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Word Count: 743
Whenever someone uses money it seldom enters their mind that money is something other than what they use to trade for things they need or want including services To be honest money is actually useless within itself However people believe that money has value Its all in a promise In earlier times people used to barter or trade one item for another but they needed something durable something that would last a long time It also needed to be divisible that is it would have to be easily broken in to smaller parts Eventually the started using gold and coins as money Native Americans used wampum beads as their money Now we used bills coins check and credit cards as money To being with how exactly does money work Money works because people make a promise that when they give money away the person receiving it can trade the money in for something of equal value This started out because they believed it to be valuable Money should be portable so you can carry it around with you The gold was and some were in coins but people got tired of carrying around all their gold and coins Therefore the decided to give their gold to a goldsmith who would store it safely In return the goldsmith gave the person a receipt which meant that that he had their money and he was storing it and how much money was being stored As the goldsmith kept getting money he figured no one would withdraw all his or her money at once So he started giving people loans which contained interest a special rent or fee a person pays for money he has borrowed Meanwhile the people who received the receipts started using them in place of gold They would give them to other people and promised that the person receiving it could take out the certain amount given to them out of the gold that
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