Ancient wooden tallies reveal that trust in money predates modern currency systems by centuries.
The Original Debt Record
Physically, the tally was a piece of wood. On such a strip, debt obligations were recorded on both sides. The obligation could also be denominated in currency, as coins functioned parallel to tallies for many centuries.
The Tally Split
The records were then secured with clear notches on the wood. Finally, the tally was cut into two unequal halves across the strip – in such a way that the wood grain reflected on both pieces. The creditor kept the longer part.
Medieval English Terminology
In medieval England, this longer piece was called “stock,” while the debtor received a receipt called “foil.” The stock was more important because it served as proof of claim.
