We take money for granted today, but its development is one of the most important stories in the history of human civilization. How money was created, why we trust it, and what archaeological finds reveal about the economy of the past are just some of the questions we discussed with Josip Bradarić, interpreter and guide at Moneterra – Money Museum of the Croatian National Bank.
Sections:
01:08
The prerequisites for the development of money were created when humans transitioned from a nomadic to a sedentary way of life and began to produce commodity surpluses and exchange them because of the uneven allocation of goods. This system of direct commodity exchange, known as barter, represents the world's first economic model.
03:15
At first glance, it appears that virtually any object could function as currency. That is only true to a certain extent. To function as currency, an item must hold value, act as a means of exchange, and serve as a unit of account.
04:49
The new economic innovation of coinage quickly reached the territory of Croatia. The first coins arrived to our region through eastern Adriatic Greek colonies, such as Pharos on Hvar and Issa on Vis. As early as the 4th century BC, these colonies had their own mints and minted silver and bronze coins.
06:39
There is a very interesting and important connection between archaeology and economics. In fact, much of what we know about the economy of ancient civilizations comes from archaeological research.
08:29
The history of paper currency is in fact a history of trust. People trusted gold, silver and coins for thousands of years because they had their own value. However, getting people to believe that a slip of paper held real value was a long and difficult process.
10:29
The rich vocabulary dedicated to money in our area is a direct reflection of a very intricate and complex history. Over the centuries, Croatia and neighbouring countries evolved under the diverse influences of various states, rulers, languages, and trading systems—from the Romans and Venetians to the Hungarians, Ottomans, and Austrians. As a result, many of these diverse expressions for currency have been preserved in our everyday speech.
13:50
Section 7: In what ways do the contemporary euro coins we use today reflect Croatia's monetary past?
The most recent chapter began in 2023, when Croatia joined the eurozone and adopted the euro, integrating the country into the shared European monetary system. Croatian euro coins feature many symbols from our monetary and cultural past. This historical continuity is most directly illustrated by the 1 euro coin, which bears the motif of a marten, marten pelts having been used as a form of currency.
15:14
While knowing the national history of money is valuable for financial literacy, it is not as critical as understanding savings, investment, credit or inflation. That is why Moneterra doesn't just focus on the history of currency, but places it within the broader context of the economic world.