Before the advent of legal tender and credit instrument, which of the following was used as a medium of exchanged?
-
A.
Currency notes -
B.
Cowries -
C.
Cheques -
D.
Bankdrafts
Correct Answer: Option B
Explanation
Cowries where used as a medium of exchange by traders during the barter system. The cowrie currency had enabled the economy to overcome the inherent problems of the barter exchange system.