Tuesday, May 12, 2009

banks as depositories

Banking existed in Babylonia and in ancient Greece and Roma. During the Middle Ages, gold and silver (Known as specie, from The Latin for "in-kind" served as a full-bodied medium of exchange. People naturally wanted to store their specie in a location safe from theft, fire, and other hazards. Such a location required some sort of safe or strongbox, and the town goldsmith was one place that invariably offered such accommodations. Other wealthy individuals or businesses also had strongboxes for their own valuables and leased space in them to others, but goldsmiths of necessity had strongboxes to store the gold they used in their trade.

No comments: