Promise Notes - The Foundation of Modern Banking

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Long before modern banking was introduced, goldsmiths became the go-to people to trust with your money. In 17th-century London, they stored customers’ gold securely in their vaults and issued handwritten receipts known as promise notes as proof of deposit.

But then something interesting started happening. Instead of returning to collect their gold, people began using these notes to pay one another. The paper itself had value because it could be exchanged for gold at any time.

Promise notes became the foundation of a new financial system, paving the way for banknotes, credit, and modern banking as we know it today.
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