOES AND HOW IT IS MADE MANY KINDS OF MONEY OF MANY PEOPLES I. Feather· money of Santa Cruz 2. Ancient Greek coin 3. Gold co~n of Henry Pill of England 4: Spanish coin cut and used as fractional currency in Peru 5 . Swedish money, 17th century 6. Lira irsued by Pope Pius X 7. Cowry shell 8. Indian wmiipum 9. Gretk coin 10. Cretan coin 11. Coin of Alfred the Great 12. Chine~e coin 13. Roman coin 14. Coin of Fra~ct, 1812 IN THE EARLY DAYS people did not worry about money. They had no money. This does not mean that they had no wealth, for wealth is anything that requires labor to produce and which can be appropriated and exchanged. Money is simply a measure for wealth and a medium of exchange. . Macy different things have been used to serve as money as civilization has developed. Skins have been a medfum of exchange in many hunting communities. In a part of colonial. America tobacco was once used as money. The early Romans and other early peoples measured their wealth in oxen or cattle. Wampum beads were used as money by North American Indians, and cowry shells were used as money by the natives of some parts of Africa. Salt, rice, tea, 2!0 THE YOUNG CITIZEN }UNE, 1941 dates, ivory, and numberless other every true artist. articles have been used as money at dif: . In the Middle Ages the same methods ferent times. of making coins were employed, but they Sooner or later all communities came were far less artistic, as may be seen in to use metals as money. Iron was used the "bezants" of Constantinople, the as money by the ancient Spartans, b_ut be- "denarii" of the Carolingians, and the cause it was so heavy in proportion to its silver ''.solidi" or shillings which were value, its place was taken by gold and coined everywhere in medieval Europe. silver. These metals are more satisfactory About 1662 the mill and screw press for money because they are precious, dur- were used in coining instead of the hand able, and easily stamped. hammer. This device marks the ·beginAt first gold and silver passed by ning of mod·ern machine methods of weight as gold dust often does in mining striking coins which makes all coins of communities. Several of the common a certain issue alike and which make the units of money were originally names of "milled" edge to protect the coin from weights-as the Hebrew "shekel", the fraudulent clipping or filing of the Anglo-Saxon "mark", the later English edges. "pound", the older French "livre", the "Paper" money must lie engraved and Italian "lira", and so on. printed. The paper is made by a secret The earliest known coins are those of . process. It is made from the toughest the Lydians in Asia Minor, dating from ·linen rags. It takes about a year to comthe 7th century B.C. Even after coining plete the engraved plates for printing a began, the coins were often not taken by piece of "paper" money, and as a precount but by weight, because dishonest caution no one engraver prepares a whole people clipped or filed coins for the sake plate. of the little particles of gold and silver The intricate designs, lettering, and thus gained. It is to prevent this that ,pictures or portraits are each separately modern gold and silver coins are made engraved by specialists. Great precauwith raised and "milled" edges, which tions are taken against theft or other loss show plainly any clipping or filing. in the printing process. Each bill conEven in the ancient city states of tains many symbols which tell the inGreece coins were usually made by "strik- itiated what -plate it was printed from, ing" the smooth gold or silver "blanks" who engraved the _plate, who printed the between-engraved dies or bronze or hard- bill, etc. ened iron or steel, one of the dies bear- In about three years of circulation a ing the design for the face, and the other paper bill is usually worn out. Then it that for the back of the coin. Only rare- is _returned to the government and is ly were coins cast in molds, and today destroyed. Some of the money which casting. is the sure sign of the counter- goes into circulation is never returned, feiter. and then the government is the gainer. Beautiful specimens of the ancient Bills which are worn, torn, or damaged coiner's art-'-the "staters" and "drach- are redeemable at face value if threemas" of Greece, the "aurei", "solidi", etc. fifths of the" bill remains; if less than of imperial Rome-,-are still preserved in three-fifths but more than two-fifths remuseums and are the joy' and wonder of (Please turn to page 218.) 218 THE YOUNG CITIZEN PRAYING MANTIS TARANTULA (Continued from pa9e 20. (Continued from page 207) is back at its prayers. ~hts spin webs in which to to the death often take catch their prey, but wait place between !Wo of these for it like tigers, coninsects, and the victor dines cealed among leaves or on the vanquished. · rubbish, or hiding within }UNE, 1941 MONEY (Continued from page 210) mairis, it is redeemed at half its face value. Some persons make a hobby of collecting coins and "paper" money. · Such a person is called a numismatist. A good collection of coins and bills is. quite valuable. Members of the mantis their burrows. When some family are found in nearly unwary insect passes, the all tropical countries. They tarantula rushes out, bites are quite common in the it, and then drags it info its Philippines. The com- burrow. The bite either monest species is leaf-green kills the victim at once or QUESTIONS in color. l;he eggs are laid ·paralyzes it and make~ it in tough cases attached to helpless. 1. Why did ancient peotwigs, and as soon as the The tarantula does not pie not need money? young hatch, they start chew and swallow the sub- 2. What different things killing small insects. Their stance of its prey, but ·sucks have been used for money? life history is similar to out the blood and other 3. Why are gold and that of grasshoppers. bo?y juices. hs large jaws, silver used for money? As one sees a mantis, how or mandibles as they are 4. Tell ·how coins are prim and proper it· looks called, work up and down made. with its "arms" folded so and.not from side to side as 5. Tell how "paper nicely and its head bowed do the jaws of most spiders. money" is made. between them! That's how Spiders as a class are not 6. What is a person it got its name-the pray- popular, and the tarantula called who collects coins? ing mantis. But it would is especially disliked. How Who collects postage be nearer the truth to call quickly it can spring with stamps? it the "preying mantis," for those long hairy legs and 7. Have you seen any this is just a pose that con- seize its prey! That's why collections of coins? ceals its fierce, blood-thirsty the tarantula does not have 8. Have you studied the disposition. to weave a web, as so many pictures of the coins ilThese cr.eatures have spiders do. lustrated on page 209? Tell been looked upon with about some of the coins ilsuperstitious awe since an- QUESTIONS lustrated there. cient times. In China they I. Tell about a taran- 9. Which ones interare kept in cages and tula. ested you the most? Why? matched in prize fights. 2. Does it spin a web? 10. Can you name all the QUESTIONS 1. Have you seen a praying mantis in the Philippines? 2. Describe this insect. Why not? Philippine coins of the 3. How does it catch its present time? The bills prey? used as "paper money"? 4. How does it eat its 11. Do yotL think the prey? money system of the Phil5. Are you afraid of a ippiries is good? Why do spider? Why? you think so?