Banknotes in the form of slips of paper or bank slips were not means of payment in the Early Modern period but simply a promise of payment by the bank that had brought them into circulation. They became popular in the mid-17th century when the London goldsmiths first offered a wide range of modern banking services. Merchants and aristocratic landowners maintained an account with the goldsmith, which they used both for overdraft credit and for transfers.
Banknote (742 words)
Cite this pageNorth, Michael, “Banknote”, in: Encyclopedia of Early Modern History Online, Executive editor of the English edition: Graeme Dunphy. Consulted online on 22 August 2017 <http://dx.doi.org/10.1163/2352-0272_emho_SIM_017316>
First published online: 2015
First print edition: 20160321
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