It is believed that coins came into use during the 7th century BC. Coins appeared in different forms in different parts of the world, and it is quite difficult to trace their origins.
The most widely accepted version of history holds that coins first appeared in Lydia, which is part of the present-day Turkey. They were made of ‘electrum’, a naturally occurring alloy of gold and silver, and had a design on one side.
In the same era, coins were developed in the Indus Valley too, out of silver. They were of a standard weight, and were punched multiple times. It is believed that such coins were used till the 4th century BC.
According to some historians, the first coins appeared in China sometime in the 7th century BC itself, but were in the shape of knives and spades. Later, they underwent a lot of changes in shape, size, and design. The Chinese cast coins in bronze with holes in the centre. There were sometimes strung together too.
Yet another advancement that the era saw was the establishment of the weight-and-measure system. The first person to officially set standards for weight and money was Pheidon, the King of Argos, Greece.