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Close Reading (MONEY)

The document discusses the history and evolution of money. It describes how different items like salt, shells, and metals were used as primitive forms of currency in isolated parts of the world before the widespread use of coins and paper money. The passage provides examples of places that still use these alternative forms of money and examines some of the earliest types of formal currency.

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Aung Zaw Moe
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238 views2 pages

Close Reading (MONEY)

The document discusses the history and evolution of money. It describes how different items like salt, shells, and metals were used as primitive forms of currency in isolated parts of the world before the widespread use of coins and paper money. The passage provides examples of places that still use these alternative forms of money and examines some of the earliest types of formal currency.

Uploaded by

Aung Zaw Moe
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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CLOSE READING

MONEY

Aristotle, the Greek Philosopher, summed up the four chief qualities of money some
2,000 years ago. It must be lasting and easy to recognize, to divide, and to carry about. In other
words is must be durable, distinct, divisible and portable. When we think of money today, we
picture it either as round, flat pieces of metal which we call coins, or as printed paper notes. But
there are still parts of the world today where coins and notes are of no use. They will buy
nothing, and traveler might starve if he had none of the particular local money to exchange for
food.
Among isolated peoples, who not often reached by traders from outside, commerce
usually means barter. There is a direct exchange of goods. Perhaps it is fish for vegetables, meat
for grain, or various kinds of food in exchange for pots, baskets, or other manufactured goods.
For this kind of simple trading, money is not needed, but there is often something that everyone
wants and everybody can use, such as salt to flavour food, shells for ornaments, or iron and
copper to make into tools and vessels. These things – salt, shells or metals – are still used things
– salt, shells or metals – are still used as money in out-of –the- way parts of the world today.
Salt may seem rather a strange substance to use as money, but in countries where he food
of the people is mainly vegetables, it is often an absolute necessity. Cakes of salt, stamped to
show their value, were used as money in Tibet until recent times, and cakes of slat will still buy
goods in Borneo and parts of Africa.
Cowrie sea shells have been used as money at some time or another over the greater part
of the Old World. These were collected mainly from the beaches of the Maldive Islands in the
Indian Ocean, and were traded to India and China. In Africa, cowries were traded right across the
continent from East to West. Four or five thousand went for Maria Theresa dollar, and Austrian
silver coin which was once accepted as currency in many parts of Africa.
Metal valued by weight, preceded coins in many parts of the world. Iron, in lumps, bars
or rings is still used in many countries instead of money. It can either be exchanged for goods, or
made into tools, weapons or ornaments. The early money of China, apart from shells, was of
bronze, often in flat, round pieces with a hole in the middle, called cash. The earliest of these are
between three thousand and four thousand years old – older than the earliest coins of the eastern
Mediterranean.
Nowadays, coins and notes have supplanted nearly all the more picturesque forms of
money, and although in one or two of the most remote countries people still hoard it for future
use on ceremonial occasions such as weddings and funerals, examples of primitive money will
soon be found in museums.

Ex. I What do the underlined words in the passage refer to?

Ex. II Select the answer which in most accurate according to the information given in the
passage.

1. Aristotle said money should be (a) made of metal. (b) durable, distinct, divisible and portable.
(c) 2,000 years old (d) made of high-quality materials.
2. Nowadays we think of money as (a) made of either metal or paper. (b) pieces of for starving
travelers.

3. In some parts of the world a traveler might starve (a) even if his money was of the local kind.
(b) even if he had no coins or notes. (c) if he did not know the local rate of exchange. (d) even if
he had plenty of coins and notes.

4. Barter usually takes the place of money transactions where (a) there is only salt . (b) the
people’s trading needs are fairly simple. (c) metal tools are used (d) money is unknown.
5. Salt is still used as money (a) in Tibet (b) in the Maldive islands. (c) in several countries. (d)
only for ceremonial purposes.

6. Four or five thousand cowrie shells used to be (a) as valuable as Maria Theresa dollar (b)
valued because they are easy to carry. (c) useful currency in South America. (d) the maximum
one man could carry.

7. Lumps of iron or iron bars are (a) a substitute fro money in some places. (b) Never exchanged
for goods nowadays. (c) Exchanged for tools, weapons or ornaments (d) called cash in China.

8. One type of early Chinese money was (a) made from bones. (b) called ‘cash’ (c) better than
eastern Mediterranean coins. (d) in the form of bronze bars.

9. The earliest known coins from the eastern Mediterranean (a) are as old as the earliest known
Chinese cons. (b) are older than the earliest known Chinese coins (c) are not as old as the earliest
known Chinese coins. (d) were much larger than the Chinese equivalents.

10. Primitive types of money are sometimes used (a) to replace more picturesque forms. (b) in
museums, as entrance fees. (c) at country markets. (d) at weddings and funerals.

Exercise I. What do the underlined words in the passage refer to?

1. which = round, flat, pieces of metal


2. he = a traveler 3
3. it = slat
4. their = of cakes of salt.
5. These = Cowrie sea shells
6. which = an Austrian silver coin
7. these = the early money of China

Exercise. II Multiple Choice : Select the answer which is most accurate according to the
information given in the passage.

1. (b) 2. (a) 3. (d) 4. (b) 5. (c)


6. (a) 7. (a) 8. (b) 9. (c) 10. (d)

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