Which one of the following was not a traditional form of money?

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Grains

Paper notes

Cattle

Gold coins

answer is B.

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Detailed Solution

Paper notes were not a traditional form of money.
1)      In earlier times, when paper notes were not introduced, people used coins made of precious metals such as gold, silver, and copper to exchange goods and services.
2)      The exchange of goods for goods was also used for fulfilling the basic requirements, which is known as the Double coincidence of wants or Barter system.
3)      For example, Grains were given in exchange for cattle; milk was given in exchange for rice; goats were provided in exchange for wheat, etc.
4)      But the barter system had many drawbacks, such as a lack of double coincidence of wants, a lack of shared value, a lack of standard units, etc.
5)      Then Modern money was introduced to remove these drawbacks like Coins and Paper currency authorised by the Reserve Bank Of India (RBI).

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