Let us Explore (Page 241) What do you think happened as coins began to be used for all types of exchanges,whether to buy Class 7
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Let us Explore (Page 241) What do you think happened as coins began to be used for all types of exchanges, whether to buy Class7
What do you think happened as coins began to be used for all types of exchanges, whether to buy vegetables or to buy some land? What problems could have come up? Class 7
Answer:
As coins began to be used for all type of exchanges, whether to buy small amount like vegetables or to buy some land make the trade easier, quicker and standardised. Most of the problems during barter system are overcomed.
Still there were several problems:
- Large transactions like purchase of land require many coins, making heavy and inconvenient to carry.
- Coins could be stolen, if not safely kept.
- Some people make and use fake coins, lead to monetary loss.
- A lot of time is consumed for counting and handling coins.
- A lot of space is required for storing coins.