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Story of Money

Section 8: Banking evolves Previous Section | Main Menu | Next Section
Merchants and goldsmiths developed a system that used intangible money for the first time. Goldsmiths could accept deposits, transfer claims, and make loans without valuables ever leaving the vault.
Early checks were similar to our checks today Goldsmiths were able to start lending money
The De Medici Bank was one of the first great private banking houses
The Bank of England was an early central bank
These coins could stay put