Money through the ages
A timeline of money
The major turning points, from barter to tap-to-pay. Dates for ancient events are approximate.
- Ancient timesBarter and commodity money such as grain, livestock, salt and shells.
- c. 7th century BCSome of the first standardized coins appear in Lydia (modern Turkey).
- 11th centurySong dynasty China issues government paper money.
- RenaissanceItalian banking families develop letters of credit and double-entry bookkeeping.
- 1792The U.S. Coinage Act establishes the dollar and the U.S. Mint.
- 1913The Federal Reserve is created as the U.S. central bank.
- 1950sCharge cards appear; bank credit cards soon follow.
- Late 1960sATMs begin to spread.
- 1971The U.S. ends the dollar's convertibility into gold for foreign governments.
- 1990s–2000sOnline banking and e-commerce grow.
- 2010s–todayMobile banking, payment apps and contactless tap-to-pay become everyday tools.