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 There was a time not long ago when the barter system was brought to an end with the advent of gold.
It also led to hoarding and became the de facto means to establish one’s net worth.
This continued till the time they found all the disadvantages of gold including the liability associated with storage, transport, and ownership.Remember stories of caravans being robbed midway into the journey with women laden with gold being the prime target?
Paper currencies tied to gold standards were the next invention where each paper note/currency guaranteed a certain quantity of gold.Everything was fine till the time people understood that gold was a limited commodity and made it difficult to keep parity with paper money for all times.
This became especially acute in times when economies started to boom, and the governments had to print notes to keep up with the demand for money.Gold couldn’t keep pace, and in the year 1929 at the end of the Great Depression, the world finally broke free of gold parity and established the system of fiat currency that was printed at the beck and call of individual governments worldwide.
Each currency’s value was determined by various factors including GDP growth rates, rates of industrialization, status of industries and infrastructure, intrinsic worth of economies and the likes.With each country having its own currency, there was felt a need to bring parity to worldwide transactions that to an extent was brought about by the Breton Woods system in 1944 where signatory countries agreed to a complex system of recognizing each-other’s currency via the USD which was tied to gold.In 1975, the US government being the main player unilaterally pulled out of the system by terminating the USD’s tie-up with gold.