The Astonishing History of Checks
Checks are printed forms that can be used to make payments without the need to carry large amounts of money. But the history of checks is not known to many that is why here is a brief story about it, view here. Check it here!
The printed checks we are familiar with was invented by the Bank of England. The Bank of England used a special paper to avoid it being counterfeited and was issued from cashiers. Customers had to attend in person in order to be given one. Once the check is filled out, it can be brought back to the bank for settlement. Read more for additional information about how the Bank of England made the first ever printed check and click here.
Now let us go back to the ancient times of Rome. Back then, temples were made for their gods. The temples were heavily guarded because many worshipers would come to the temples to perform rituals and make sacrifices. Because of this service, the wealthy thought to entrust their wealth to the temples along with the state treasuries. When there were bills to pay, money changers were advised to issue a prescription which is similar to the check writing we have today. The moneychangers kept all of the records of their transactions. View here for more details.
Next up is the Knights Templar. The Knights Templar were a Catholic military order who protected those travelers who wished to visit the sites in the Holy Land. Members swore an oath of poverty, chastity, and obedience. The members of the Knights Templar were not allowed to drink, gamble or swear and prayer was essential to their daily life. Donated assets and large sums of money were entrusted to them. When the Catholic devotees march on their journey towards the Holy Land, they would deposit their assets to the Knights Templar. A document indicating the monetary value of the dissolved asset is given in exchange. Once they have reached the Holy Land, the document is used to pay for their shelter and meals. For a detailed information about the Knights Templar, view here!
The Dutch also contributed to the history of checks. During the 16th Century, the Dutch Republic held deposits from traders. When there were bills to pay, the Dutch Republic was called on to make the payments. The traders transferred money to their creditors making them able to handle their debts. Exchange of money was also present but most of the time the Dutch Republic would issue notes that were payable to the order of the recipient. Read more now for additional information.
With all of the facts provided in this article, you are now well-informed about the history of checks.