The Economics of Money and Banking Chapter 2 Money and Monetary System 》》 Evolution of Payment System 1 Type Content Barter The exchange of merchandise for merchandise, without value equivalence Money and the payment system Commodity Money Accepted by all,some goods assumed the role of currency,circulating as an element of exchange for other products and used to assess their value. 7 GUO YING SEM TONGJI UNIVERSITYThe Economics of Money and Banking 7 GUO YING SEM TONGJI UNIVERSITY Money and the payment system 1 Type Content Barter  The exchange of merchandise for merchandise, without value equivalence Commodity Money  Accepted by all, some goods assumed the role of currency, circulating as an element of exchange for other products and used to assess their value. Evolution of Payment System Chapter 2 Money and Monetary System