A Glance at the History of Banking Systems
Banking has become a very significant aspect of financial management for an individual, a business, or the government. IT may be interesting to find out how it all started by discussing the history of banking systems.
Barter trading and the first forms of money
Long time ago, there wasn’t any currency to exchange with other people if there is to be an exchange of goods. What the primitive people did was to do barter trading.
Individuals can own properties out of any ornaments like stones or shells that are shaped to qualify as very good džcor. Those who have these nice objects can exchange them for other items they can make use of. This is the root of trading and wealth acquisition.
The individual barter extended between tribes in the event of surplus of utilities. If one tribe has so much of an article that is useful to another tribe, there can be an arrangement to exchange the surplus with some very good pieces of ornaments.
But physical exchanges of things eventually became too much of a burden so a system was developed to assign or transfer certain perceived values to a token which can represent a certain amount of wealth. That was how people conceived the usage of money.
Wealth refers to things that have inherent use. Land is very useful, so it is considered as a wealth. The deed that covers ownership of a land is in itself, not the wealth, it is just an evidence or proof of wealth.
A metal that has certain value or use for many people, like the gold, can be considered wealth.
During those times, a man is very wealthy though he doesn’t really have so much money. If he owns a lot of land, useful tools, or goods that are in demand, then he is wealthy.
The need to exchange wealth from one tribe to another gave birth to banking. The process was slow and the growth was inevitable. The history of banking systems has indeed gone through the needle’s eye but it has really grown through time.
First banking system
The very first system related to banking can be traced twelve thousand years ago in the era prior to the Assyrian empire. There were evidence of records and accounts believed to be built around a system that controls trade in that empire. This evidence was discovered in 1890 by a professor of Archaeology in the University of Pennsylvania whose name was Doctor Heilprecht.
Most civilizations and empires rose and fell according to how the wealth was successfully traded. Wealth is in the form of useful metals that were exchanged through channels and which also got affected by supply and demand.
As civilizations developed, people devised ways to grow as groups and it was during the eighteenth and nineteenth centuries that people have engaged in producing things apart form those that are intended for personal use. People started producing against competition or in cooperation with others.
Each group would produce utilities for use of the other group. The purpose then shifted and production was intended for exchange of commerce. Civilization, commerce or trade, and tokens of wealth or money have all come to mean banking.
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PART 2 – For part two of this article, head on to
History Of Banking Systems
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DECIMA finds a bank token coins 1812
| | 1852-1854 Bank of Upper Canada Tokens $30.95 |
| | $100,000 BREAK THE BANK TV GAME SHOW GAME TOKEN (S852) $5.50 |
| | 1837 CANADIAN ONE PENNY BANK TOKEN BANK OF MONTREAL? $5.99 |
| | BLACK HILLS FIRST NATIONAL BANK MERCHANT TOKEN (S125) $7.50 |
| | * SYNDICATE BANK -{ KUNDANGOL BR. } FANCY NO { 111 } – EX-RAREST BANK TOKEN $6.59 |
| | * PUNJAB NATIONAL BANK – RAREST BANK TOKEN $2.55 |
| | ** BANK SUB-TREASURY TOKEN – RAREST -{KOLARAS }- MADHYA PRADESH STATE $1.38 |
| | * BANK TOKEN – { STATE BANK OF HYDERABAD } – CHIKKADPALLY BR. – RARE TOKEN $4.15 |
| | ** * BANK TOKEN – HYDEARABAD -{CHARMINAR CO-OPERATIVE URBAN BANK}BEAUTIFUL COND. $4.15 |
| | ** * BANK TOKEN – HYDEARABAD -{CHARMINAR CO-OPERATIVE URBAN BANK}BEAUTIFUL COND. $3.63 |
| | * STATE BANK OF INDIA -{ AAGADI BRANCH – GUJARAT STATE }- VARIETY BANK TOKEN $0.02 |
| | * STATE BANK OF INDIA – NARASAMPET – SOUTH INDIAN -RAREST BANK TOKEN $0.02 |
| | * * BANK SUB-TREASURY TOKEN – RAREST -{MEHGAOUN }- SUB-TREASURY TOKEN $0.02 |
| | ** * BANK SUB-TREASURY TOKEN – RAREST -{ SITAMAU }- MADHYA PRADESH $0.02 |
| | * BANK TOKEN – CANARE BANK – EX-RARE HEAVY BANK TOKEN $0.02 |
| | 1852 QUEBEC HALF PENNY BANK TOKEN VF CONDITION $32.00 |
| | 1844 Half Penny (SOU) Province of Canada Bank of Montreal Token $0.99 |
| | Oak Harbor Ohio State Bank01887-1962-Wooden Nickel Token–10750 $12.99 |
| | 1857 Bank of Upper Canada One Penny Bank Token * Free Shipping * No Reserve $9.99 |
| | 1850 BANK OF UPPER CANADA ONE PENNY TOKEN.CONDITION GOOD TO FINE. $3.18 |
| | 1857 BANK OF UPPER CANADA PENNY VF/XF AND HALF PENNY VF $24.00 |
| | Vintage 1963 J.D Ferguson Collection Numismatic Exhibition Royal Bank Token Coin $0.99 |
| | 1970 token 50 years of banking,Peoples Bank Jonesboro TN $2.50 |
| | ND LOWER CANADA, SOU, BANK TOKEN, MONTREAL, HOLED $0.99 |
| | IRELAND : IRISH BANK TOKEN TEN PENCE 1805. GEORGE 111 $4.24 |
| | VINTAGE BRONZE SALMON P CHASE TOKEN OF THE CHASE BANK MONEYS OF THE WORLD-RARE $5.00 |
| | RARE 1837 LC-8B1 CANADA HALF PENNY BANK TOKEN $1.54 |
| | RARE 1837 LC-8B1 CANADA HALF PENNY BANK TOKEN # 2 $4.57 |
| | RARE 1844 PC-1B4 CANADA HALF PENNY BANK TOKEN # 2 $2.02 |
| | RARE 1852 PC-5B? CANADA HALF PENNY BANK TOKEN $1.25 |
| | RARE 1852 PC-5B? CANADA HALF PENNY BANK TOKEN $2.02 |
| | RARE 1854 PC-5C1 CANADA HALF PENNY BANK TOKEN $1.25 |
| | RARE 1857 PC-5D CANADA HALF PENNY BANK TOKEN $1.25 |
| | McDOWELL NATIONAL BANK SHARON PA COIN TOKEN SCRIP $6.00 |
| | 1924 ENCASED WHEAT PENNY GOOD LUCK TOKEN FROM PEOPLE’S BANK, McKEESPORT PA $7.50 |
| | GREAT BRITAIN George III 1811 Silver 3 Shillings Bank of England Token $34.00 |
| | GREAT BRITAIN George III 1812 Silver 3 Shillings Bank of England Token $42.00 |
| | GREAT BRITAIN George III 1812 Silver 3 Shillings Bank of England Token $34.00 |
| | WW ll RED 1 POINT RATION TOKENS IN BANK BOX 250 RED TOKENS MIXED LETTERS $10.00 |
| | WW ll RED 1 POINT RATION TOKENS IN BANK BOX 180 RED TOKENS MIXED LETTERS $10.00 |
| | 1842 canada bank token coin montreal half penny $100.00 |
| | 1972 Home Savings Bank Albany NY Beehive Medal Token $8.55 |
| | Bank of Upper Canada 1854 bank token 1 penny $1.00 |
| | 1837 PROVINCE DU BAS CANADA HALF PENNY UN SOU BANK TOKEN (L31) $1.03 |
| | 1838 AGRICULTER & COMMERCE BAS CANADA 1/2 PENNY UN SOU MONTREAL BANK TOKEN (L32) $1.86 |
| | 1844 PROVINCE OF CANADA BANK OF MONTREAL 1/2 PENNY TOKEN (L33) $4.28 |
| | 1844 PROVINCE OF CANADA BANK OF MONTREAL 1/2 PENNY TOKEN (L34) $0.98 |
| | 1850 BANK OF UPPER CANADA ONE HALF PENNY BANK TOKEN (L35) $0.98 |
| | 1852 BANK OF UPPER CANADA ONE HALF PENNY BANK TOKEN (L36) $0.98 |
| | 1852 PROVINCE DU CANADA UN SOU HALF PENNY QUEBEC BANK TOKEN (L37) $0.98 |
| | 1854 BANK OF UPPER CANADA ONE HALF PENNY BANK TOKEN (L38) $0.98 |
| | 1854 BANK OF UPPER CANADA ONE HALF PENNY BANK TOKEN (L39) $0.98 |
| | 1857 BANK OF UPPER CANADA ONE HALF PENNY BANK TOKEN (L40) $0.98 |
| | 1857 P.E.I. SELF GOVERNMENT & FREE TRADE 1/2 PENNY BANK TOKEN (L41) $1.99 |
| | 1837 PROVINCE DU BAS CANADA 1 PENNY DEUX SOU BANK TOKEN (L43) $2.86 |
| | 1842 PROVINCE OF CANADA BANK OF MONTREAL ONE PENNY TOKEN (L46) $0.98 |
| | 1850 BANK OF UPPER CANADA ONE PENNY BANK TOKEN (L47) $0.98 |
| | 1837 PROVINCE DU BAS CANADA 1 PENNY DEUX SOU BANK TOKEN (L44) $0.98 |
| | 1852 PROVINCE DU CANADA, DEUX SOUS, ONE PENNY, QUEBEC BANK TOKEN (L48) $0.98 |
| | 1854 BANK OF UPPER CANADA ONE PENNY BANK TOKEN (L49) $0.98 |
| | 1857 BANK OF UPPER CANADA ONE PENNY BANK TOKEN (L50) $0.98 |
| | 1857 BANK OF UPPER CANADA ONE PENNY BANK TOKEN (L51) $0.98 |
| | 1857 BANK OF UPPER CANADA ONE PENNY BANK TOKEN (L52) $0.98 |
| | 1837 CANADA ONE PENNY BANK TOKEN–NICE SHAPE $0.90 |
| | CANADA PROVIDENCE ~ 1852 ~ QUEBEC ~ BANK TOKEN ~ COPPER ~ ORIGINAL ~ RARE $9.99 |
| | CANADA PROVIDENCE ~ 1852 HOLED ~ QUEBEC ~ BANK TOKEN ~ COPPER ~ ORIGINAL ~ RARE $9.99 |
| | 25 Cent Credit Savings Bank Fiber Token 1930s 40s $19.99 |
| | 1852 Penny Bank Tokens/1852 One Penny Bank Token Lot $17.00 |
| | 1854 BANK OF UPPER CANADA HALFPENNY TOKEN VF BR#720 $89.00 |
| | Bank of Montreal Token 1844 Half Penny. Holed $5.00 |
| | Vintage Meachams Pool Hall Banks, ORE. 5c Embossed Billiard Trade Token $28.00 |
| | 1907 EASTERN DISTRICT SAVINGS BANK- ALUMINUM SOUVENIR GOOD LUCK TOKEN - $0.99 |
| | BANK OF UPPER CANADA 1857 HALF PENNY TOKEN UNC $120.00 |
| | Saul Lishinsky (Russian Jewish) X 326 Turnstile and Piggy Bank w/ Tokens $12.50 |
| | CANADA BANK OF UPPER CANADA 1852-57 1/2 PENNY TOKENS $39.00 |
| | IRELAND ‘BANK OF IRELAND’ 1813 10 PENCE TOKEN/COIN $159.00 |
| | IRELAND ‘BANK OF IRELAND’ 1813 10 PENCE TOKEN/COIN $65.00 |
| | Token Bank of Upper Canada 1854 Penny Cr 4 $19.00 |
| | Token 1850 Bank Upper Canada Penny Nice AU $19.00 |
| | Canada 1850 Bank Of Upper Canada Half Penny Token Nice Coin $5.24 |
