Before the advent of legal tender and credit instrument, which of the following was used as a medium of exchanged?

Assessment: WAEC SSCE - Commerce - 2011 (Objective) Subject: Commerce

Question 1 Report

Before the advent of legal tender and credit instrument, which of the following was used as a medium of exchanged?

Answer Details
Before the advent of legal tender and credit instruments such as currency notes, cheques, and bank drafts, cowries were used as a medium of exchange. Cowries are a type of sea shell that was widely used as currency in many parts of the world, including Africa and Asia. They were valued for their rarity, durability, and aesthetic qualities. Cowries were often strung together in long strands or sewn onto clothing as a form of decoration and were also used for trade transactions, payment of taxes, and as a means of storing wealth.
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