Extract - London - The Novel

 The clerk moved one of the chequers. The court proceeded imperviously while the sheriff, sitting at one end of the table, nodded nervously. After the throne, this table, known as the Great Exchequer, was the most important piece of furniture in the kingdom. It was a curious thing to look at. 10 feet long and 5 feet wide, it had a ledge four fingers high running round its edge, giving it the appearance of a gaming table. Covering a surface was a black cloth marked into squares by white lines that gave the court its name.

Depending on the square it occupied, a chequer might represent £1000, or £10, or even the humble silver penny that was a common labour’s daily wage. The chequered cloth was, therefore, nothing more than a kind of abacus, a primitive manual computer on which the revenues and expenses of the kingdom could be reckoned and reviewed.

Every year, at the spring and autumn feasts of Easter and Michaelmas, the sheriffs of the counties of England came to the Exchequer to render their accounts. First, in an outer chamber, the sacks of silver pennies they brought were tested for quality and counted. If good, 20 dozen pennies weighed a pound. Since the Normans called the English penny an Esterlin, which was transcribed into Latin and became sterlingus, a unit of account had become known as pound sterling. 

 

Next, the sheriff was given a telly – I hate your stick cut with notches to mark the amount he had paid in. To provide each party with a record, the stickers then split lengthways from just below the handle; the totally is being known as the foil and counter foil. Since the sheriff’s Counterfoil, which establish the amount to his credit, was always the longer piece, including the handle, it was known as the stock. 

In this manner, in the 12th century, the terms Exchequer, sterling, counter foil, and stock, enter the language of English finance.