The birth of the traveller’s cheque (1772)
On 1 January 1772, the London Credit Exchange Company introduced a financial instrument that quietly transformed European travel. Known today as one of the earliest forms of the traveller’s cheque, this innovation allowed individuals to move across borders with access to funds in as many as 90 European cities—without carrying large quantities of cash. Though largely forgotten outside specialist histories of banking, this development marked a significant step toward modern international finance. Travel and money in the 18th Century Eighteenth-century Europe was a continent on the move. Aristocrats embarked on the Grand Tour, diplomats crossed borders regularly, merchants traveled between trading centers, and scholars moved among universities and courts. Yet travel was expensive and dangerous, not least because of money. Europe lacked a unified currency. Instead, travelers encountered a confusing patchwork of local coins, exchange rates, and varying standards of ...