From bartering to banking, temples to electronic transactions, here’s banking has evolved significantly since ancient times

How banking works

To do big things, people often need more money. Banks jumpstart economic activity with loans paid back with interest, and when things are working well, both people and the bank make more money. Formed in the Middle Ages amid competing currencies in Italy, banks—from the Italian for bench, banco—helped stimulate that era's commercial revolution, a massive expansion in Mediterranean trade and development. Find out the ins and outs of banks in this quick explainer video.

Before the modern banking system, most lending resembled private credit

Before the creation of the modern banking system, the majority of loans were negotiated directly between the lender and the borrower—effectively making them private credit transactions.

The Medicis of Italy innovated 'bills of exchange,' precursors to checks

At the time, lending money for interest (also known as usury) was banned in much of the Christian world. The enterprising Medicis developed bills of exchange to allow merchants to promise payment without cash or coin (with some discrete means of earning interest woven in). Learn more about how this family laid the foundation for modern banking.

The idea of a check—or promissory note—goes back to antiquity

As long as traders have looked to pay in cash or coin, the idea of an IOU has been close behind. Clay tablets from ancient Mesopotamia (roughly modern Iraq) and Persia (Iran) suggest proto-checks were used at the time. Islamic traders innovated "sakks" in the 9th century, leading to the broader adoption during the Middle Ages in Europe.

London bankers created the first clearinghouse to process checks in 1770

Until that time, each banker was required to bring that day's checks to every other bank for settlement. Perhaps understandably, the first place bankers opted to gather to clear and settle checks was a tavern known as the Five Bells. The innovation gave rise to what would become clearinghouses, key institutions that facilitate payments.

Visualizing the history of money

Money is any medium of exchange used in payments for goods or services and can take many forms. From cattle and shells in ancient times to paper and blockchain today, money has taken many shapes and sizes. This infographic illustrates some of the major forms of exchange world cultures have used over the last 5,000 years.

How the checking account has evolved into a platform of features rather than a product

The accounts act as an anchor for customer relationships that banks need to retain said customers. As fintech companies unbundle the checking account without technically being chartered banks, traditional banks face pressure to innovate the checking account experience.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

Explore a visual timeline of fintech’s history and growth

From the debut of the world’s first ATM in 1967, to Apple Pay launching in 2014, financial technologies have come a very long way in a relatively short historical period. A colorful visual timeline highlights some of the most important milestones along the way.

How ancient Romans invested and worked

The first stock exchange didn't open for business until the early 1600s, but that didn't stop the Ancient Romans from working and investing their money centuries before. While Romans are better known for their political inventions than their economic ones, understanding how they viewed money can help paint a better picture of the Roman mindset that created systems like democracy. Read this article to learn more.

The term ‘mortgage’ was born out of the French word for ‘dead pledge’

Borrowing money to buy a house has been a global practice since the Romans in the fifth century BCE. But before the mortgage, there was the “dead pledge,” which labeled the property as “dead” to the borrower until they paid off their loan to the lender.

Master the banking basics

Before deciding on a credit union, it’s important that you understand the basics. That way you can know exactly what’s happening with your hard-earned money behind the scenes. Flip through these flashcards to make sure you understand key terms like “deposit” and “checking account.” Then, you can read up on top banking products and start to find a credit union that works for you. Click here, then scroll down the page to find the cards.

As technology evolved, so did Wall Street

Before the telephone was invented in the mid 1800s, people had to trade stocks in person. But once office telephones and computers became commonplace, banks and other financial institutions didn't necessarily need to have their headquarters near exchanges like Wall Street's New York Stock Exchange.

The concept of CDs dates back to the 1600s in Europe

Banks in the US started issuing CDs in the early 1800s as the banking system began to take shape following the Revolutionary War. The federal government did not formally insure CDs until the FDIC was formed in 1933.

The history of credit cards begins with the 'Fresno Drop.'

On a 1958 morning in Fresno, California, about 60,000 people woke up to find a strange rectangular piece of plastic on their doorstep without explanation. Those chosen for the "Fresno Drop" didn't know it yet, but Bank of America was behind the credit card delivery stunt.

Crypto's origins date back to 1983

While crypto feels new, it actually dates to 1983, with eCash's creation. However, a lot has happened in the crypto world over the past few years in particular—crypto's market cap surpassed $2T for the first time in 2021, for instance. A timeline of crypto's history details the events in between.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Ledgers—what are they good for?

It might seem strange that a ledger—a dull and practical document associated mainly with accounting—would be described as a revolutionary technology. But the blockchain matters because ledgers matter. Read (or listen to) this 14 minute breakdown on why ledgers matter.

How America became a nation of gamblers

For thousands of years, humans have liked to gamble. What started as dice games and betting on chariot races became a way for states to generate revenue here in America. This article explores how states have been using gambling to pay for infrastructure and capital projects–and the cost it’s had on the citizens.

A broad history of Barcelona

We gave you Barcelona’s history in under 400 words. If you’re craving more detail but still don’t want to read a textbook, check out this overview by the European Association of Archeologists. It starts with the Iberian settlements scattered across modern-day Barcelona during the Iron Age and ends with the impacts of the 2010 financial crisis.

A 2,000-year history of alarm clocks

Clocks have revolutionized the way we live, structuring our days into abstract, regular units and providing quantification for those who are chronically late. The alarm clock was the next obvious step: clocks which not only tell you the time but...

The $1 bill hasn’t been redesigned in over 60 years

From a counterfeiting and forgery perspective, this makes the $1 bill one of the least secure American banknotes. In this video, the Wall Street Journal sits down with a leading currency expert to explore the techniques used to keep cash safe and figure out what's going on with the $1 bill.

‘Tulip mania’ may have been the first financial bubble. It still shapes markets today

This podcast revisits tulip mania, the 1630s Dutch craze where rare bulbs were briefly traded like luxury assets. It unpacks the myths surrounding the event and shows how its legend continues to shape modern perceptions of financial bubbles.

Get lost in these historical libraries

The internet has changed a lot about how we learn, explore new ideas, and conduct research, particularly when it comes to the spaces we learn in. While few of us would trade our smartphones for a walk in a historical library, a walk through some of the beautifully designed cathedrals of learning could remind us to put them down sometimes. Explore 10 of the world's magnificent libraries with this quick video survey.

Not all companies with bank-sounding names are actually FDIC-insured banks

When purchasing a certificate of deposit, it's important to know if you are purchasing a “deposit” product issued by an FDIC-insured bank.

Dragon seismometers, Baghdad batteries, and more ancient artifacts

The ancients were behind us in many ways, but some inventions from the time have not been surpassed in the modern era in effectiveness, beauty, or cleverness. This quick list of bizarre ancient inventions includes a battery from Baghdad, a Molotov cocktail-like explosive in Greece, and more.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Explore fun facts from the USPS, including unique post office buildings, a stamp that traveled past Pluto, and more.

Graffiti dates back to at least ancient Pompeii, where citizens scrawled messages to one another on public walls

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

Watch this video that uses Lego bricks to explain how venture capital works.

The original copy of the Declaration of Independence is not a pristine document, and even features a smudged anonymous handprint in the bottom left corner.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

The history of many kitchen appliances involves unexpected discoveries and applications, including wartime radar turned hamster defroster and replacing an 'ice king' with heat-stealing boxes.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

A century of Billboard issues documenting the evolution of popular music.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

The term 'algorithm' originated from the Latinized name of al-Khwārizmī, a 9th-century mathematician whose works introduced Arabic numerals and the decimal-based numeral system to Europe and whose treatise 'Al-Jabr' gave algebra its name.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

Crows are believed to have intelligence on par with a seven-year-old child and demonstrate complex behaviors, from problem-solving with tools to recognizing human faces.

As of 2025, the most cited papers in science include a review of graphene, methods to improve image recognition, streamlining electron density calculations, and optimizing protein studies.

The Brothers Grimm were lawyers before they were storytellers, and became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.

The first line of 'immortal' human cells, which can divide indefinitely and are used in scientific research, was nonconsensually taken from a Black woman.

SpongeBob exemplifies Aristotle's philosophy for living well because he understands that happiness doesn't come from external factors like money, recognition, or power.

Artificial coral reefs have been 3D printed from nontoxic, biodegradable terracotta clay, which coral polyps have used as a foundation for rebuilding marine ecosystems.

44% of Americans say they pray at least once a day—discover how your state's religiosity stacks up against the rest of the country.

Lesser-known phobias include turophobia, or the fear of cheese, and nomophobia, the fear of being without your cell phone.

For centuries, Niagara Falls has been a magnet for daredevils seeking to conquer one of nature's most powerful wonders, with its 200-foot drop and water rushing at 32 feet per second with 280 tons of force.