Historians estimate that metal objects were first used as currency as early as 5,000 B.C (Wonderopolis). The first known currency was created in Lydia, presently Turkey, in 600 BC by King Alyattes. Paper money was introduced in 1661 AD. In the 1800’s the gold standard was implemented, but was soon abolished by Nixon in 1971. One of the most recent changes in currency was the introduction of the euro in 1999, which was fully legalized and circulated in 2002 (Callander). The implementation of paper money and extensive development of financial institutions over the past century have had severe economic…

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