T4: Money scrivening Flashcards
what was money scrivening?
money scriveners were brokers who arranged deals between lenders and borrowers, charging a fee
when was the first money -scrivening firm set up and by who?
1636 by Robert Abbott
when did Robert Abbott’s firm flourish? why?
1650s - royalists wanted to protest their assets and estates from confiscation after the Civil War
how much money did Abbott make? (stat)
1652-55: £1,137,646 passed through his accounts (over 1.1 million)
how did money scriveners make money?
- interest
- charged fee for services
who took over the firm after Robert Abbott’s death?
his nephew, Robert Clayton
how much money did Robert Clayton make? (stat)
by 1672 received £3,515 per year in interest alone
what did Clayton and his partner do that was new?
signed first English cheque in 1659
when was the first English cheque signed?
1659
who signed the first English cheque?
Robert Clayton and his business partner, John Morris
