The History of Value Systems and the Modern Concept of Money

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The source of the information for this article was based on the research undertaken by both authors. Most of the literature used covered a wide range of academic research articles and contemporary financial reports, together with relevant news articles in both Japanese and English language. The Japanese literature was translated into English language by Masayo Nakamura, the principle author of the paper. An English language dictionary was also used to define some specific terminology. Other relevant literature was included, in order to analyze and critically assess the history of human currency systems.

The process of establishing the significance of the material and relevant information to be the foundation of a credible academic research article started with reading relevant literature covering the modern day concept of cryptocurrency and the Bitcoin. The path then moved backwards to find information to clarify the origin of what became the modern-day money of notes and coins.  Before the invention of money (coins or paper) there was barter trading, a form of exchange without the use of monetary tokens (Taskinsoy, 2019). It can be noted that the history of money started from the barter exchange, which led to a more modern understanding, as we are now witnessing many countries trying to be a master of CBDC (Central Bank Digital Currency). This article presents an analysis of how the money system has been changing its forms and suggests what the future directions of the money system will offer.