The first traveler's cheque was issued by the London Credit Exchange Company and could be used in 90 European cities. The inventor of this circular note was Robert Harries and his bank Herries, Farquhar & Co (later taken over by Lloyds bank). Harries had gotten the idea while traveling around in Europe and needed money for art, sigar and alcohol. American Express, the largest issuer of travel checks, developed their system and issued the traveler's checks as we know them today, in 1891. Traveler's cheque quickly became popular, and by 1891 were American Express selling over $6 million annually. The use of the traveler's cheque has declined since the 1990s, but they are still in use by some companies, such as American Express.
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