Bill of exchange
(2,160 words)

1. Economics

1.1. Basics

The bill of exchange (Italian lettera di cambio, French letter de change, German Wechsel), “one of the most important achievements in the history of economics” [4], was developed in Italy on the basis of ancient precursors during the Commercial Revolution (12th–14th centuries). In its classic form, dating from the 14th century, it represented an order for payment, in which the maker (drawer) of the bill instructed the drawee (acceptor) to clear a debt elsewhere for a benef…

Cite this page
Denzel, Markus A. and Löhnig, Martin, “Bill of exchange”, in: Encyclopedia of Early Modern History Online, Executive editor of the English edition: Graeme Dunphy. Consulted online on 21 October 2017 <http://dx.doi.org/10.1163/2352-0272_emho_COM_030117>
First published online: 2015
First print edition: 20160907



▲   Back to top   ▲