Checks and Credit

Checks and Credit

The check is older than cash. Ancient Romans are believed to have used an early form of check known as praescriptiones in the 1st century B.C. Credit predates the check and it actually predates writing. According to historians, the concept of using a valueless instrument to represent banking transactions dates back 5,000 years, when the ancient Mesopotamians used clay tablets to conduct trade with the Harappan civilization. While still cumbersome, a slab of clay with seals from both civilizations certainly beat the tons of copper each would have had to melt down to produce the coins of that era.

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Categories: FinanceHistory