Choose if the given statement is True/False.

The evolution of plastic money started from the barter system to metal coins and then to paper money and cheques.

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True

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Detailed Solution

The given statement is True.
Money, as we see it today, has gone through a series of changes over the course of centuries. Initially, the medium of exchange was the barter system. In the barter system, two or more people exchange goods without money. In this system, when one person wants to buy exactly what the other person wants to sell, it is known as a "double coincidence of wants." Later on, due to issues with the double coincidence of wants, metal coins were introduced. For higher denominations, gold and silver coins were used. Due to the coins being very bulky, paper money was introduced which later gave rise to cheques. To have better safety and security, we now use plastic money in the form of debit and credit cards.

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