Civil society in Ancient Greece
- Highlight Loc. 134-38 | Added on Monday, March 05, 2012, 01:59 AM
The bankers also expedited commerce ... through credit-enhancement devices that utilized bank deposits in place of coins. ... By guaranteeing payments of funds at far-off locations, the banks ... allowed customers to avoid the dangers and inconvenience inherent in transporting a large amount of coins or bullion. Thus when Stratokles needed funds available at the distant Black Sea, to which he was about to journey, he was able to leave his own money on loan in Athens and carry instead a bank guarantee of payment of principal and interest on 300 Cyzicene staters. (Cohen (1992), pp. 15-16.)
