Question

The creation of which of the following allowed merchant firms to hold money on account
instead of carrying precious metals as a form of payment for trade goods?
Select one:
a. Bank of Amsterdam
b. Transfer merchandizing
c. International Company of Bankers
d. Bank of Genoa

Answer 1

Bank of Amsterdam

The creation of Bank of Amsterdam  allowed merchant firms to hold money on accountinstead of carrying precious metals as a form of payment for trade goods.

The Bank of Amsterdam, founded in 1609, was the primary public bank to supply accounts circuitously convertible to coin. As such, it may be described because the first true financial organization. The debut of financial organization money didn't result from any conscious policy decision, however, but instead arose almost inadvertently, in response to the chaotic monetary conditions during the first years of the Dutch Republic. This paper examines the history of this momentous development from the attitude of recent monetary theory.

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