Trade · 6 pages · 12 min
A bill of exchange was a written order to pay, which banks could accept or discount and send in place of coin.
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A bill of exchange is a written order from a drawer telling a drawee to pay a sum to a named payee, either at sight or at a later date. It used to move money because the paper, once accepted or discounted, could travel or be credited between cities while the coin stayed put. The opening covers the drawer orders the drawee to pay, acceptance fixes the promise, and discount pays the holder early.
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