16 Feb: Write Me A Cheque
High-rolling merchant Nicholas Vanacker wrote out a cheque for a hefty £400 on 16th February, 1659 – one of the earliest modern cheques still preserved today.
For goldsmiths-to-the-aristocracy Morris and Clayton, the innovation wasn’t just about ease; it was a strategic move to reduce risk and maximize profit, even though the process involved clerks physically visiting other banks to balance accounts. Eventually, in the 1770s, bankers got smart and started meeting at the Five Bells pub in Lombard Street to settle transactions over a pint—probably the most British way to handle financial exchanges…
In this episode, Arion, Rebecca and Olly track the history of the cheque through ancient civilizations; argue over the etymology of the word (French vs. Persian); and reminisce about the glory days of the cheque – the 1990s…
Further Reading:
• ‘16 February 1659: the first British cheque’ (MoneyWeek, 2021): https://moneyweek.com/426390/16-february-1659-the-first-british-cheque-is-issued
• ’From the archives: the evolution of the cheque’ (Barclays, 2016): https://home.barclays/news/2016/08/evolution-of-the-cheque/
• ’How to Write a Check’ (Howcast, 2010):