THESE days, many Malaysians pay for things digitally, relying on e-wallets and online banking. Fewer people carry much cash in their wallets. Gone are the days when we passed money over to the auntie in exchange for our nasi lemak – nowadays we just scan the QR code and transfer it.
That said, have you ever wondered when humans first began trading goods and services for cold hard cash? According to PBS Online, the first metal money and coins were manufactured by China at the end of the Stone Age, around 1,000 BC. But we don’t use these anymore.
It’s widely believed that the British Pound is the oldest currency that’s still in use today – but is this true?
VERDICT:
TRUE
The British Pound, also known as the Pound Sterling, dates back to Anglo-Saxon times, circa 775 AD, making it over 1,200 years old. Athelstan, the first King of England, adopted the Pound Sterling as the first national currency.
The pound got its name because it’s equivalent to one pound weight of silver. The name is derived from the Latin phrase “libra pondo”, meaning “pound weight”. The £ symbol is believed to be a stylised letter “L” from “libra”. Similarly, in weight measurement, a pound is shortened to “lb”.
Currently, one pound is equivalent to 100 pence, but prior to its decimalisation in 1971, the pound was divided into 20 shillings, and each shilling into 12 pence, making 240 pence to a pound.
The pound coin was first introduced in 1489 during the rule of Henry VII, whereas handwritten pound notes began to circulate in 1694, shortly after the establishment of the Bank of England.
References:
https://www.weforum.org/
https://www.pbs.org/wgbh/nova/