“Focuses of currency have undergone several changes since early times”. Elucidate.
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Before the introduction of coins, a variety of objects was used as money.
(i) For example, since the very early ages, Indians used grains and cattle as money.
(ii) Thereafter, cause the use of metallic coins — gold, silver, copper coins — a phase which continued well into the last century.
(iii) Modern forms of money include currency — paper notes and coins.
(iv) Modern currency is not made of precious metal, it is without any use of its own.
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