Money
Who issued the world's first coins? Take the Rediff Business Quiz to know more about the history of coins and paper money.
Biz Quiz is best viewed in Internet Explorer (IE) and Netscape above version 6.0.
1. Who issued the world's first coins? a) Chinese b) Greeks c) Indians
Wrong! Try again..
Wrong! The correct answer is Greeks. Historians believe that the concept of 'money' in the form of coins (which were pieces of metal of certain defined weight that were stamped with a symbol of authority to be used for financial transactions) was formulated simultaneously, but independent of each other, by 3 different civilizations. Coins began to be used in business in India, Asia Minor, and China in the 6th century BC. But most historians agree that the ancient Greeks, living in Lydia and Ionia (on the western coast of modern Turkey), issued the world's first coins in 650 BC. These coins were made of electrum, an alloy of gold and silver.
Correct! Historians believe that the concept of 'money' in the form of coins (which were pieces of metal of certain defined weight that were stamped with a symbol of authority to be used for financial transactions) was formulated simultaneously, but independent of each other, by 3 different civilizations. Coins began to be used in business in India, Asia Minor, and China in the 6th century BC. But most historians agree that the ancient Greeks, living in Lydia and Ionia (on the western coast of modern Turkey), issued the world's first coins in 650 BC. These coins were made of electrum, an alloy of gold and silver.
2. When were India's first coins minted? a) 5th century BC b) 7th century AD c) 2nd century BC
Wrong! Try again..
Wrong! The correct answer is 5th century BC. There is almost total agreement amongst historians that India's first coins were minted just before the start of the 5th century BC in Madhyadesha (central India). Some, however, hold that that India minted the first coins of the world as early as in the 8th century BC. Major archaelogical finds indicate that the coins found during excavation at Bhir (Taxila) in 1924 and Chaman Huzuri in 1933 were minted in India long before 4th century BC, i.e. before Greeks advanced towards India.
Correct! There is almost total agreement amongst historians that India's first coins were minted just before the start of the 5th century BC in Madhyadesha (central India). Some, however, hold that that India minted the first coins of the world as early as in the 8th century BC. Major archaelogical finds indicate that the coins found during excavation at Bhir (Taxila) in 1924 and Chaman Huzuri in 1933 were minted in India long before 4th century BC, i.e. before Greeks advanced towards India.
3. Who introduced paper money in India? a) The General Bank of Bengal and Bahar b) The Bank of Hindostan c) The Bank of CP and Berar
Wrong! Try again..
Wrong! The correct answer is The General Bank of Bengal and Bahar. Paper money was first introduced in India in the late 18th Century. Among the early issuers, the General Bank of Bengal and Bahar (1773-75) was a state sponsored institution set up in participation with local expertise. Its notes enjoyed government patronage.
Correct! Paper money was first introduced in India in the late 18th Century. Among the early issuers, the General Bank of Bengal and Bahar (1773-75) was a state sponsored institution set up in participation with local expertise. Its notes enjoyed government patronage.
4. Where did paper money originate? a) India b) China c) Greece
Wrong! Try again..
Wrong! The correct option is China. The first recorded use of paper money was in China, during the reign of emperor Wu-Ti, in the 2nd century BC. From the 7th century onwards, deposit notes issued in exchange for deposit money were the means of payment used by merchants of the Tang dynasty.
Correct! The first recorded use of paper money was in China, during the reign of emperor Wu-Ti, in the 2nd century BC. From the 7th century onwards, deposit notes issued in exchange for deposit money were the means of payment used by merchants of the Tang dynasty.
5. The world's highest denomination note? a) American 100 million dollar b) Hungary's 100 million Pengo c) Britain's 1 million pound
Wrong! Try again..
Wrong! The correct answer is Hungary's 100 million Pengo. The world's highest denomination note was Hungary's 100 million Pengo, which issued in 1946. It was worth about US $0.20 in 1946. The world's lowest denomination note was Fiji 1 penny, issued in 1942. The old penny, being 1/240 of a pound, is a lower denomination than the current penny which is 1/100th of a dollar.
Correct! The world's highest denomination note was Hungary's 100 million Pengo, which issued in 1946. It was worth about US $0.20 in 1946. The world's lowest denomination note was Fiji 1 penny, issued in 1942. The old penny, being 1/240 of a pound, is a lower denomination than the current penny which is 1/100th of a dollar.
