It sure worked. One of the reasons the value of those cheques dropped with distance to the issuer. Basically, it was a trust based system. And one that worked e

It sure worked. One of the reasons the value of those cheques dropped with distance to the issuer. Basically, it was a trust based system. And one that worked extremely well. With added benefits for those that figured out proper accounting around assets, liabilities and so on. The Italian bankers did, the Hanse (North German economic and trade super power made of individual merchants) did not, for example.