The Story of Money: 08--Banking Evolves

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
early check goldsmiths lend money
 
The De Medici Bank was one of the first great private banking houses
medici bank--one of first great private banking houses     medici bank--one of first great private banking houses
 
The Bank of England was an early central bank
Bank of England--early central bank     Bank of England--early central bank
 
These coins could stay put
ancient coin ancient coin ancient coin ancient coin
ancient coin ancient coin ancient coin ancient coin
ancient coin ancient coin ancient coin ancient coin
ancient coin ancient coin ancient coin