Receipts already in use

In 1686 a Wisselbank receipt is already a claim on the coins, and the balance is a separate credit. The Bank of England does not exist yet.

The old town hall on the Dam, home of the Wisselbank. Not a picture dated to the year of this page.Public domain.

Since 1683 the receipt and the bank balance have been two claims. They can be sold apart. Giro settlement does not require the bag of coin to move.

This is not a London note. The Bank of England is chartered in 1694. The agio’s collapse, when concealed lending becomes public, is the 1780s.