E004 Interesting Findings About Cash Industry: World Oldest Chapter
With massive feedback and support from our last FunFact episode, we are glad to offer new findings about our industry today. The four entities, bank, CIT, banknote and banknote counter, do you ever wonder when they join in our world? Let’s figure them out.
Chinese financial institutions were conducting all major banking functions since Song Dynasty (960-1279). In the other side of world, the oldest bank is Banca Monte dei Paschi di Siena, known as BMPS or just MPS, is an Italian bank, which was founded in its present form in 1624, but traces its history to a mount of piety founded in 1472.
Cash-in-transit companies are private security companies to transfer of banknotes, coins and items of value from one location to another. The world oldest escort agency was established Zhengde Period of Ming dynasty (1506-1521) in China. In the other side of world, the earliest known armored-transport businesses began the mid-1800s with horses and carriages to deliver mails and parcels in U.S. When paper money started to take hold in the U.S., the parcel-transportation service also became a trusted source for moving cash.
The world’s oldest paper currency was issued by Song dynasty China in 1024. In Europe, the first paper money issued by Stockholms Banco, was the immediate precursor to the central bank of Sweden, in 1661.
The first money counting machines were introduced in the 1920s in the United States and were produced by the Federal Bill Counter Company of Washington, D.C. These machines were designed to increase efficiency and reduce human error. In 1962, Tokyo Calculating Machine Works of Shinagawa introduced innovative money counting technology and established the basis of modern banknote counting technology.
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