How were large sums of money carried/transmitted prior to the 1940s or so?

History

How did people transfer money in the past?

The first money transfers took place over 150 years ago when telegrams came into force. Transfers were sent via telegram, and it was in America that the first monetised telegram was sent. Western Union is a well-known name in the world of finance, and they were the first company to send money via a telegram.

What are the ancient means of money transfer?

Ancient civilizations used to use beads and shells as coins. Eventually, they began using precious metals to make coins. People in the ancient civilization of Lydia were among the first to use coins made of gold and silver. This currency was both valuable and easily portable.
 

How did people get things before they used money?

Before that time, historians generally agree that a system of bartering was likely used. Bartering is a direct trade of goods and services; for example, a farmer may exchange a bushel of wheat for a pair of shoes from a shoemaker.

What is the oldest method of payment?

From the very beginning until 3000 B.C. — Payment is barter: In its most basic form, barter was simply an exchange of goods between two individuals, each one having something of value to the other. 3000 B.C. — Payment is barley: This was probably the first kind of commodity money.

How did people transfer money in the 1800s?

In short, there were 3 ways: via a company, via a country, or personally. This indeed varied a lot per country.
 

How do we keep money in the olden days?

7 Outdated Ways Your Grandparents Saved Money

  1. Inside a Mattress. One risk that most of these saving methods have in common is a lack of security.
  2. In a Piggy Bank.
  3. In a Treasure Chest.
  4. War Bonds.
  5. In the Form of Gold.
  6. In the Attic and Walls.
  7. In Cans and Envelopes.

 

How did the old money work?

Until 1971, British money was divided up into pounds, shillings and pence. One pound was divided into 20 shillings. One shilling was divided into 12 pennies. One penny was divided into two halfpennies, or four farthings.

How did people transfer money in the 1800s?

In short, there were 3 ways: via a company, via a country, or personally. This indeed varied a lot per country.
 



How did banks transfer money before computers?

Originally Answered: How did banking sector operate when there were no computers and internet? All the accounts were maintained in hard copy through ledgers and the transactions were limited to stand alone branches. The customers had to go to the branch holding the account to conduct transactions.

How did people keep their money before banks?

As bartering grew in popularity, people needed a structured, centralized place to store large quantities of these items safely. The temples were centrally located, and, as places of worship, they were constantly guarded. This made them well-suited for storing valuable goods.
 

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