Today, most personal payments are handled through credit cards, ATMs, electronic ACH transfers, digital accounts and, of course, crypto payments. However, the overall lifespan of all this digital movement of money is very short, maybe dating back to the 1990s. In comparison, one of the longest lasting proxies for personal payments has been and still continues to be the personal check. But did the checkbook start in the 1930s? No, in fact it was centuries earlier when traders needed a way to move money across distances without carrying it themselves.

The invention of the check, or promissory note, was a significant milestone in the history of commerce, which greatly simplified the process of making and receiving payments. Checks were first used in the 9th century by traders in the Middle East, who would issue written instructions to their bank houses to pay a specified amount of money to the recipient of the check. This allowed traders to work in different ports and countries without the worry of their money being stolen on the high seas or trade routes by bandits and pirates. The alternative was to carry a heavy money box along the trip, guarded by 50 or so troopers who had to be paid as well and usually not that successful. Just ask King John who lost a hefty chest in the marshes of Eastern England.

The promissory note became so effective, aristocrats and even kings were using checks to move funds, depending on the need and location. Obviously, money was moved behind the scenes to back the checks, usually in the form of gold, but the banks had far more secure methods of accounting and moving things around. In fact, many banks simply maintained a register of gold balances and moved gold bars from one shelf to the other in the same room to account for the balances of accountholders.

The use of trading checks quickly spread across Europe and became more popular during the 16th and 17th centuries. By the 18th century, checks had become a standard method of payment for businesses, and the first checkbooks were produced in the United Kingdom.

The invention of the check was a major breakthrough in the history of banking because it allowed individuals and businesses to make payments without having to carry large sums of cash. Checks provided a safe and secure way to transfer funds from one account to another, and they also enabled businesses to keep track of their financial transactions more efficiently.

By the time I was kid in the 1970s, checks were commonplace. Everyone paid by check, but it was a problem too for fraud. So only folks with an establish job and house were entitled to checkbooks. And then they still had to provide their drivers' license and similar ID to be verified. Bouncing checks became such a problem (writing a bad check to steal goods or services), that the criminal penalty for it skyrocketed. Then came the introduction of the ACH21 change. Suddenly, it didn't take a week or two to clear a check. They were scanned and the transaction went through as fast as a day. Unfortunately, the change was too late to save the personal check for mainstream payments. The credit card had already taken over with the Internet and e-commerce.

Today, checks are still used for various purposes and mostly paying bills or invoices by mail. Many government agencies still make payments with paper checks despite the availability of electronic payment. That said, electronic payments and digital transactions are becoming increasingly popular, again due to the availability of the Internet and the ease of ACH payment systems. Checks continue to be a payment tool for many businesses and individuals who prefer the security and convenience of paper-based transactions, but they are grandfathering out and will probably be gone within a decade.

There's no question that the invention of the check revolutionized the way we make payments and conduct financial transactions. Its legacy can be seen in the widespread use of checks around the world as well as in the development of modern banking systems and financial technology. The check may not be a timeless and essential tool for financial transactions, but it's going to still be around for a while simply because it works and fiat banks support it.