Reviewing the initial analysis results of the money functions we can determine their interaction and also pay attention that the function of instrument of circulation and payment should determine the level of the total monetary stock in the country and the function of saving is directly linked with the State monetary policy.
The basic requirement of the money functions performing is the stability of the money circulation whole system.
The comprehension questions
1. Name two basic theories of money origin in the World Economy.
2. What are the basic history stages of money development according to the evolutional theory?
3. List the money functions and elaborate the concepts.
4. The essence of money consists of three features, name them.
Section 2. MONEY TURNOVER, MONEY CIRCULATION AND MONEY SYSTEM
1.2.1. Metal full-bodied money
In the course of historical development initially the system of metal money circulation formed which was based on the metal money usage.
The money qualification which is based on the materially substantial features of the total equivalent allows classifying conventionally the metal money on full-bodied and token money.
The full-bodied (real) money is money the nominal (designated on it) value of which corresponds to its real value, i.e. to the value of metal of which it is produced (an obverse of a coin – adverse, a reverse of a coin – reverse, a ridge – edge).
The first coins appeared in about the XIIth century B.C.E. in China and in the VIIth century B.C.E. in the ancient Lydian State (the Asia Minor). The oldest money which were discovered on the territory of Kazakhstan are the ancient coins found during the diggings of such towns as Otrar, Taraz, Turkestan, Balasagun, Suyab. The earliest are dated from the VIth century. Before the XXIInd century they were produced manually from copper, bronze, gold. As a rule the coins had the images of a family coat of arms – tamga and indicated the title of the main sovereign ruler – kagan. At that times each of them issued their own coins with their title that’s why they greatly differed from each other not only by the images but also by their thickness and form.
Later in the middle centuries in Kypchakiya the territory of which marched with the territory of modern Kazakhstan a silver tanga and a copper poul circulated. The copper coins usually were used for everyday buyings and silver for the foreign trade operations.
After Kazakhstan joint to Russia in the beginning of the XVIIIth century little by little the Russian coins and monetary units began to circulate in our country. In the pre-revolution Kazakhstan during the monetary reform of 1895-1897 the system of gold monometallism was established with the gold-coin circulation.
The gold, silver and copper coins were used in circulation. The basic type of the monetary units was the State Bank credit notes which on 92 % were ensured by gold. The basic part of the monetary stock consisted of the nominal instruments of circulation which could be freely exchanged on the full-bodied money – gold coins and thus they had the population’s credibility.
Having an inmost value the full-bodied money depends on neither the other types of wealths nor the market conditions in which it circulates. All the types of commodity money belong to the full-bodied money – gold and silver coins.
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