James C. Fargo, president of the American Express Company, was well off and well known. It’s not surprising that he felt insulted when he couldn't get checks cashed during a trip to Europe in 1890. But the European bankers were steadfast. Fargo was not known to them. So they would not cash his checks. Was an American always going to have a cash problem when traveling in Europe? 1924 ad for Travelers Cheques
An employee of the American Express Company, Marcellus F. Berry, set out to find a solution. He wrote later: "There’s one thing every person does in a distinctive way. That is writing his signature. Therefore the foolproof device for taking money to strange places must carry the signature of the bearer. It must declare that it will be cashed only when a second, and matching, signature is added before witnesses." On July 7, 1891, Berry was granted four copyrights for what he called "the travelers cheque," and William Fargo, James Fargo’s son, got the first one. He had no difficulty when he wanted fifty dollars a few weeks later in Leipzig, Germany. In 1891, American Express sold $9,120.00 worth of travelers checks, and the amount has risen every year. During 2000, sales of American Express Travelers Cheques increased to $24.6 billion.
