Mention if the given statement is true or false:

Coins were the first medium of exchange.

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True

False

answer is B.

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Detailed Solution

The given statement is false.
Coins were not the first medium of exchange. Even before the introduction of coins as a medium of exchange, grains and cattle were used by people as money. The transactions in day-to-day life were carried out based on the double coincidence of wants. Earlier, a person who wished to sell tea and get paddy had to find someone ready to buy and sell paddy. When grains and cattle became the medium of exchange or money, people started purchasing the goods and services they needed by selling the grain and cattle they had.
The corrected statement would be, “Commodities were the first medium of exchange.”

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