Thursday, June 30, 2016

Sound Money

Tally sticks - Image Source

"King Henry expanded the use of tally sticks to include the collection of taxes by local sheriffs, creating a demand for them, and the sticks began to circulate as a form of money as a result. Revenues owed to the Crown were collected in this manner, and the tally stick system formed the basis of the British Empire until the formation of the Bank of England at the end of the 17th century. Tally sticks found their way into medieval courts as evidence, and into the works of William Shakespeare, who referred to them in Sonnet 122.2 from Henry VI: 'nor need I tallies thy dear love to score.'" --Money Matters: The Tally Stick System

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