Radiocarbon dating, or carbon dating, is a radiometric dating method that uses the naturally occurring radioisotope carbon-14 (¹⁴C) to determine the age of carbonaceous materials up to about 58,000 to 62,000 years.^[1] Raw, i.e. uncalibrated, radiocarbon ages are usually reported in radiocarbon years "Before Present" (BP), "Present" being defined as AD 1950. Such raw ages can be calibrated to give calendar dates.

One of the most frequent uses of radiocarbon dating is to estimate the age of organic remains from archaeological sites. When plants fix atmospheric carbon dioxide (CO₂) into organic material during photosynthesis they incorporate a quantity of ¹⁴C that approximately matches the level of this isotope in the atmosphere (a small difference occurs because of isotope fractionation, but this is corrected after laboratory analysis). After plants die or they are consumed by other organisms (for example, by humans or other animals) the ¹⁴C fraction of this organic material declines at a fixed exponential rate due to the radioactive decay of ¹⁴C. Comparing the remaining ¹⁴C fraction of a sample to that expected from atmospheric ¹⁴C allows the age of the sample to be estimated.

The technique of radiocarbon dating was developed by Willard Libby and his colleagues at the University of Chicago in 1949. Emilio Segrè asserted in his autobiography that Enrico Fermi suggested the concept to Libby in a seminar at Chicago that year. Libby estimated that the steady state radioactivity concentration of exchangeable carbon-14 would be about 14 disintegrations per minute (dpm) per gram. In 1960, he was awarded the Nobel Prize in chemistry for this work. He first demonstrated the accuracy of radiocarbon dating by accurately estimating the age of wood from an ancient Egyptian royal barge for which the age was known from historical documents.

abstracted from: http://en.wikipedia.org/wiki/Radiocarbon_dating