The Origins of Money by Carl Menger Chapter 8 - How Gold and Silver Became Money

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Why did gold and silver become money across nearly every civilization? In this video, we explore Carl Menger’s explanation of how precious metals emerged as money—not by law or accident, but through their superior saleability. Gold and silver were always in high demand, widely accepted, and easy to divide, store, and recognize. Their durability, rarity, and stable value made them ideal for trade across time and space. Long before governments stamped them into coins, people had already chosen these metals as the most reliable medium of exchange. As more traders began exchanging their goods for gold and silver, these metals naturally became money. This video dives into why precious metals stood out among all commodities and how they became the cornerstone of commerce throughout history.

Questions Answered:
-Why were gold and silver more saleable than other goods?

-What qualities made precious metals ideal as money?

-Did gold and silver become money by law or by market choice?

-Why were their values more stable than other commodities?

-How did their durability and divisibility help in trade?

-What role did appearance and recognizability play in trust?

-How did early traders influence the rise of precious metals as money?

-Why were gold and silver accepted across different regions and eras?

-How did precious metals transition from goods to currency?

-What made people prefer holding wealth in gold and silver?

00:00 - Introduction to how Gold and Silver became Money
00:12 - The Rise of Precious Metals
00:40 - Demand and Practicality of Precious Metals
01:37 - The Transition to Money
02:10 - Stability and Uniformity of Gold and Silver
03:02 - Conclusion


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