The history of credit began in Assyria, Babylon and Egypt about 3000 years ago. Paper money followed only in the 17th century. From the 18th century tallymen sold objects for a small weekly payment from the buyers. They were called tallymen because they kept a record or tally of what people had bought on by carving/writing it on a wooden stick. One side of the stick would be marked for any debts and the other side was marked with a record for payments