The first traveller’s cheques, in the form of a ‘circular note’ issued by a bank, went on sale in London.

Devised by the Scottish banker Robert Herries, circular notes were an immediate hit with young British aristocrats who needed to obtain foreign currency while exploring Europe on the Grand Tour. They needed an easy way to access to their British-based wealth, and Herries’ creation provided it.

Having secured the cooperation of a number of continental banks, Herries was able to ensure that his customers could withdraw local currency in more than 80 European cities. The notes were issued against the payment ...