Question

Around what time period were checks introduced into the banking system in Europe?

A) 12th century
B) 15th century
C) 18th century
D) 20th century

Answer 1

Checks were introduced in Europe around the 12th century, becoming a part of the evolving European banking system to enable easier transactions.

Step-by-step explanation:

Checks were introduced into the European banking system around the 12th century, significantly predating the banking challenges faced in the newly formed United States. European bankers began using checks as a way to facilitate transactions without the need for cumbersome gold or silver coins. This innovation in the banking system allowed for a more efficient and less risky method of managing transactions across vast distances, particularly given the socio-economic climate of the time, marked by events like the Crusades.