Origin, uses and alternatives for money: What is better than money?

Log in or create a free account to get started.

Read History Go to My Account Log Out Enhanced by Google BDSunday Origin, uses and alternatives for money: What is better than money? There is a need to trace the origin of money in this world. In the past, before the discovery of

Listen to this article Share There is a need to trace the origin of money in this world. In the past, before the discovery of money, primitive communities managed without money. Initially, trading and marketing was by barter which is swooping of goods and exchange of goods by Barter. This is called Trade by Barter. As time went on, deficiencies of trade by barter were discovered. Then people started using goods with some intrinsic value as money like salt, cattle, tobacco and dog’s teeth among other ones. The early American settlers in Virginia used tobacco as money for 200 years up to the mid-nineteenth century. With time rare objects were used as money such as cowries shells (Ego Ayo in Igbo language ) and dog’s teeth. In Africa beads, cowrie shells, elephant tusks, tobacco and cattle etc were used for exchange. Notably among all these, cowries shells were used as medium of exchange. We used to hear from our grandparents in early 1960’s about “one bag of money” literally translated in Igbo to “otu Akpa Ego: This is equivalent to N200 to which was a very big money that time which can build a big house. But today, N200 cannot buy one bag of cement not to talk of building a house. I have seen cowries shells. This ancient money should be reserved and kept in Archives. Until the formal introduction of British Coins in Nigeria towards the 19th century and Bank Notes much later, the pre-colonial Economy had witnessed the use of local currencies such as copper wires, brass, rods, cowries shell etc. Trade in Nigeria and other places in West Africa before the introduction of metal currencies was by Barter. Furthermore, Trade by Barter can be defined as the exchange of goods without the use of money when Articles of Trade were purchased. All these objects used as money in those days lack the qualities of money being used as legal tender today.

In Agricultural Economics which is Applied Economics in Agriculture and Economics major money is one of the topics that are extensively studied. This writer, Livinus Nnebedum, had the opportunity to study Economics in secondary school and had a 1st Degree in Agricultural Economics (B.Sc) from the University of Nigeria, Nsukka (UNN) in 1986.

In economics, the characteristics or qualities of money include: Durability, portability, divisibility, homogeneity, acceptability, stability in value, and relative scarcity (that is, available but not too freely.

Money is referred to as a legal tender that is generally acceptable to users in the economic system, performing the following functions: Medium of exchange, measure of value, unit of account, standard for deferred payment, store of value, and one-way payment. These functions, in other words, are the uses of money.

The goldsmith in the past played an important role in the development of paper money use as Bank notes. People holding gold in those days often left it safe with the goldsmiths. They receive the receipts for gold deposit which they took back in order to collect the gold when they need them. Thus, the use of those goldsmiths’ receipts developed into Bank Notes and the present-day paper money.

The way most people in this present society struggle to get money could make someone ask this question: Do our people really trust God or trust money? It is good to recall that American dollar in paper money specific example $100 have such words, “In God we trust” printed on the face.

In Nigeria, the paper money currently in circulation has some portraits of eminent personalities on the face. For instance, N500 with Dr Nnamdi Azikiwe, N100 with Chief Awolowo, N1000 with Alhaji Mai-Bornu and Dr Clement Isong, former governors of the Central Bank; N10 with Alvan Ikoku, N20 with Murtala Mohammed, N200 with Alhaji Ahmadu Bello, N50 – Representatives of 3 Ethnic Tribes in Nigeria (Igbo, Hausa, Yoruba); Five Naira (N5) with Tafawa Balewa and so on.

Apart from paper money, coins were used in Nigeria before, during and after the Nigeria-Biafra Civil War. Fifty Kobo Coin (1991) has on its face maize cob, one kobo coin (1973) has on its face oil refinery, ten kobo coin (1991) has oil palm tree, one naira coin (1991) has Herbert Macaulay etc. The Biafran pound shilling paper money (1969) has an oil palm tree on its face. In China, the 100 Chinese Coins (2004) has a portrait of a prominent Chinese Leader on its face. All these should be kept in Archives.

Do you think that there will be anything in years to come that will be better than money or that can serve as a substitute for money? Something will eventually emerge that will be better than money, but only time will tell, and God knows. Peace with your creator, peace of mind, good conscience and spiritual blessings are few but much more valuable than material riches. King Solomon of Ancient Israel stated that the blessing of God is what makes rich. Wisdom, Spiritual blessings, Life and good health from God bring happiness, peace and love. Personalities with good reputation, good name and off course, goodwill and wisdom with the fear of God have already created wealth in themselves. Their influence and collective decision to bring out “something” that will be better than money in future is what the society is waiting for.

Money is one of the most important inventions in the world by man in his struggle to survive. Many other inventions existed like motor car invented by Carrl Benz in 1885 and Aero plane invented by Ovrvile and Wilborwight in 1903/1904. We have to thank God who gives power and talents for all these inventions. Talents and wisdom should be used to invent and discover and not to destroy. Nigerian youths should be allowed and given opportunities to develop and improve on their talent so as to make scientific discoveries. The pursuit of money and wealth in this society had made many people to ignore their God – given talents leaving those natural gifts underdeveloped and untapped. Thus, our present and future generation are challenged and advised to make more discoveries or inventions. ”What is better than money”. This is the book (Novel) written by James Hadley Chase. Everybody should try to think about this question with the aim of providing the answer in the nearest future with the support and wisdom from the creator, our God. Another book by James Hadley Chase: You are dead without money. Is this true? Many people say that nobody feels happy without money. This may be a reality, but what are the solutions?

. Nnebedum is a Public Affairs analyst; a former director in the Anambra State Agricultural Development Programme (ADP); a visiting lecturer in the Agric Education Weekend/CEP Programme of Federal College of Education (Technical), Umunze, Anambra State.