Money Money is accepted across the world as payment for goods or services. People use money to buy food, clothes and hundreds of other things. In the past, many different things were used as money. People on Pacific islands once exchanged shells for goods. The Chinese used cloth and knives. In Africa, elephant tusks or salt were used. Even today, some people in Africa are still paid in salt. Coins were first invented by the Chinese. Originally, they were round pieces of metal with a hole in the center, so that a piece of string could keep them together. This made doing business much easier, but people still found coins inconvenient to carry when they wanted to buy something expensive. To solve this problem, the Chinese again came up with the solution. They began to use paper money for coins. Now paper notes are used throughout the world.