3min chapter

Mr. Open Banking cover image

Bringing It All Together

Mr. Open Banking

CHAPTER

The History of the Sticks

The system worked very well because the English were a very conservative people. These sticks remained in use until 1826, some 500 years after the invention of double entry bookkeeping and banknotes. The technology started off as this mechanism for collecting deferred payments. So then it became a store of value. And finally, in 1834, they decided the sticks were no longer needed and they should be burned.

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