That piece of wood above was used as money in the UK for 1000 years! it was introduced by King Henry around the year 1100 to collect taxes.

The largest side of the tally stick was known as the STOCK so in 1801 when the first currency exchange was created they called it the (LSE) then london stock exchange

Paper money was first issued by the bank of England in 1695 but the tally stick system was still much preferred due to its long history, But in 1826 the UK government decided to phase the tally stick out because the amount of debt it had amassed was beginning to become unsustainable using the tally system, Then in 1834 The government confiscated all remaining tally sticks and ordered that they be burnt in the furnace beneath the houses of parliament. The heat generated was clearly underestimated because during the process the houses of parliament caught fire and burned down!

Paper money has reigned supreme since then but much like the tally stick it has its limits, many countries have started what they call the war on cash in an effort to eradicate black markets and to bring in more taxes. The reason for this is that once again the debt has amassed to a level that is becoming unsustainable, faltering economies around the world are clear proof of this! The world is on the cusp of change again and this time its in the form of crypto currency.

History may not repeat itself, But in certainly rhymes!

Sources:

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