12/17/2020
`
`History of Money and Payments
`
`COVID-19 resources ›
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`History of Money and Payments
`
`A R T I C L E S
`
`F I N A N C E S
`
`By Square
`
`10.02.2000
`
`People have engaged in commerce to exchange
`
`goods and services for payment throughout the
`
`ages. These financial transactions did not always
`
`involve monetary payments. There was a time
`
`when standard money did not even exist and
`
`people utilized other forms of payment to pe"orm
`
`transactions. With the evolution of technology,
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`https://squareup.com/us/en/townsquare/history-of-money-and-payments
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`1/12
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`GOOG-1037
`Google LLC v. RFCyber Corp. / Page 1 of 12
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`
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`History of Money and Payments
`
`COVID-19 resources ›
`
`Products Business Types
`
`Why Square?
`
`Resources
`
`Sign In Shop
`
`
`
` to Town Square‹ Back
`
`History of Money and Payments
`
`A R T I C L E S
`
`F I N A N C E S
`
`By Square
`
`10.02.2000
`
`People have engaged in commerce to exchange
`
`goods and services for payment throughout the
`
`ages. These financial transactions did not always
`
`involve monetary payments. There was a time
`
`when standard money did not even exist and
`
`people utilized other forms of payment to pe"orm
`
`transactions. With the evolution of technology,
`
`https://squareup.com/us/en/townsquare/history-of-money-and-payments
`
`1/12
`
`GOOG-1037
`Google LLC v. RFCyber Corp. / Page 1 of 12
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`12/17/2020
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`History of Money and Payments
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`money and payments have changed drastically.
`
`Current credit card processing technology and
`
`advanced business solutions make financial
`
`transactions possible at almost any time and
`
`vi#ually any place.
`
`Bartering and Livestock
`
`Ba#ering was an advantageous way to exchange
`
`goods and services for people many years ago
`
`because it enabled both pa#ies to get what they
`
`needed. For example, two pa#ies might exchange
`
`tools for services to fulfill the needs of both
`
`people. Livestock was also considered wealth that
`
`people could amass. The more cows or sheep
`
`someone owned, the wealthier they were.
`
`•
`
`•
`
`•
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`The History of Money: Explore this infographic
`
`that provides a comprehensive timeline of the
`
`evolution of money.
`
`Money: A Glossary of Political Economy
`
`Terms: Money has a broad definition that
`
`includes a variety of forms of value.
`
`Ba!ering Overview (PDF): Ba#ering involves
`
`trading one person's goods or services for
`
`another person's goods or services.
`
`Precious Metal Coins
`
`Ancient civilizations used to use beads and shells
`
`as coins. Eventually, they began using precious
`
`metals to make coins. People in the ancient
`
`civilization of Lydia were among the first to use
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`https://squareup.com/us/en/townsquare/history-of-money-and-payments
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`2/12
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`History of Money and Payments
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`coins made of gold and silver. This currency was
`
`both valuable and easily po#able.
`
`•
`
`•
`
`Glossary of Coins: Explore the history of
`
`precious metal coins by reviewing terms
`
`included in this glossary.
`
`Ancient Coinage: What Ancient Coins Reveal
`
`for Modern A! Historians (PDF): Ancient coins
`
`were considered works of a# created by
`
`a#isans.
`
`•
`
`History of Coins: This pictorial history shows
`
`ancient coins and an overview of various coins.
`
`Leather Money
`
`Leather was another material used for currency.
`
`People in ancient China utilized white deer skin for
`
`banknotes. The notes were large compared to the
`
`bills used in today's society. Leather money could
`
`have been as large as one-foot squares of
`
`deerskin.
`
`•
`
`Three Early Discoveries of Leather Money
`
`(PDF): Ancient leather coins have been
`
`discovered that were used as currency in
`
`some civilizations.
`
`•
`
`The Chinese Monetary System: From Ancient
`
`Times to the Early Modern Period (PDF):
`
`Leather currency dates back to ancient
`
`Chinese civilizations.
`
`•
`
`A Brief Timeline on the History of Money:
`
`White deer skin was used as money in China.
`
`https://squareup.com/us/en/townsquare/history-of-money-and-payments
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`3/12
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`History of Money and Payments
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`Paper Money
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`Eventually, the Chinese developed paper money.
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`Civilizations struggled with determining and
`
`maintaining the value of paper money. In addition,
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`challenges came in the forms of both inflation and
`
`the production of the currency. Paper money went
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`in and out of use during periods of ancient history.
`
`•
`
`•
`
`•
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`A Quick History of Paper Money (PDF):
`
`Explore the chronology of paper money
`
`throughout history.
`
`The History of American Currency: American
`
`currency has had a tumultuous history as it
`
`has evolved through the centuries.
`
`History of Paper Money: The United States
`
`has had several different types of paper
`
`currency in circulation throughout its history.
`
`Gold
`
`England established gold as its standard of value
`
`in 1816. Following this event, Europe began
`
`backing bank notes with the gold standard. This
`
`meant the value of any currency was set by
`
`establishing its value in gold. The United States
`
`followed suit in 1900. Before this time, both gold
`
`and silver were used for dollars.
`
`•
`
`•
`
`Gold as Money: Gold coins date back to
`
`approximately 550 B.C.
`
`The History of Gold (PDF): Gold began as a
`
`feature of decorative objects and jewelry in
`
`ancient civilizations.
`
`https://squareup.com/us/en/townsquare/history-of-money-and-payments
`
`4/12
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`Google LLC v. RFCyber Corp. / Page 4 of 12
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`History of Money and Payments
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`•
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`Gold's History as a Currency Standard: This
`
`timeline looks at the use of gold as currency
`
`from the present day back to ancient times.
`
`Gold-Backed U.S. Dollar
`
`In 1913, the United States established the Federal
`
`Reserve system. This official central bank served
`
`the financial interests of the nation. Federal
`
`Reserve notes were backed by gold at this time.
`
`One of the roles of the Federal Reserve was to
`
`ensure that notes and checks would be honored
`
`and could be redeemed for gold.
`
`•
`
`Brief History of the Gold Standard in the
`
`United States (PDF): The current U.S.
`
`monetary system is backed by the federal
`
`government, not by gold or silver.
`
`Currency Notes (PDF): The gold standard
`
`describes a system in which currency is
`
`connected to a specific amount of gold.
`
`Gold Investor: Risk Management and Capital
`
`Investment: Gold has served as currency for
`
`thousands of years throughout many
`
`•
`
`•
`
`civilizations.
`
`Credit Cards
`
`Consumers began enjoying credit from retailers
`
`during the 20th century. Some retailers, such as
`
`depa#ment stores and gas stations, began
`
`creating individual credit cards to issue to
`
`consumers. These cards were created to make
`
`https://squareup.com/us/en/townsquare/history-of-money-and-payments
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`5/12
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`Google LLC v. RFCyber Corp. / Page 5 of 12
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`History of Money and Payments
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`spending money more convenient for people.
`
`Diners Club was the first actual credit card, which
`
`gave consumers the ability to purchase meals
`
`from several restaurants located in New York City.
`
`•
`
`•
`
`•
`
`What Is a Credit Card? (PDF): This payment
`
`method has revolutionized the way people pay
`
`for goods and services.
`
`Secret History of the Credit Card: Explore
`
`these resources to learn everything you need
`
`to know about credit cards.
`
`When Were Credit Cards Invented? (PDF):
`
`Merchants had been extending credit to
`
`consumers long before credit cards made
`
`their debut.
`
`U.S. Dollar
`
`In 1933, the United States discontinued the gold
`
`standard to keep Americans from cashing in their
`
`currency for gold, depleting the national gold
`
`supply, amid worsening deflation. From this point
`
`forward, the federal government became the
`
`official backer of the monetary system instead of
`
`gold. However, the U.S. continued to let foreign
`
`governments trade dollars for gold until 1971. At
`
`this point, the country became concerned that
`
`foreigners would sap the national gold reserves,
`
`leading to an end to this practice.
`
`•
`
`History of 'In God We Trust': Explore the
`
`history of this motto that appears on U.S.
`
`currency.
`
`https://squareup.com/us/en/townsquare/history-of-money-and-payments
`
`6/12
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`GOOG-1037
`Google LLC v. RFCyber Corp. / Page 6 of 12
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`History of Money and Payments
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`•
`
`History of United States Currency: United
`
`States currency began with a coinage system,
`
`instituted sho#ly after ratification of the
`
`Constitution.
`
`•
`
`History of the Mint: The United States Mint
`
`dates back to 1792.
`
`Online Shopping
`
`With the rise of the Internet during the 1990s,
`
`online shopping arrived on the scene. Consumers
`
`embraced the ability to peruse the Internet and
`
`make purchases. Common historical data
`
`suggests that Pizza Hut may have been one of the
`
`first retailers to execute an e-commerce
`
`transaction. The company began allowing people
`
`to order pizza on its website as early as 1994.
`
`•
`
`A Timeline of the Internet and E-Retailing:
`
`Milestones of Influence and Concurrent
`
`Events: This timeline shows information about
`
`the evolution of retailing through current e-
`
`commerce activity.
`
`•
`
`Fraud and the Internet: Online Shopping
`
`(PDF): Although convenient, Internet shopping
`
`can be a risk for consumers due to security
`
`issues.
`
`•
`
`Online Social Networks and e-Commerce
`
`(PDF): Online merchants want to gather
`
`information about consumers while they shop,
`
`which assists with marketing research.
`
`Mobile Payments
`
`https://squareup.com/us/en/townsquare/history-of-money-and-payments
`
`7/12
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`GOOG-1037
`Google LLC v. RFCyber Corp. / Page 7 of 12
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`History of Money and Payments
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`Coca-Cola receives credit for offering the first
`
`mobile payment transaction in 1997. The beverage
`
`retailer created special vending machines that
`
`enabled consumers to pay for their drinks by
`
`sending text messages from mobile devices. Since
`
`this time, mobile payments have skyrocketed in
`
`popularity. Now, more people than ever before are
`
`paying on the go, and more merchants can accept
`
`payments anywhere, without being tied down to a
`
`cash register.
`
`•
`
`Mobile Payments: What's in it for Consumers?
`
`(PDF): This document looks at the benefits of
`
`mobile payments and how they are used
`
`today.
`
`•
`
`Consumers and Mobile Financial Services
`
`2015 (PDF): The Federal Reserve presents
`
`detailed information about consumer spending
`
`habits that involve mobile devices.
`
`•
`
`Payments on the Go: Making Sense of the
`
`Evolving Mobile Payments Landscape (PDF):
`
`Read about the history and future of mobile
`
`payments in this document.
`
`Square
`
`The Square Editorial Team is dedicated to
`
`telling stories of business, for business
`
`owners. Our team comes from a variety of
`
`backgrounds and share a passion for
`
`providing information that helps businesses
`
`to sta#, run, and grow. The team is based in
`
`https://squareup.com/us/en/townsquare/history-of-money-and-payments
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`8/12
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`History of Money and Payments
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`San Francisco, but has collaborators all over
`
`the country.
`
`R E L AT E D C O N T E N T
`
`A R T I C L E S
`
`History of Marketing
`
`Successful marketing involves a variety of
`
`different tactics, with everything working
`
`together to promote products or services and
`
`retain customers.
`
`A R T I C L E S
`
`History of A
`
`Small Busin
`
`Payments
`
`Sale
`Point of
`
`Square Payments
`
`Point of Sale Overview
`
`In Person
`
`Square Point of Sale
`
`By Invoice
`https://squareup.com/us/en/townsquare/history-of-money-and-payments
`
`9/12
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`GOOG-1037
`Google LLC v. RFCyber Corp. / Page 9 of 12
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`
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`History of Money and Payments
`
`Square for Restaurants
`
`Square for Retail
`
`Square Appointments
`
`12/17/2020
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`By Invoice
`
`On Your Computer
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`Risk Manager
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`Reader
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`Terminal
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`Stand
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`Register
`
`Shop Hardware
`
`Rent Hardware
`
`Buy in Store
`
`Compare Hardware
`
`Business Debit Card
`
`Capital
`
`Payroll
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`Team Management
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`Marketing
`
`SMS Marketing
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`Loyalty
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`Dashboard
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`Gift Cards
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`Customer Directory
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`Inventory Management
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`Photo Studio
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`Developers
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`Resources
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`Developer Platform
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`Pricing
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`Reader SDK
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`Contact Sales
`
`In-App Payments SDK
`
`Suppo! Center
`
`https://squareup.com/us/en/townsquare/history-of-money-and-payments
`
`10/12
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`GOOG-1037
`Google LLC v. RFCyber Corp. / Page 10 of 12
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`
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`12/17/2020
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`History of Money and Payments
`
`Online Payments APIs
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`App Marketplace
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`Documentation
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`Small Business Development
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`Developer Dashboard
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`Blog
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`Guides
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`Community
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`Events
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`© 2020 Square, Inc.
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`Privacy Notice
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`Government
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`https://squareup.com/us/en/townsquare/history-of-money-and-payments
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`11/12
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`GOOG-1037
`Google LLC v. RFCyber Corp. / Page 11 of 12
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`History of Money and Payments
`
`Square Capital, LLC
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`https://squareup.com/us/en/townsquare/history-of-money-and-payments
`
`12/12
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`GOOG-1037
`Google LLC v. RFCyber Corp. / Page 12 of 12
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