The History of Paper Money - I: Origins of Exchange - Extra History

Giant stones sunk under the sea? Cows? Cowrie Shells? What do they all have in common? They were all money. Find out how we got from exchanging these things to doing 8 hours of work for a stack of paper that takes 2 seconds to print on The History of Paper Money. (--More below) Support us on Patreon! http://bit.ly/EHPatreon Grab your Extra Credits gear at the store! http://bit.ly/ExtraStore Subscribe for new episodes every Saturday! http://bit.ly/SubToEC Play games with us on Extra Play! http://bit.ly/WatchEXP Talk to us on Twitter (@ExtraCreditz): http://bit.ly/ECTweet Follow us on Facebook: http://bit.ly/ECFBPage Get our list of recommended games on Steam: http://bit.ly/ECCurator ____________ ♪ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H ♪ Get the outro music here! http://bit.ly/23isQfx *Music by Sean and Dean Kiner: http://bit.ly/1WdBhnm

Comments

1. Oh my god you mentioned Yap which is in Micronesia this is amazing no one talks about Micronesia
2. So....we have learned why the GOLD STANDARD doesn't work. Is that clearer now?
3. did you draw the cigarettes the other way around on purpose or was that a mistake? :O
4. i believe it was deflation instead of inflation which happened to the British sterling when the Brits were buying too much tea from China in exchange of silver, basically England was becoming poorer.
5. I wish there was a solution that could get rid of currency all together...
   It feeds greed and brings forth so much cause for grief and anger...
6. Gigantic limestone donuts
7. The age of barter is a myth. Before currency actually started out, most people just remembered debts between eachother, and only had to barter with foreigners who they'd never see again.
8. In Finland, squirrel skins used to be a currency.
9. 4:59 p.s. China doesn't consider gold as a monetary unit, until the modern era, china is a strict silver-as-legal-tender. Gold is precious, but only silver and copper were used - which is why, going back to the opium war, one common fathomed reason why it ruined china was that as taxes were paid in silver, china literally depended on the influx of silver for it not to hit a recession.
10. nice video
11. here in australia we still have gold and silver coins for anything below five dollars ((Silver)5,10,20,50 cent coins and (gold)1,2 dollars coins) so our currency is still gold backed kind of (so the paper is technically worth gold/silver)
12. Apparently, that giant Yap coin found its way into the pockets of a Mr. Eugene Krabs. I swear, that show was way more cleaver than we gave it credit for
13. Dear Extra Credits, is it alright with you if I reference your videos for my economics class? I have to do a report on the Gold Standard and I would like to use these videos for reference.
14. My shirts are great thank you very much
15. We gold standard people don't want to shove gold down your throats. Our position is rooted on individual freedom. People should be free to do want he want. We want you and everyone else to use anything as money. That's all. If you think paper is good go ahead. The problem with you people is this: It's not just enough for you to use paper as money, you want to force other people to adopt it as well.
16. We literally use linen to "buy" something. Nothing has value. We make something have values. We think it has value because other people thinks it does. So we are technically using "nothing" to get things we need/want. So, in short, nothing is valuable. We make things valuable. Either sentimentally or currency wise.
17. Greetings, you guys do great work. Thank you so much for your contribution to education. I would like to request that you guys consider doing an episode on William Wilberforce. He was one of the foremost abolitionist in history and lead an incredible life. Furthermore, he is not a known historical character in main stream knowledge which is a shame as his work in abolishing slavery cannot be understated. Thank you for your consideration. Josiah.
18. I get the feeling they've been wanting for a while now to be able to use an image of a dragon sitting on a pile of gold.
19. gold is never out dated my friend
20. Didn't the Dutch use poppies as money at one point?