What is a barter system? What are its drawbacks?

Explanation:

The system of exchange that existed during the ancient period was known as the barter system. 

Under this system of exchange, commodities were used as a medium of exchange, wherein one commodity was exchanged for another. 

For example, an individual who makes pots and wants 1kg of rice, would exchange it with another individual growing rice in exchange of an earthen pot.

The barter system has many drawbacks like difficulty finding a commodity exchanger, calculating the exact value of a commodity and holding stock of problem, unable to store value, etc.