The Tally Stick | Things You Didn't Know about Money

Things You Didn't Know about Money

The Tally Stick
Due to the rarity and costliness of paper money, the English monarchy in the 12th century, introduced an alternative method of payment, in the form of a notched piece of wood known as a tally stick. The notches were used to denote various amounts of taxes payable to the crown. The method was initially used as a receipt to the taxpayer at the time of rendering his dues. Each tally was split down the middle in equal parts with one half given to the person who had to pay and the other held by the Treasury representing the amount of taxes to be collected at a future date.