Abstract

Many things have passed as money: salt in Abyssinia, tea-bricks in Asia, sugar in the West Indies, barrels of oil in Texas … and metals everywhere. The list seems endless. However, as transactions increased, wealth accumulated, and states levied taxes, such proto-moneys moved from the simple “double coincidence of wants” into more rational and complex forms. They catered for a market or hierarchy of markets. “Money,” said Carl Menger, “is not a political invention.”