The Evolution of Money

About 100 years later, in the kingdom of Lydia (located in modern day Turkey), circular coins as we know them today were invented. Seeing the benefits of this standardized currency, other nations such as the Persian and Roman empires were quick to follow and further refined their currencies. (Coincidentally, at around the same time, craftsmen in China were making coins with very elaborate shapes such as spades and knives, of which the flat surfaces were decorated with Chinese characters.) It was not until the 3rd century BC that the Roman emperor decided to create a more practical round coin, but with a square hole in the centre.

With the rise of money, different sorts of financial transactions started to take place, which could be called the beginning of banking. In Greece, starting from 4th century BC, private entrepreneurs and institutions (such as temples and public governments) began taking deposits, making loans, exchanging different currencies and testing the coins for weight and purity. Many of these transactions were unheard of since this time and provided the citizens with more services and convenience

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