10 Fun Facts About the Weird and Wonderful History of Money

5. The Rise of Banking: From Temples to Wall Street

Banking has ancient roots, with early forms appearing in Mesopotamia, where temples served as secure places for storing grains and valuables. Over time, these institutions evolved into complex financial entities, facilitating loans, deposits, and currency exchange. The Medici family in Renaissance Italy played a pivotal role in developing modern banking, introducing double-entry bookkeeping and letters of credit. As banking expanded, it became integral to economic development, funding exploration, industry, and innovation. Today, banks are central to global finance, yet their origins are a testament to the enduring human quest for security and growth in economic affairs.