Interesting Fact. The First Bankers

In the middle ages it was very common to barter different goods with other products; product instead of product. During the years humans developed coins, which were invested in circulation. Mainly the coins were made of gold or other expensive metals and for that reason it was very dangerous and hard to save money because there were many robbers. That year jewelers offered their service. The jewelers took gold from the population and instead of it gave them checks.

After it in order to buy something people started to use checks which circulated in all the market. It was very comfortable to use that service but of course it wasn’t free. The jewelers demanded to pay the rent for that service.  Then checks became the first banknotes. It’s seems that jewelers liked the work of bankers very much. There were many people who used of that service and gold in the jewelers’ treasury was too much. Jewelers decided to borrow the gold instead of interest payments. With that event the idea of credit started. Some year latter jewelers enlisted that consumers need too much gold and they needed more and more gold. The jewelers offered the population to hand in their gold to jewelers and instead of it get interest payments. That idea was the start of deposit.

Thanks to jewelers small speculation today we have an opportunity to get a credit and to invest a deposit. The author of that idea were jewelers who were the first bankers.