Diary of a BANKER-Part 26
“Qin dynasty” (first dynasty of imperial China 221-206 BC.), started the Chinese currency that developed and facilitate trading across China after introducing what is known as the “coins”, developing by that the “Letters of Credit”.
Back to the ancient days, these letters between merchants are similar to what we understand today as banks.
In the 18th century BC., the ancient Egyptians deposited gold within in the temple of Egypt for security reasons.
From the early time in Egypt, grain had essential value (as food), also as for the precious metals (as money).
Regional silos have been used in storing or granting grains of communities (almost just like the banking services). Under the rule of the Ptolemais (a Hellenistic Kingdom based in Egypt 305-30 BC.), the government grain silos were turned into a network of grain banks (it was centralized in “Alexandria”) where the main accounts of all government grain banks were recorded. This central administrative was the first known government bank.
According to some historians it was used to be two types of banking in Egypt (Royal and Private), where it was referred to the Royal banks using the term of “basilikē trápeza” (also during the Ptolemaic period).
In general, during the Greco-Roman period (332 BC - 643 AD), banks were divided into three types (Private management, Rented or Owned by the government), where in the Governmental banks some organizations played dual role (for also to being treasury departments).
To be continued with Diary of a BANKER Part- 27
The text published in this post is my original work with a help from History of banks.
Some images are from different sources click on the link below the image to view the source.
**Kindly don’t forget to check the old parts from “Diary of a Banker” for entertainment and more information.
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