David Graeber

“Tally sticks were quite explicitly IOUs: both parties to a transaction would take a hazelwood twig, notch it to indicate the amount owed, and then split it in half. The creditor would keep one half, called "the stock" (hence the origin of the term "stock holder") and the debtor kept the other, called "the stub" (hence the origin of the term "ticket stub.)”


David Graeber, Debt: The First 5,000 Years
tags: debt, iou
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Debt: The First 5,000 Years Debt: The First 5,000 Years by David Graeber
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