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1、Visit www.readinga- for thousands of books and materials.Money,Money,MoneyA Reading AZ Level Z2 Leveled BookWord Count:2,635WritingWrite a report summarizing the different forms of money that have been used throughout history.Social StudiesResearch one historical figure or landmark depicted on money
2、.Create a trading card for the figure or landmark with a picture and label on the front and at least five fun facts on the back.Connectionswww.readinga-Money,Money,MoneyWritten by Lisa IngLEVELED BOOK Z2XZ1Z2Money,Money,Moneywww.readinga-How has money changed over time?Focus QuestionWritten by Lisa
3、IngCorrelationLEVEL Z2YZN/A70+Fountas&PinnellReading RecoveryDRAMoney,Money,MoneyLevel Z2 Leveled Book Learning AZWritten by Lisa IngIllustrated by Cende HillAll rights reserved.www.readinga-barterbullioncirculationcoinagecounterfeitcurrencydenominationdichroicencodedfiat moneyhyperinflationincisedi
4、ntrinsicallymalleablemintmutilatedoxidizesviableWords to KnowPhoto Credits:Front cover,pages 4,17,20:Learning A-Z;back cover:Photodisc;title page,page 14:Digital Vision/PictureQuest;page 8:The Granger Collection,NYC;page 9:PjrStudio/Alamy;page 10:AStock/Corbis;page 11:The Art Gallery Collection/Alam
5、y;page 18:Jack Fields/Corbis;page 21:Antonio M.Rosario/Brand X Pictures/PictureQuest;page 22:Eightfish/Alamy3Table of ContentsIntroduction .4Bartering .5Currency .6Coins .8Paper Money .11The Value of Money .14Keeping Money Real .16Invisible Money:Checks and Credit Cards .19Conclusion .22Glossary .23
6、Money,Money,Money Level Z24IntroductionAn ordinary piece of paper isnt worth much at all,but a piece of paper money can be worth several thousand dollars.A check can be worth millions.Each printed bill is worth much more than the paper its printed on.But why?Where did money come from,what makes mone
7、y so valuable,and why do people want it?Money is valuable because the people who make and use it agree on its determined value.The government that issues it,the engraving agency that designs it,the mint that strikes or prints it,the banks that hold it,and the people who buy and sell things with it a
8、ll agree that the money they accept is worth a specific amount.The history of money is the fascinating story of how people who traded valuable objects began to trade items that represented their valuables.The story also explains how technology creates“invisible money”that allows people to trade good
9、s and services around the world without being in the same place as each other.Money is worth much more than the paper its printed on.5BarteringSeveral thousand years ago,people used to barter in order to get what they didnt have or couldnt make.People living near the ocean had fish,salt,and shells,w
10、hich they traded with people living near the mountains who had fruits,wood,and furs.People still barter with each other today.If you trade an apple from your lunch for the candy bar in someone elses lunch,you are bartering.However,there are several problems with bartering because not everyone has th
11、e same wants or needs.You might want some goods or valuable objects from someone,but they might not want the goods that you have,or vice versa.Additionally,many items are heavy,hard to carry,or dont last long.Figuring out how many of one item equals a certain number of another item can be difficult.
12、It can also be difficult to determine the value of raw materials versus that of finished goods.Is a stack of logs worth the same amount as the table and chairs made from those logs?Bartering allowed people to trade for products they could not get on their own.Money,Money,Money Level Z26CurrencyTo so
13、lve the problems of bartering,people invented currencyobjects that represented certain values.For example,a group of people might agree that a cow was worth twenty shells and a large fish was worth two shells.People could trade goods for currency and vice versa as long as everyone in the transaction
14、 agreed upon the value of the currency being traded.Each culture around the world chose a different type of currency to represent the value of its goods.The objects people used were usually light enough to carry,but rare enough that people couldnt just pick them up off the ground.The rarer the item
15、used for currency and the more work it took to find it,the more valuable people decided it was.Currency allowed people to trade objects without carrying them around.7Some of the items used as currency in ancient times were bright or colorful stones,striped or spotted shells,particular leaves,certain
16、 birds feathers,lumps of silver and gold,salt,honey,bread,spices,and gems or pieces of glass.In ancient Rome,a soldiers salary was paid in bags of salt.From Africa to Asia,people traded with rare speckled shells that were only found on a few islands in the Indian Ocean.The ancient Egyptian governmen
17、t paid its workforce in quantities of honey and bread.Some Native Americans used wampumbeads made from clam shellsto trade and make treaties.Other Native Americans used eagle feathers.The Chinese used bundles of tea leaves,and European colonists in North America used tobacco leaves as their currency
18、.The problem with currency of this type was that it was hard to decide how much a particular object was worth.If one shell was much larger than another shell,shouldnt it be worth more?Did the different stripes or dots on the shells mean something different?And what if you met somebody who didnt thin
19、k your shells were worth anything at all?For trade to be viable,both parties had to want what the other had and agree on its value.Money,Money,Money Level Z28CoinsOne solution to the problems of using ordinary objects as currency was to create coins out of precious metals.Precious metals,especially
20、gold,silver,and copper,are rare and valuable across many cultures,and they are easier to shape and weigh than shells or feathers.Metals are heavier than shells and feathers but last longer and dont readily react with the elements,although copper oxidizes when exposed to extreme moisture.These metals
21、 are chosen for coinage because they are malleable and durable.The first coins were minted,or produced,2,600 years ago in Sardis,Lydia,now part of Turkey.Some of these coins had the head of a lion on them and were called trites.From Lydia,coins These ancient coins were stamped with the kings picture
22、.9quickly spread into the neighboring countries of Persia(now known as Iran)and Greece.The earliest coins were struck or cast in a natural combination of gold and silver called electrum.These coins were very rough and crude,with no patterns on the sides or standard sizes and weights.Later,coins were
23、 made from pure metals such as copper,silver,and gold.Mixed metals such as bronze,an alloy of copper and tin,were also used for coinage.The coins had standard weights,and the rulers seal was stamped on one side to confirm the coins quality.In addition,to stop people from shaving the edges of coins t
24、o collect enough metal to make more coins,ridges were incised on the outer edges.This technique made it easier to determine when coins had been altered.These Greek coins had words,a picture of an owl,and a portrait of the goddess Athena.Money,Money,Money Level Z210Early European coins usually had a
25、gods head or symbol on one side and a seal from the maker on the other.Later coins pictured the heads of rulers on one side and elaborate symbols of the empire on the other.These pictures helped establish when,where,and by whom the coins were made.Even today,you can see the faces of presidents,kings
26、,and queens on modern coins,and sometimes even the particular mint where the coins were struck.The Chinese made coins by melting copper and pouring it into molds.This process is called casting.Chinese coins were cast with square holes in the centers,so that thousands could be carried on a ribbon or
27、stick.Instead of pictures,the Chinese coins,called cash,had words telling their worth,or denomination.The Chinese also made coins using bronze,silver,or gold.Only the government could produce coins.Chinese cash could be held on a string or stick for easy carrying.11Paper MoneyA Chinese man named Tsa
28、i Lun invented paper 1,900 years ago.But it wasnt used for money until 700 years later when the Chinese government began to print paper money.The earliest paper money was created using a woodcut printing method.The specific designs and denominations were drawn on wooden blocks,and the background was
29、 carved away.Then the block was covered with ink and pressed onto uniformly sized rectangles of paper.Red and black inks were used,and the seals of the issuing banks were applied to parts of the bills.The officials who issued the currency put their names and seals on them.Although coins were still a
30、vailable,the lighter paper money quickly became more popular.The Chinese called it flying cash because it could blow away in a breeze.In Europe,another invention changed the shape and widespread usage of currency.Johannes Gutenberg invented the movable-type printing press in the mid-1400s.This press
31、,which used metal type blocks,trans-ferred images onto paper faster and better than the much older wooden-block presses.Gutenbergs press allowed people to print paper money by machine rather than by hand.Early Chinese paper moneyMoney,Money,Money Level Z2123781131 A designer draws a picture of the c
32、oins two sides on a large piece of paper.2 Sculptors make a large,three-dimensional model of the coin.An engraving machine uses the model to make a die,or coin stamp.The die is sent to mints,or factories that produce coins.3 Mints cut blank coins,called blanks,from a rolled-up sheet of the right kin
33、d of metal.The sheet can be as long as five football fields.4 The blanks are heated,cooled,washed,and dried.5 A machine called an upsetting mill creates the raised edge of the coin.6 The coin press stamps the pattern from the die into the coin.7 Inspectors make sure that there are no mistakes in the
34、 coin.Incorrectly made coins get melted down and recycled.8 The coins are sent out to banks in armored trucks.Minting CoinsCoins are harder to make than you might think.Once the government decides to produce new coins,these are just some of the steps that must happen.Money,Money,Money Level Z214The
35、Value of MoneyUnlike metallic coinage,paper money is worth little by itself,mainly because people agree that metal is worth more than paper and ink.It costs only four U.S.cents to print a bill,including the cost of the paper,ink,and the printers pay.So why is one bill worth a hundred dollars while a
36、nother is worth only one?The simple answer is that the government says so.In 1900,the U.S.Congress passed the Gold Standard Act requiring that for each dollar in circulation,there was one dollars worth of gold Banks used to keep bars of gold that represented the sum of everyones money.15in a bank.Th
37、e U.S.government used specific collection facilities,including the bullion depositories at Fort Knox,Kentucky,and West Point,New York,to store the nations gold.Other collection facilities under the United States Mint are the Philadelphia Mint,the Denver Mint,and the San Francisco Assay Office.Most c
38、ountries have not participated in the gold standard since 1971.There is simply too much currency needed in circulation.The bills represent more wealth,goods,and valuables than there is gold in the world.Britain officially stopped using the gold standard in 1931,and the United States stopped forty ye
39、ars later.Today,governments keep track of how many goods and resources there are in a country and circulate enough currency to represent those goods and resources.Depending on how many goods and resources a country produces and how successful its businesses are,the value of a countrys money can rise
40、 or fall compared to other countries currencies.This is called a floating currency system.The currencies themselves are called fiat money because they are intrinsically worthless and are used only as a method of exchange.Those currencies have only the values that their issuing governments say they h
41、ave.Money,Money,Money Level Z216Keeping Money RealMany agree that only governments can create currency because they keep track of the actual goods and resources that the currency represents.Governments usually collect mutilated bills and replace them with new bills to keep the correct ratio between
42、the amount of currency in circulation and the countrys gross domestic product(GDP)the amount of finished goods and services available within a country.Sometimes governments print more currency than their GDP can support,which results in hyperinflation.During periods of hyperinflation,prices can more
43、 than triple in a single day.But what if people try to produce money on their own?Fake money,called counterfeit,isnt worth anything because it isnt backed up by goods or resources and is not created by a government.Banks,stores,restaurants,and other companies do not allow anyone to use counterfeit m
44、oney.Worse,having counterfeit money in circulation devalues the genuine currency in circulationif there is fake money around,how do you know whether or not your money is real?In order to defeat counterfeiters,most countries make their currency using special hard-to-copy techniques.Since 1879,the pap
45、er for all U.S.17currency has been made by one company,Crane&Co.,in Dalton,Massachusetts.Bills are printed on paper that is made using a secret formula.U.S.dollars are made of a mixture of about one-quarter linen and three-quarters cotton,with some red and blue silk fibers sprinkled throughout.Howev
46、er,the Bureau of Engraving and Printing(BEP)keeps the exact formula a secret,the way Coca-Cola protects the secret recipe for its famous soda pop.A special thread below the portrait glows in ultraviolet,or“black,”light.The ink on genuine bills is slightly raised so you can feel it when you run your
47、finger over the printing.Raised printing is called intaglio(in-TAL-ee-o)printing,from the Italian word meaning“to cut,”because the image is cut into the background of the printing plate.Banks and some stores use special pens with ink that turns from black to yellow on real cotton and linen bills,but
48、 stays black on fake bills copied on cellulose,or wood-based,paper.Do You Know?It can be a bother to change currency every time you travel from one country to another.Most of Europes nations have joined together to form the European Union.Many of them standardized their money so that the euro is wor
49、th the same amount in each nation.Each country mints euros.The tail side of the euro has a picture that symbolizes the country that made it.Money,Money,Money Level Z218The pictures and print on bills are designed to prevent easy copying.The portrait is large and detailed,placed slightly off-center,a
50、nd made of fine dashed lines.The patterns on the bill are small and complicated;they are difficult to see and even more difficult to reproduce.Each bill has a serial number that appears twice on the face of the bill,showing when and where it was printed.In addition,many bills are printed with variou