Metallic Forms of Money
WHY WE USE METALS FOR COINING
The use of metals as money goes far back in the history of civilization but it has never been possible to trace the historical order of the adoption of the various metals for the purposes. Iron according to the statement of Aristotle was at one time extensively used as money. Copper, in conjunction with iron, was used in early times as money in China; and until comparatively a short time ago was used for the coins of smaller value in Japan. Iron spikes were used in Central Africa and nails in Scotland; lead money is now used in Burmah. Copper has long been used as money. The early coins of England were made of tin. Finally, however, came silver and silver was the principal form of money up to a few years ago. It was the basis of Greek coins introduced at Rome in 269 B. C. Most of the money of Medieval times was composed of silver.
The earliest traces of gold used as money is seen in pictures of ancient Egyptians “weighing in scales heaps of gold and silver rings.”