Banking started with gold. Almost by accident, the merchants who dealt and fashioned goods out of gold became the first bankers. Goldsmiths would rent out space in their vaults to folks who wanted a safe place to store their own gold. Each time someone deposited a few ducats with the smithy, he would issue a receipt for it. Before long, people found they could spend the receipts just as if they were the gold. Easier to carry. Handier in many ways.
Banking, a One-Trick Pony, but What a Trick
Banking, a One-Trick Pony, but What a Trick
Banking, a One-Trick Pony, but What a Trick
Banking started with gold. Almost by accident, the merchants who dealt and fashioned goods out of gold became the first bankers. Goldsmiths would rent out space in their vaults to folks who wanted a safe place to store their own gold. Each time someone deposited a few ducats with the smithy, he would issue a receipt for it. Before long, people found they could spend the receipts just as if they were the gold. Easier to carry. Handier in many ways.