Cheques likely evolved from bills of exchange, which were used extensively in trade in Venice and Florence, Italy, starting in the 12th century. These city states were at the crossroads of trade with the Middle East, North Africa, the Indian subcontinent and the Far East. Bills of exchange were payable after a certain period—useful for international trade where time delays had to be considered in travel. Cheques, in contrast, were payable immediately, which was better for use in domestic or local transactions. Why are they called cheques? The word...