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Story of Money


Section 8: Banking evolves Previous | Next | Section Index
These coins could stay put
Claims against valuables in goldsmiths’ vaults allowed the transfer of exact amounts with the valuables never leaving the vault. The medium exchanged was the claim. This intangible money helped trade expand, and modern intangible forms of payment—from credit cards to electronic payments—have become even more important with the growing use of computers.
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