Currencies, beyond their monetary value, are powerful symbols of national identity and historical continuity, according to a BusinessDay feature published July 5, 2025.
Currencies, beyond their monetary value, are powerful symbols of national identity and historical continuity, according to a BusinessDay feature published July 5, 2025. The article traces the evolution of money from barter systems and commodity money to coins and paper banknotes, highlighting milestones such as Lydia’s electrum coins (600 BCE), China’s “knife money,” and the Song Dynasty’s pioneering of paper currency.
Later, systems like the gold standard and Bretton Woods agreement shaped global trade, with the U.S. dollar emerging as the dominant reserve currency. Today’s floating exchange rate system reflects market dynamics.
Ellen Feingold, curator of the Smithsonian’s National Numismatic Collection (NNC), notes that banknotes “represent every inhabited continent, and they span more than 3,000 years of human history.” She adds they reveal “cultural ideas related to values, trust, artistic beauty, and collective identity.” Exhibits at the NNC, including Micronesia’s stone ring currency, underscore the rich, diverse legacy of global money.