Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Before banks, how did people keep their money safe? Before paper money, it would have to be gold or something precious. I understand hiding it in your house, but then robbery would be fairly easy after some searching. Like in Roman times, for a very wealthy individual. And what if he was traveling with lots of money to buy land or whatever. Could everyone like that afford their own armed guards?
I think of the Gold Rush. Soon as some lucky guy found some gold, someone stronger just came along and stole it. If it was common to have your life savings in your home, thieves would know that and force you to turn it over. Mattresses aren't that safe....
Before banks, how did people keep their money safe? Before paper money, it would have to be gold or something precious. I understand hiding it in your house, but then robbery would be fairly easy after some searching. Like in Roman times, for a very wealthy individual. And what if he was traveling with lots of money to buy land or whatever. Could everyone like that afford their own armed guards?
I think of the Gold Rush. Soon as some lucky guy found some gold, someone stronger just came along and stole it. If it was common to have your life savings in your home, thieves would know that and force you to turn it over. Mattresses aren't that safe....
They hid it under the floorboards or buried it in back yard.
before they had banks? That would have been a very long time ago. Bank's have been around since 2000 B.C.
During the crusades you could deposit your money and get a note stating how much you had. When you arrived somewhere else you could go and show them the note to get money out.
yes indeed...banks, investments, letters of credit and promissory notes. Medieval, and even ancient societies, were more sophisticated then people realize. The global financial market has been around for a millennium at least. Stock exchanges as we know it have existed for 500 years.
Cash was obviously more in use and on hand, but they did NOT "hide it in the floorboard". In small frontier towns financial institutions would pop up just like dentists, bars, dry goods stores, and barbershops did. Out in the boonies, a minor or trapper simply took it to the nearest reasonable size city to convert his goods to cash and then deposit it or, more likely, spend it on liquor and prostitutes.
I know you are trying to help. But that has absolutely nothing to do with the topic - the Great Depression was obviously not during a period of history, or a frontier of "no banks" as the OP was concerned with, and the reason people hid money was because banks were failing and people were losing there deposited money.
I know you are trying to help. But that has absolutely nothing to do with the topic - the Great Depression was obviously not during a period of history, or a frontier of "no banks" as the OP was concerned with, and the reason people hid money was because banks were failing and people were losing there deposited money.
Pretty sure the great depression was a historical era in the USA history.
Banks didn't have much accountability to the public citizen. It was more for the royals/leaders or local market owners/purveyors.
Most used caverns , family pottery ,ditches, or strangely religious places of worship so as to safe guard it. Guess even thieves had some regard back then.
Nobody had any?
Actually archaeologists find hordes of coins buried or hidden in hiding spots from time to time. If the bad guys were coming you buried your coins first then hid the family.
Pretty sure the great depression was a historical era in the USA history.
OP: "Before banks, how did people keep their money safe?"
Pretty sure Banks existed in the 1930s
Back on topic - "Money" of course is simply an object of value deemed legal tender in the markets of the time. it should be noted that in ancient times the barter system was commonly used as a medium of exchange. In other words something was purchased of value with another commodity of equal value - a farmer would trade sheep for pottery. Wanted to save (or invest) money? - keep more sheep, or stock up on pottery.
"Before banks, how did people keep their money safe?"
Pretty sure Banks existed in the 1930s
I heard that people were jumping out of the windows from buildings when a lot of those banks failed during the great depression. So yes plenty of banks to go around. LOL
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I heard that people were jumping out of the windows from buildings when a lot of those banks failed during the great depression. So yes plenty of banks to go around. LOL
