About Money

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Economics offers various definitions for money, though it is now commonly defined by the functions attached to any good or token that functions in trade as a medium of exchange, store of value, and unit of account. Some authors explicitly require money to be a standard of deferred payment, too . In common usage, money refers more specifically to currency, particularly the many circulating currencies with legal tender status conferred by a national state; deposit accounts denominated in such currencies are also considered part of the money supply, although these characteristics are historically comparatively recent. Other older functions a money may possess are a means of rationing access to scarce resources, and a means of accumulating power of command over others.

The use of money provides an alternative to barter, which is considered in a modern, complex economy to be inefficient because it requires a coincidence of wants between traders, and an agreement that these needs are of equal value, before a transaction can occur. The efficiency gains through the use of money are thought to encourage trade and the division of labour, in turn increasing productivity and wealth.


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A number of commodity money systems were amongst the earliest forms of money to emerge. For example

the shekel referred to a specific volume of barley in ancient Babylon
iron sticks were used in Argos, before Pheidon's reforms.
cowries were used as a money in ancient China and throughout the South Pacific.
salt was used as a currency in pre-coinage societies in Europe.
ox-shaped ingots of copper seem to have functioned as a currency in the Bronze Age eastern Mediterranean.
state certified weights of gold and silver have functioned as currency since the reign of Croesus of Lydia, if not before.
rum-currency operated in the early European settlement of Sydney cove in Australia.
Under a commodity money system, the objects used as money have intrinsic value, i.e., they have value beyond their use as money. For example, gold coins retain value because of gold's useful physical properties besides its value due to monetary usage, whereas paper notes are only worth as much as the monetary value assigned to them. Commodity money is usually adopted to simplify transactions in a barter economy, and so it functions first as a medium of exchange. It quickly begins functioning as a store of value, since holders of perishable goods can easily convert them into durable money.

Fiat money is a relatively modern invention. A central authority (government) creates a new money object that has negligible inherent value. The widespread acceptance of fiat money is most frequently enhanced by the central authority mandating the money's acceptance under penalty of law and demanding this money in payment of taxes or tribute. At various times in history, government-issued promissory notes have later become fiat currencies (e.g. the US Dollar) and fiat currencies have gone on to become a form of commodity currency .

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Money is generally considered to have the following three characteristics:

1. It is a medium of exchange


A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.

2. It is a unit of account


A unit of account is a standard numerical unit of measurement of the market value of goods, services, and other transactions.

3. It is a store of value


To act as a store of value, a commodity, a form of money, or financial capital must be able to be reliably saved, stored, and retrieved - and be predictably useful when it is so retrieved.

To function as money, the monetary item should possess a number of features:

To be a medium of exchange:

It should have liquidity, and be easily tradable, with a low spread between the prices to buy and sell, in other words, a low transaction cost.
It should be easily transportable; precious metals have a high value to weight ratio. This is why oil, coal, vermiculite, or water are not suitable as money even though they are valuable. Paper notes have proved highly convenient in this regard.

It should be durable. Money is often left in pockets through the wash.
Australian bank notes are made of plastic for durability. Gold coins are often mixed with copper to improve durability.

It should minimize contamination and contagion. Since money is frequently handled it becomes a pathway for infectious disease transmission. Recent studies have shown that the area in business offices that show the highest contamination by disease causing organisms is the accounting office where money must be counted and handled. Unlike paper, silver, as well as platinum and titanium, is used as a anti-bacterial and anti-viral agent. This property of silver has been recognised for millennia and used for eating utensils.

To be a unit of account:

It should be divisible into small units without destroying its value; precious metals can be coined from bars, or melted down into bars again. This is why leather, or live animals are not suitable as money.
It should be fungible: that is, one unit or piece must be exactly equivalent to another, which is why diamonds, works of art or real estate are not suitable as money.

It must be a specific weight, or measure, or size to be verifiably countable. For instance, coins are often made with ridges around the edges, so that any removal of material from the coin (lowering its commodity value) will be easy to detect.

To be a store of value:

It should be long lasting, durable, it must not be perishable or subject to decay. This is why food items, expensive spices, or even fine silks or oriental rugs, are not generally suitable as money.
It should have a stable value.
It should be difficult to counterfeit, and the genuine must be easily recognizable.

To be anonymous:

Money should not be subject to government tracking.
It should be useable for purchases in a black market.
It should not require equipment, tools or electricity to use.
Money also is typically that which has the least declining marginal utility, meaning that as you accumulate more units of it, each unit is worth about the same as the prior units, and not substantially less.

For these reasons, gold and silver have been chosen again and again throughout history as money in more societies and in more cultures and over longer time periods than any other items.

One key benefit of these features of money is that it facilitates and encourages trade, as barter is far less efficient.

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Credit is often loosely referred to as money. Money is used to buy goods and services, whereas credit buys goods and services on the promise to pay with money in the future.

This distinction between money and credit causes much confusion in discussions of monetary theory. In lay terms, and when convenient in academic discussion, credit and money are frequently used interchangeably. For example, bank deposits are generally included in summations of the national broad money supply. However, any detailed study of monetary theory needs to recognize the proper distinction between money and credit.

Bank notes are a form of credit. Gold-backed bills are likewise also a debt of the bank, a promise to pay in gold.

Federal Reserve notes, which are used as money in the United States, are difficult to describe in terms of credit or debt or money. Federal Reserve notes are not a promise to pay in gold, and the notes are irredeemable by the issuer. The Federal Reserve's notes are perhaps viewed best as a political promise to devalue (inflate) at a certain targeted rate.

Since Federal Reserve notes are used in the United States as the most common medium of exchange, unit of account, and store of value, they are considered money by the majority of the population. To measure this kind of credit money, various forms of credit are counted together and listed as M1 or M2. M3 was the most common measure of monetary aggregrates, but the publication of M3 was discontinued by the RBA in March, 2006.

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Money is one of the most central topics studied in economics and forms its most cogent link to finance. Monetarism is an economic theory which predominantly deals with the supply and demand for money. The stability of the demand for money prior to the 1980s was a key finding of the work of Milton Friedman, Anna Schwartz, David Laidler, and many others. Technical, institutional, and legal changes changed the nature of the demand for money during the 1980s.

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Monetary policy aims to manage the money supply, inflation and interest to affect output and employment. Inflation is the decrease in the value of a specific currency over time and can be caused by dramatic increases in the money supply. The interest rate, the cost of borrowing money, is an important tool used to control inflation and economic growth in monetary economics. Central banks are often made responsible for monitoring and controlling the money supply, interest rates and banking.

A monetary crisis can have very significant economic effects, particularly if it leads to monetary failure and the adoption of a much less efficient barter economy. This happened in Russia, for instance, after the fall of the Soviet Union.

There have been many historical arguments regarding the combination of money's functions, some arguing that they need more separation and that a single unit is insufficient to deal with them all. Financial capital is a more general and inclusive term for all liquid instruments, whether or not they are a uniformly recognized tender.

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The money supply is the amount of money available within a specific economy available for purchasing goods or services. The supply is usually considered as four escalating categories M0, M1, M2 and M3. The categories grow in size with M3 representing all forms of money (including credit) and M0 being just base money (coins, bills, and central bank deposits). M0 is also money that can satisfy private banks' reserve requirements. In the United States, the Federal Reserve is responsible for controlling the money supply, while in the Euro area the respective institution is the ECB. Other central banks with greater impact on global finances are the Bank of Japan, People's Bank of China and the Bank of England.


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When gold is used as money, the money supply can grow in either of two ways. First, the money supply can increase as the amount of gold increases by new gold mining at about 2% per year, but it can also increase more during periods of gold rushes and discoveries, such as when Columbus discovered the new world and brought gold back to Spain, or when gold was discovered in California in 1848. This kind of increase helps debtors, and causes inflation, as the value of gold goes down. Second, the money supply can increase when the value of gold goes up, as this makes existing stocks of gold more valuable. This kind of increase helps savers and creditors and is called deflation, where items for sale are increasingly less expensive in terms of gold. Deflation was the more typical situation for over a century when gold was used as money in the U.S. from 1792 to 1913.

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Whether you want to go on vacation, buy a house, or enjoy a comfortable retirement, you’ve got to learn to save money. Unfortunately, many of us tend to spend whatever we earn or more. We know savings are important for unexpected emergencies or major life changes, but we just can’t seem to put some cash away for a rainy day. Want to stop living from paycheck to paycheck? Read on and start saving today.

Steps

Figure out what you need to save for and how much you need to save. For short-term goals, this is easy. If you want to buy a video game, find out how much it costs; if you want to buy a house, determine how much of a down payment you’ll need. For long-term goals, such as retirement, you’ll need to do a lot more planning (figuring out how much money you’ll need to live comfortably for 20 or 30 years after you stop working), and you’ll also need to figure out how investments will help you achieve your goals.
Set savings goals. Once you determine how much you need to save, establish a timeframe (i.e. “I want to be able to buy a house two years from today.”) Set a particular date for accomplishing shorter-term goals, and make sure the goal is attainable within that time period. If it’s not attainable, you’ll just get discouraged.
Figure out how much you’ll have to save per week, per month, or per paycheck to attain each of your savings goals. Take each thing you want to save for and figure out how much you need to start saving now. For most savings goals, it’s best to save the same amount each period. For example, if you want to put a $20,000 down payment on a home in 36 months (three years), you’ll need to save about $550 per month every month.
Add together the installment amounts (monthly, weekly, or per paycheck) for all your savings goals. Can you afford to save this total each period? If so, great; if not, proceed to the next step.
Pay yourself first. Savings should be your priority, so don’t just say that you’ll save whatever’s left over at the end of the month. Deposit savings into an account (or your piggybank) as soon as you get paid.
Keep a record of your expenses. Write down everything you spend your money on for a couple weeks or a month. Be as detailed as possible, and try not to leave out small purchases.
See where you can trim your expenses. You’ll probably be surprised when you look back at your record of expenses: $300 on ice cream, $100 on parking tickets? You’ll likely see some obvious cuts you can make. Depending on how much you need to save, however, you may need to make some difficult decisions. Think about your priorities, and make cuts you can live with.
Reassess your savings goals. If there’s absolutely no way you can fit all your savings goals into your budget, take a look at what you’re saving for and cut the less important things or adjust the timeframe. Maybe you need to put off buying a new car for another year, or maybe you don’t really need a big-screen TV that badly.
Make a budget. Once you’ve managed to balance your earnings with your savings goals and spending, write down a budget so you’ll know each month or each paycheck how much you can spend on any given thing or category of things. Try to leave a little room for minor unexpected expenses.
Stick to your budget. A budget won’t do you any good if you don’t follow it religiously. Build some self-discipline, and remember why you’re on a budget in the first place.
Open an interest-bearing savings account. It’s a lot easier to keep track of your savings if you have them separate from your spending money. You can also usually get better interest on savings accounts than on checking accounts (if you get interest on your checking account at all). Consider higher-interest options such as CDs or money-market accounts for longer savings goals. Shop around for the best interest rates on an account that fits your budget and liquidity (how quickly you need the money) needs. For very long-term goals, such as retirement, you’ll need to develop an investment strategy, not just a savings plan.
Consider automatic deductions from your paycheck. Many employers allow you to deduct savings from your paycheck. The money is directly deposited in your savings account so you never even see it on your paycheck. You can also have investments for retirement taken directly out of your pay, and the taxes may be deferred with this option.



Tips

If your savings timeframe is very long, such as for retirement, you may want to structure your monthly savings so that they grow larger later in life when you will (hopefully) have more income coming in. On the other hand, money invested while you are young will have more time to grow.
If unexpected expenses cause you to deviate from your budget from time to time, cut unnecessary expenses before you cut money from your savings goals. Other than the bare necessities, your savings goals should be your top priority.
In this day and age, many of us have cars, so saving money on gas can contribute to your effort considerably. Consider getting rid of the car altogether if you can or not having multiple cars. Failing that, drive less and shop around for insurance even before you buy a car. See the related wikiHows for more information.
If unexpected circumstances render you unable to meet your savings goals, reassess them and figure out which ones you can delay or cut out. Get back on your program as soon as you can.
For very important or very large savings goals (such as a down payment on a house or saving for your kids’ college tuition), consider opening up a separate account. You’ll be able to keep better track of that particular goal, and you’ll be less tempted to dip into it.
If you receive unexpected cash, put all or most of it into your savings, but continue to set aside your regularly scheduled amount as well. You’ll simply reach your savings goals sooner.
If you no longer have a regular expense, such as when you pay off your car or home, set aside that money into savings. You’ll be paying yourself instead of somebody else.
Make paying off high-interest credit card and loan balances a top priority. You can’t really save money when you’re needlessly wasting it on finance charges.
Use a piggy bank or jar for your coins. Coins and change may look insignificant but when accumulated over time they can help you save.
Don't only save money to spend it. Setting some amount aside for emergencies can keep you out of a lot of trouble. Decide on some number of months' worth of salary as a cushion, and make a point to replace it anytime you must use it.
Interest on debts, especially high interest rates on credit cards, is a huge, unnecessary expense. If you are in debt, get out from under it as fast as you can.



Warnings

Never loan cash to others that you cannot afford not to get back.
Never borrow money that you cannot repay.
Do not go out "window shopping" with any money on you. You will only be tempted to spend money you cannot afford to lose.
Be sure to keep track of automatic deductions from your paycheck and any automatic transfers you set up. Sometimes mistakes happen, and if you’re not paying attention, you might not get all your money.

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انسان*های اوليه که دسته جمعی می*زيستند، نيازی به تعويض کالا نداشتند. بعد از به وجود آمدن طوايف و قبايل مبادله*ی کالا به کالا رواج يافت. مبادله*ی کالا به دلايلی با مشکلاتی همراه بود. برای رفع مشکلات ابتدا از فلز برای مبادله استفاده کردند و پس از مدتی به فلزات گران*بها و سبک وزن، از جمله طلا، نقره و مس رو آورند.





در بيشتر کشورهای شرقی و آسيايی، فلزی که در مبادله*ی کالا از آن استفاده می*شد، حلقه*ای شکل بود. و در سه هزار سال پيش از ميلاد از آن استفاده می*کردند که می*توان آن را قديم*ترين وسيله*ی مبادله، پيش از اختراع سکه، دانست. در کاوش*های شوش حلقه*هايی از ويرانه*های معابد، از دوهزار سال قبل از ميلاد، به دست آمده است. استفاده از فلزات سبک وزن و کم حجم و گران*بها، که معاملات را سهل و ممکن می*ساخت، مورد قبول عامه قرار گرفت. بدين ترتيب مرحله*ی پيدايش پول آغاز شد.




واژه*ی پول

پول از کلمه*ی يونانی Obolos گرفته شده و آن سکه*ای بود برابر يک ششم درهم يا دراخم. کريستين سن معتقد است کلمه "پول" در زمان اشکانيان به ايران راه يافته است.

"سکه" نام دستگاه آهنينی بود که برای مهر زدن بر پول*هايی که در ميان مردم رايج و با آن معامله می*کردند، به کار می*رفت. بعدها آن را اثر مهری می*ناميدند که روی سکه*های حک می*شد.

بنابراين سکه عبارت است از يک قطعه فلز به وزن معين که روی آن علامت رسمی دولت، يا حکومتی که عيار و وزن آن و ارزش آن را تعهد می*کند، قيد شده است.

سکه در ايران در دوره ی هخامنشی

بی*شک پيش از دولت هخامنشی و تصرف ليدی در سال ۵۶۴ قبل از ميلاد ايرانيان به اختراع پول اقدام کرده و در کشور خود رواج داده بودند. پس از سقوط ليدی به دست کوروش، "يونا" يکی از ساتراپ*نشين*های هخامنشی شد که در "ساردس" کارگاه ضرب سکه بود و در زمان کوروش کبير خشايارشاه و کمبوجيه در آن ضرب سکه می*کردند.

داريوش بزرگ سومين شاهنشاه هخامنشی (۵۲۱-۴۸۵ قبل از ميلاد) بر آن شد پولی ضرب کند که در همه جا پذيرفته شود و در سراسر کشور اعتبار داشته باشد و بر خلاف مسکوکات قبلی فقط ارزش محلی نداشته باشد. زيرا سکه*هايی که در آن زمان در ايران رواج داشت، هيچ*يک از آن شاهنشاهان هخامنشی نبود.




نخستين سکه*ای که از آن زمان باقی مانده سکه داريوش است که شهرت جهانی دارد. اين سکه را يونانی*ها "دريکوس" يعنی "داريوش" می*نامند که آن را نبايد با کلمه*ی زرينه و درينه يکی تصور کرد. سکه*ی داريوشی از زرناب بود. در زمان هخامنشيان هيچ*يک از حکام و پادشاهان محلی حق نداشتند بدون اجازه*ی داريوش به نام خود سکه زنند، فقط اجازه داشتند با اجازه*ی داريوش سکه*ی نقره بزنند، چرا که ضرب سکه*ی طلا در انحصار مرکز بود. نخستين سکه*ی داريوش احتمالا در سال ۵۱۶ قبل از ميلاد ضرب شده است.

پس از فتح يونان به دست سپاهيان ايران و اختلاط ايران و يونان، واژه*ی درم در ايران متداول شد که اصل آن دارشم (دراخم) يونانی است و ايرانيان آن را درم گفتند که نام پول بود و اعراب بعدها اين واژه را از ايرانيان اقتباس کردند. از مسکوکات دوره*ی هخامنشی، به جز دريک شکل يا سيکل، درم؛ کرشه را می*توان نام برد. واحدهای کوچک*تر مسکوک زر، نيم*ستاتر و يک*سوم*ستاتر ناميده می*شدند.

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سکه در دوره*ی اشکانی

با غلبه اسکندر بر ايران سکه*های طلا کمياب و از جريان خارج شد. در آن زمان ديگر در ايران طلا ضرب نمی*شد. سلوکی*ها در معاملات داخلی خود سکه*های نقره به کار می*بردند و اشکانيان نيز به تقليد از سلوکيان از پول نقره استفاده می*کردند. اشکانيان از نقره و مس و مفرغ نيز سکه می*زدند. جنس برخی از اين سکه*ها از برنج بود که روی آن لعابی از مس داده بودند.

سکه*های اين دوره دو نوع بود: نوع اول مسکوکات نقره*ی چهاردرخمی با تعدادی مسکوک مسی؛ و نوع دوم يک*درخمی نقره و مسکوکاتی از مس. نوع اول سکه*ها در شهرهای يونانی*نشين و نوع دوم در مراکزی که تحت حکمرانی مستقيم پارت*ها بود، ضرب می*شد.

مسکوکات دوره*ی صفوی

سکه*های عصر صفوی از طلا، نقره و مس بود. سکه*های زمان شاه عباس "عباسی" ناميده می*شد. اين سکه*ها نخست از جنس نقره بود. هر پنجاه*عباسی را يک "تومان" می*گفتند، که ده*هزار دينار قيمت داشت. در اين دوره مسکوک طلا وجود نداشت. فقط سکه*های طلا را که "شاهنشاه" نام داشت، هنگام جلوس شاه بر تخت سلطنت و در جشن نوروز ضرب می*کردند. اين سکه*ها در ميان مردم رواج نداشت و آن را اشرافی نيز می*گفتند. علت اين نام*گذازی بهای زياد آن*ها بود.




سکه*های رايج اين دوره "غزبيگی" يا "غازبيگی" برابر پنج*دينار يا يک*دهم شاهی؛ "بيستی" معادل بيست*دينار يا دوپنجم شاهی؛ "پول سياه" يا "قراپول" معادل بيست*وپنج دينار يا نيم*شاهی؛ "شاهی" معادل پنجاه دينار؛ و "عباسی" معادل دويست دينار يا چهارشای بود. تا انتخاب ريال به منزله*ی واحد پول در ايران، در سال ۱۳۰۸ شمسی و حتی سال*ها بعد از آن، از اين واحدهای پولی استفاده می*شد.

پس از صفويه نيز از اين مسکوکات استفاده ميکردند. در دوره*ی نادشاه واحد پولی به نام "نادری" وجود داشت، که ارزش آن ده*شاهی بود.

مسکوکات دوره*ی قاجاريه

واحد اصلی پول قاجار تومان، قران و شاهی بود. تومان واژه*ی ترکی ايغوری است به معنی ده*هزار که در تقسيمات لشکری هر ده*هزار سرباز تومان و فرمانده*ی آنها اميرتومان ناميده می*شد. تا پيش از قاجار از اين واحد پولی استفاده نمی*شد. در دوره*ی مغول ده*هزار دينار را برابر تومان می*دانستند. کسروی يک*تومان مغول را برابر صدهزار تومان امروز می*داند. تونان طلا اولين بار در زمان فتحعلی*شاه قاجار ضرب شد.

وزن آن در ۱۲۲۴ قمری (۱۱۸۸ شمسی) يک*مثقال و يک*ششم مثقال بود. در سال ۱۲۹۸ قمری در زمان ناصرالدين*شاه، وزن طلای تومان کاهش يافت و ارزش آن برابر ده*قران نقره يا ده*هزار دينار شد. اما سکه*ای به نام دينار وجود نداشت. در سال ۱۳۰۸ شمسی که آحاد پول ايران تغيير کرد، تومان به معنای ده *ريال شد که هنوز هم اين لفظ رايج است.

در زمان فتحعلی*شاه، سکه*ی نقره*ی جديد، يعنی "قران" متداول شد، که معادل يک*دهم تونان و پنج*عباسی يا بيست*شاهی بود. در اين زمان شاهی به صورت سکه*ی مسی در آمده بود. بنابراين سه شکل سکه در ايران رايج بود: تومان*های طلا، قران نقره و شاهی مسی. ولی پول رايج سکه*های نقره بود.

مسکوکات دوره*ی پهلوی






پول دوره*ی قاجار تا اوايل دوره*ی پهلوی رايج بود. اما طلا پشتوانه*ی پول نبود. در سال ۱۳۰۸ شمسی طلا پشتوانه*ی پول شد. مسکوک نقره*ی يک*ريالی به نمايندگی ريال طلا در کشور رايج و قران برچيده شد؛ مسکوک نقره، نيم*ريالی، دوريالی و پنچ*ريالی شد.

ريال در اصل واژه*ی اسپانيايی است و آن نام سکه*ی نقره*ای رايج در آن سرزمين بود که به معنی "شاهی" است. اين واژه مترداف "رويال" (Royal) انگليسی و "رگاليس" لاتين است که آن هم به معنای شاهی است و از ريشه "رکس" (Rex) يعنی شاه است.

از مسکوکات قانونی طلا در ايران در دوره*ی رضاشاه، سکه*ی پهلوی است که بر اساس قانون مصوب سال ۱۳۱۰ شمسی در مجلس شورای ملی، که برای تعيين واحد و مقياس پول ايران به تصويب رسيد، سکه* پهلوی طلا به ارزش صدريال ضرب شد. اين سکه دارای عيار ۹۰۰ در هزار بود و با عکس شير و خورشيد و پادشاه مزين شده بود.

پس از انقلاب ۱۳۵۷ در بهار ۱۳۵۸ سکه*ی طلای ايرانی ضرب شد که به نام "بهار آزادی" که دارای همان عيار پهلوی است. مسکوکات ريال نيز در اين دوره ضرب و اسکناس نيز مانند زمان پهلوی منتشر شد.

نشر اسکناس

مديريت بانک در ايران را ايران *شناسان بنام نظير هوتم شيندلر و ژوزف رابيو بر عهده داشتند. با ابتکار رابيو بانک شاهنشاهی اقدام به چاپ اسکناس*های کوچک کرد و هم از اين راه وارد زندگی روزمره مردم شد و سود سرشاری کسب کرد. اسکناس در آغاز قرار بود با پشتوانه*ی طلا چاپ شود، اما بعدها با پشتوانه*ی نقره به چاپ رسيد و نيز می*بايست پشتوانه طلا برابر هفتاد درصد اسکناس*های در گردش باشد که بعدها به رقم پنجاه درصد و پس از آن به سی درصد تبديل سد؛ که در حقيقت هفتاد درصد اسکناس*ها يدون پشتوانه بود، که اين کار سود سرشاری برای بانک در بر داشت.