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Foreign Exchange Markets
In The Beginning
Foreign exchange dealing may be traced back to the early stages of history, possibly beginning with the introduction of coinage by the ancient Egyptians, and the use of paper notes by the Babylonians. Certainly by biblical times, the Middle East saw a rudimentary international monetary system when the Roman gold coin aureus gained worldwide acceptance followed by the silver denarius, both a common stock among money changers of the period.
(History of Currency 2007).
As the Middle Ages approached, international banking had become the way of foreign exchange. The use of bills where used as payment for merchant prices. By 1816 the gold standard was a fixed commodity (History of Currency 2007); The gold standard was taken up by trading countries: “When countries agree to buy or sell gold for an established number of currency units� (Rue 2004 pg 147). The countries that participated had decided on a fixed physical weight of gold,......

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Approximate Word Count: 1039
Approximate Pages: 5 (250 words per double-spaced page)

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