from The Daily Bell:
World’s Oldest Gold Object May Have Just Been Unearthed in Bulgaria … A small gold bead shows that Copper Age people in the Balkans were processing gold 6,500 years ago… -Smithsonian
This gold bead further confirms the maturity of private monetary history in our view.
Reference.com tells us, HERE: “The existence of gold has been known for over 5,500 years; therefore, the exact location of its discovery is unknown.”
Now Smithsonian, above, has reported that humans were manipulating gold 6500 years ago.
But we’ve often argued that gold (and silver) were seen as “precious metals” many more thousands of years ago than that. Maybe older gold items don’t survive today because when people discovered them, they were recycled.
Murray Rothbard was surely right. He maintained HERE that money was the outcome of competition between different kinds of objects and over time and gold triumphed (along with silver).
There are various reasons why money metals became popular as money. Among them: durability, divisibility, portability, acceptability, limited supply and uniformity. Money therefore developed via competition. Anything could become “money” if it were sufficiently accepted and fulfilled aspects of the monetary recipe.
A further, important point: If gold and silver were seen as valuable then one way or another people were likely utilizing them for trading purposes.
Now the larger question. Do such metals have to be shaped into coins in order to perform monetary functions?
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