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Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
UNIT 9. The history of money origin
Grammar. The Perfect Tenses Text 1. Coins Text 2. Banknotes Text 3. The Ruble Text 4. The US dollar Text 5. The Pound sterling Text 6. The Euro Exercise 1. Read the text, point the main idea of it. Text 1. Coins Vocabulary
The history of money concerns the development of means of carrying out transactions involving a physical medium of exchange. Money is any clearly identifiable object of value that is generally accepted as payment for goods and services and repayment of debts. Many things have been used as medium of exchange in markets including, for example, livestock and sacks of cereal grain but also sometimes merely attractive items such as cowry shells or beads were exchanged for more useful commodities. Precious metals from which early coins were made fall into this second category. Many cultures around the world eventually developed the use of commodity money. Ancient China, Africa, and India used cowry shells. Trade in Japan's feudal system was based on the koku– a unit of rice. From approximately 1000 BC money in the shape of small knives and spades made of bronze were in use in the society of China. The first manufactured coins seem to have taken place separately in India, China. The use and export of silver coinage, along with soldiers paid in coins, contributed to the Athenian Empire's 5th century BC. Gold and silver were used as the most common form of money throughout history. In many languages, such as Spanish, French, and Italian, the word for silver is still directly related to the word for money. Although gold and silver were commonly used to mint coins, other metals were used. For instance, Ancient Sparta minted coins from iron to discourage its citizens from engaging in foreign trade. In the early seventeenth century Sweden lacked more precious metal and so produced " plate money", which were large slabs of copper approximately 50 cm or more in length and width, appropriately stamped with indications of their value. Exercise 2. Read and translate the following words and word combinations. a physical medium of exchange, identifiable object of value, payment for goods and services, repayment of debts, commodities, precious metals, ancient unit of weight and currency, silver coinage, " plate money”.
Exercise 3. Read the sentences from the text. Decide whether each sentence is true, false or not stated in the given text. This sentence is - true; - false; - not stated. Money is object of value that is accepted as payment for goods and services and repayment of debts. This sentence is - true; - false; - not stated. Many things have never been used as medium of exchange in markets. This sentence is - true; - false; - not stated. Many cultures around the world developed the use of commodity money. This sentence is - true; - false; - not stated. The first manufactured coins seem to have taken place separately in Japan and China. Exercise 4. Match the coins with the country where they are used.
Exercise 5. Complete the sentences. 1. The history of money concerns the development of means of carrying out ____ involving a physical medium of ____. 2. Precious metals from which early ____ were made fall into this second category. 3. ____ and ____ were used as the most common form of money throughout history. 4. Money is any identifiable object of ____ that is generally accepted as payment for goods and services and repayment of ____. 5. Ancient Sparta minted coins from ____ to discourage its citizens from engaging in foreign trade.
Exercise 6. Answer the questions. 1. What does the history of money concern? 2. Money is any object of value, isn’t it? 3. What is the main function of money? 4. What fall into the second category as a value of exchange? 5. Name all possible commodity money. 6. Where did the first manufactured coins appear? 7. In what languages is the word for silver still directly related to the word for money?
Exercise 7. Match the words with their definitions.
Exercise 8. Put the paragraphs into the right order to make a complete text. Text 2. Banknotes Vocabulary
1. In the 13th century, paper money became known in Europe through the accounts of travelers, such as Marco Polo. In medieval Italy and Flanders, because of the insecurity and impracticality of transporting large sums of money over long distances, money traders started using promissory notes. The first European banknotes were issued by Stockholms Banco, a predecessor of the Bank of Sweden, in 1661. 2. The use of bank notes issued by private commercial banks as legal tender has gradually been replaced by the issuance of bank notes authorized and controlled by national governments. The Bank of England was granted sole rights to issue banknotes in England after 1694. In the USA, the Federal Reserve Bank was granted similar rights after its establishment in 1913. Until recently, these government-authorized currencies were forms of representative money, since they were partially backed by gold or silver and were theoretically convertible into gold or silver. 3. Paper money was introduced in Song Dynasty China during the 11th century. The development of the banknote began in the seventh century, with local issues of paper currency. Its roots were in merchant receipts of deposit during the Tang Dynasty (618–907), as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. The central government soon observed the economic advantages of printing paper money. 4. Inspired by the success of the London goldsmiths, some of which became the forerunners of great English banks, banks began issuing paper notes quite properly termed ‘banknotes’. 5. These banknotes were a form of representative money which could be converted into gold or silver by application at the bank.
Exercise 9. Add the beginning of the sentences in the left column with their endings from the right column.
Exercise 10. Give the correct name to the given banknotes.
Exercise 11. Guess what banknotes are described below. 1. The official symbol for this currency is 2. It is a continental currency. On August 8, 1785, the Continental Congress authorized this currency. Under the post World War II all other currencies were valued in terms of it. 3. Forex brokers are sometimes referred to this currency as " cable dealers". A common slang term it is quid. 4. It is the 5th most traded currency in the world. The currency is commonly referred to by foreign-exchange traders as the " Aussie". The first paper issues of this currency were issued in 1966. 5. This currency is the official currency of 18 of the 28 member states. This is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. Exercise 12. Choose the right grammatical form of the given words. Read and translate the text. Text 3. The Ruble Vocabulary
The ruble or rouble is/was the currency of the Russian Federation and the two partially recognized republics of Abkhazia and South Ossetia. Formerly, the ruble was/will be also the currency of the Russian Empire and the Soviet Union before their dissolution. The ruble is subdivided/subdivided into 100 kopeks. The ruble are/has been the currency in Russia for 500 years. In the 18th century, the lower value roubles, such as half a kopek or a single kopek were/was made from copper, while five kopeks up to 50 kopeks and one rouble coins was/were made from silver. Five rouble coins was/were originally made from gold. After the Russian civil war, silver was/is used for lower value coins with gold chervonets minted in 1923. In 1961 new materials such as aluminum and bronze will be/were introduced, along with cupro-nickel-zinc. In 1991 more modern techniques was/were used, combining several types of metal to form new, bimetallic coins in denominations including ten roubles. New coins will be/were again released after the fall of the Soviet Union in 1991. From 1710, the ruble are/was divided into 100 kopeks. All Russian ruble banknotes is/are currently printed at the state-owned factory Goznak in Moscow, which is/was organized on 6 June 1919 and has continued to operate ever since. Coins was/are minted in Moscow and at the Saint Petersburg Mint, which was/has been operating since 1724.
Exercise 13. Study the new vocabulary.
Exercise 14. Fill in the gaps in the text using words from the table.
Text 4. The US dollar The history of the United States dollar ____ to more than 200 years since Continental Congress of the United States ___ the issuance of the US dollar on August 8, 1786. The term 'dollar' had already been in common usage since the colonial period when it referred to eight-real coin used by the Spanish throughout New Spain. Although several ____ systems were proposed for the early republic, the dollar was approved by Congress. Congress appointed Robert Morris to be Superintendent of Finance of the United States. In 1782 the Bank of North America was funded in part by ___ loaned to the United States by France. The United States Mint was created by Congress following the passing of the Coinage Act of 1792. It was primarily tasked with producing and circulating coinage. The first ____ building was in Philadelphia. Thus the United States moved to a gold standard, making both gold and silver the legal-tender ____ of the United States, and guaranteed the dollar as convertible to 1.5 g of gold. World War II ____ European and Asian economies while leaving the United States' economy relatively unharmed. As European governments exhausted their gold reserves and borrowed to pay the United States for war resources, the United States _____ large gold reserves. This combination gave the United States significant political and economic power following the war. The United States enjoys many ____ because the dollar serves as the international reserve currency. The United States could not face a balance of payments ____ as American debts are denominated in dollars, thus the Federal Reserve could simply print more dollars. In other words, the United States cannot suffer a _____ crisis but would instead face an _____ crisis. The cost of producing a dollar to the United States is simply the cost of printing the note, whereas a foreign government must provide a dollar’s worth of goods for that dollar. Exercise 15. Agree or disagree with the statements. 1. The term 'dollar' was known throughout New Zeeland. 2. After the World War II European and Asian economies staid relatively unharmed while the United States' economy collapsed. 3. The United States authorized the issuance of the US dollar on August 8, 1786. 4. Large gold reserves gave the United States significant political and economic power during the war. 5. Robert Morris was appointed by Congress to be Superintendent of Finance of the United States. 6. The United States Mint was created after the War on Independence. 7. The cost of producing a the US dollar is equal to its note.
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. Coins had several individual names, e.g. grosh, altyn, chetvertá k, polushka. In 1704 it weighted 28 grams of silver.