Focus Question: What are the basic functions of money?

 

Topics on the Page

Introduction to Money

 

History of Money

 

How Money is Made at the U.S. Mint

 

Money Around the World

 

Money and Happiness

 

Teaching and Learning about Money

 

 Economics Cross-Link: Money Supply of the United States

 

Government Cross-Link: Money in American Politics

 

Page Summary This page walks through the major topic related to the United States’ Money supply. There are resources from the federal reserves on the importance of money supply, crash course videos on finance and monetary policy, and a resource to calculate inflation. There are further resources on money circulation and how money is produced and introduced into circulation. Janet Yellen, the first female Chair of the U.S. Federal Reserve and U.S secretary of treasury, is highlighted on the page along with a history of the many women who have held that position. Functions of Money is a cross-linked page with explores the psychological link between money and happiness, the history of money (from Egyptians, to Native Americans, to the present), and money/currency from  around the world.  Patience Gubisch (May 2023)

 

Cowrie Shells Were First Used as Money

 

 

Introduction to Money

Introduction to the Concept of Money from Farmer School of Business, Miami University of Ohio.

 

 
Functions of Money

 

 

Functions and characteristics of money

 

 

Learn about all the Circulating U.S. Coins from the U.S. Mint

 

 

How Money Is Made at the U.S. Mint

 

All of our coins in the United States are produced at the one of the six U.S. Mint locations in our country. Taken directly from the U.S. Mint’s website, 

 

“The mission of the U.S. Mint is to serve the American people by manufacturing and distributing circulating, precious metal and collectible coins and national medals, and providing security over assets entrusted to us.

United States Mint (between 1930 and 1945)

Since our institution’s founding in 1792, the Mint has taken great pride in rendering the story of our nation in coins. To hold a coin or medal produced by the Mint is to connect to the founding principles of our nation and the makings of our economy.

 

The Mint is the nation’s sole manufacturer of legal tender coinage and is responsible for producing circulating coinage for the nation to conduct its trade and commerce. The Mint also produces coin-related products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; and silver and gold bullion coins. The Mint’s programs are self-sustaining and operate at no cost to the taxpayer.”

 

As stated, the Mint produces limited coins, including dollars and half dollars, to honor key figures in American history. After looking at these current examples of the “American Women’s Quarter Program” design a coin with a key figure from American history that you believed should be honored at the Mint. 

 

Visit the links below to take a virtual tour of the Mint, see how the coins are made and sculpted, and explore the Mint’s official website for interactive games and complete history. 

Mint Minute

Philly Mint Virtual Tour

The U.S. Mint in Philadelphia Circulating Coin Production B-Roll

Sculpting Coins at the U.S. Mint

Games | U.S. Mint for Kids

 

 

History of Money

 

Trace the history of money - to the present and beyond...

The History of Money, from NOVA

 

• What did Egyptians use for money?

 

Forms of currency in Native American Societies

Wampum was Massachusetts' First Legal Currency - JSTOR Daily

 

This JSTOR article explains the history of the “seashell derived Wampum” which was Massachusetts’ first legal currency. It continued to be used well into the 19th century. Read the article to learn how the beads were made, what determined their value, how European colonists commercialized and industrialized their production leading to the decline in their value, and how they were used for more than currency Native groups including in rituals by Chiefs and Sachems. 

  

 

Different Means of Exchange throughout History

• Barter
• Cattle (9000 - 6000 BCE)
• Cowrie Shells (1200 BCE)
• Bronze and Copper (1000 BCE)
• Modern Coinage (500 BCE)
• Paper Money (806 CE)

 

8 Things You May Not Know About Money, History Channel
Money Lesson

Money game for children K-5 $$$

History of Money Explained in One Infographic

 

Coin of Xerxes, 220 BCE

Deciphering the 'Priestly Mumbo-Jumbo' of the Financial World, An interview with John Lanchester about his 2104 book, How to Speak Money on NPR.

This Video by Neil Fergusen traces the history of money in human history and how it has in turn shaped human society.

How Much Is Enough? Movie Clip of Wallstreet

Use this Currency Exchange Calculator to see the worth of U.S. dollars relative to other currencies around the world.

 

 

Money and Happiness

 

Psychologists Say They Have Found the Exact Amount of Money to Make You Happy

 

• The ideal income for individuals is $95,000 a year for life satisfaction and $60,000 to $75,000 a year for emotional well-being. Families with children, of course, will need more.

 

 

Money Around the World

Explore Money from Around the World from the Federal Reserve Bank of Cleveland

 

History and Creation of the Euro

 

Euro | Definition, History, Symbol, & Facts | Britannica

 

 

 

 

Teaching and Learning about Money

We're in the Money: Lessons for Teaching about Money

 

How to teach the value of coins to children: https://www.youtube.com/watch?v=X-8G3M_NA5k

 

 Learning Activities

 

• Lesson Plan from the University of North Carolina about Barter and Money aimed for teaching 10th grade students.

 

• Lesson Plan from the Philadelphia Federal Reserve Bank on the Functions and Characteristics of Money.

 

• Lesson Plan created by Pamela Carrubba who won third place in a Lesson Plan Contest for the Atlanta Federal Reserve Bank. This lesson plan is aimed for teaching middle school students.

 

• Lesson Plan: https://www.uscurrency.gov/educational-materials/classrooms/lesson-plans
•  This is a link to a lesson plan that focuses on currency. I includes vocabulary lesson plans, play money lesson plans, learning games, and links to additional resources.  

 

• Lesson Plan with the objective of helping students understand what money is and its main characteristics. Includes warm up questions, group activities, and ideas for assessment.   

 

• Game where you learn to count money.

 

• Games for students in grades K-5 for learning about money.

 

• Where in the World & What is the World Is Money? is an engaging game from the International Monetary Fund designed to introduce students to how money has been used throughout history

 

Multicultural Resources about Money

 

• How Slavery Became the Economic Engine of the South:https://www.history.com/news/slavery-profitable-southern-economy

 

• Attached is a link from Forbes that addresses money and

           culture: https://www.forbes.com/sites/riankadorsainvil/2019/06/28/why-we-cant-talk-about-money-  without-talking-about-culture/#1f7bf7935e8d

 

• Modern Money: How Technology and Culture Are Changing How We Save, Spend and Invest: https://milkeninstitute.org/videos/modern-money-how-technology-and-culture-are-changing-how-we-save-spend-and-invest

 

• This is a link to a source that emphasizes how much money modern day slavery makes and ways to crack down on this illicit billion dollar sex trafficking  scandal: https://www.forbes.com/sites/carmenniethammer/2020/02/02/cracking-the-150-billion-business-of-human-trafficking/#30be89e54142