What financial term originally referred to a small leather pouch?

Modern financial terminology is deeply grounded in history and physical objects, originating from medieval garments, board games, livestock management, and gambling, long before spreadsheets existed. These 10 terms you use every time you set a budget or swipe a card had a totally different meaning. Prepare to be amazed.

Many centuries ago, when bank accounts didn’t exist, wealth was measured in livestock. Ancient pastoral societies counted cattle, goats, and sheep "by the head" (caput in Latin) to calculate an estate’s net worth.

The Latin adjective capitalis referred to things related to the head, eventually evolving into the Italian capitale during the 16th century to describe a merchant’s stock or investment. Although today investors don’t herd cows on Wall Street, the linguistic link between counting livestock "heads" and financial "capital" remains intact.

In the modern world, "budgeting" means managing a digital spreadsheet, but long ago a budget was a physical container. The word stems from the Latin bulga (a leather knapsack), which entered Middle French as bougette, meaning a small leather pouch or wallet.

In 18th-century Great Britain, the Chancellor of the Exchequer (the chief finance minister) carried a leather bag filled with national revenue statements and expenditure plans to the House of Commons. Opening the bag to present the nation’s finances was described as "opening the budget". Over time, the name transferred from the pouch itself to the financial plans kept inside.

The word check traces back to the game of chess. Borrowed through Old French from the Persian word šāh ("king"), placing an opponent’s piece in check was a direct warning that the king was under threat.

From the notion of putting a limit on the king’s movement, the verb check expanded into general English to mean inspecting, halting, or verifying accuracy. By the late 18th century, financial institutions issued written payment orders featuring a counterfoil (a slip retained by the bank to "check" for forgery), giving rise to the modern paper check.

During the 17th century, shipowners and financiers gathered at Edward Lloyd’s coffeehouse in London to negotiate marine insurance for transatlantic trade voyages.

A document would be prepared describing the vessel’s cargo, crew, destination, and risks. Investors willing to take on a portion of the financial risk would literally write their names and the exact financial share they agreed to cover under the proposal text. Consequently, anyone guaranteeing financial risk in exchange for a premium became known as an "underwriter".

In modern stock markets, a "blue-chip" stock stands for a reliable and financially sound company with a long record of stable earnings. However, the metaphor comes straight from high-stakes poker.

By the 19th century, casinos assigned different monetary values to colored gaming chips, reserving white for low values, red for mid values, and blue for the highest value chips. In the 1920s, financial journalist Oliver Gingold of The Wall Street Journal began referring to high-priced stocks as "blue-chip stocks", permanently embedding poker jargon into market terminology.

To invest capital today implies buying financial assets with the expectation of generating profit. Historically, however, invest meant to put on clothing. Derived from Latin in- ("into") and vestire ("to dress," the root of vestment and vest), the word described granting power or office to someone by dressing them in official robes.

Italian merchants in the 16th century adapted investire metaphorically to describe "clothing" or "dressing" capital into a new commercial form, such as trade ventures.

A financial penalty imposed for a violation seems harsh, but the original concept of a fine was peaceful resolution. Rooted in the Latin finis (meaning "end", "limit", or "termination"), the word moved through Old French as a term for bringing a dispute to an end.

In Medieval English systems, a fine was a sum paid by a defendant to terminate legal proceedings and settle a feud. Initially, it wasn’t a punishment, but a final settlement payment that concluded a conflict once and for all.

Nowadays we view income as money earned from employment or investments, but its original 14th-century meaning had nothing to do with finance. The word was a compound of "in" and "come", denoting a physical arrival or entrance (such as a person entering a room).

In theological contexts, it described spiritual inspirations "coming into" the soul. It was not until the late 17th century that the term narrowed down to mean the monetary inflow generated by an estate or enterprise.

A fund represents a foundational reserve of capital. The word stems from the Latin fundus, which referred to the bottom or base of an object, as well as a foundational piece of land.

The word entered English via the French fond (meaning ground, bottom, or stock). In the late 17th century, English financiers Latinized the spelling to fund, using it to mean a solid bottom layer or monetary store upon which financial operations could securely rest.

As we know, crash is a sensory word describing the loud, smashing sound of objects colliding violently. Its metaphoric entrance into financial markets occurred during 18th-century speculative panics, particularly the collapse of the South Sea Bubble in 1720 and the Mississippi Scheme in Paris.

People used the word to evoke the sudden, noisy destruction of inflated paper fortunes hitting rock bottom. The term became permanently cemented in global economics after the catastrophic October 1929 "Wall Street Crash".

Deathbed statements

Beyond the grave: Take a look at the last words of 12 famous people

Image: Daderot, CC0, via Wikimedia Commons

Throughout history, hundreds of historical figures have left their mark on the world through their marvelous achievements. When their lives came to an end, their last words were often a reflection of their lives and ideals. From George Washington and Mark Twain to Frank Sinatra and Leonardo Da Vinci, in this article, we will reveal 12 final words of memorable personalities.

Image: The New York Public Library

After serving two terms as the United State's first president, George Washington retired to his Virginia plantation. In mid-December 1799, he developed a cold and a severe sore throat. Despite doctors' efforts to cure him, the end was imminent.

His long-time secretary, Tobias Lear, was at his side during his last days and documented all the events that transpired, including the former president's last words. According to his account, shortly before he took his last breath George Washington said "Tis well" —an old-fashioned way of saying "everything is okay."

Image: Signal Corps Archive from United States, Public domain, via Wikimedia Commons

Noir icon of perpetual elegance and rebellious charisma, Humphrey Bogart is an undisputed legend in cinema history. A Hollywood Golden Age star, Bogart is still remembered today for his scar on his upper lip, his everlasting cigarette, and his perfect portrayal of gangsters and detectives.

At the age of 57 Bogart was diagnosed with esophageal cancer, for which he was hospitalized for several months. According to lore, the legendary star's last words were "I should never have switched from scotch to martinis." However, his wife Lauren Bacall confirmed that the last thing he actually said was "Goodbye Kid. Hurry back," before she left his bedside to get their children.

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As one of the greatest American writers of all time, Mark Twain is usually credited with all sorts of great quotes that he often didn't say. For that reason, there are different versions of what his last words were before he died in 1910 at the age of 74.

The most plausible theory can be found in an article published one day after his death. According to this chronicle, Samuel Langhorne Clemens' last words were not spoken aloud but written. The famous humorist and essayist reportedly wrote to his daughter Clara, who accompanied him on his bedside, "Give me my glasses."

Image: MGM, Public domain, via Wikimedia Commons

Joan Crawford, the Oscar winner for Mildred Pierce and one of the greatest stars of Hollywood's golden age, died in 1977 of a heart attack.

The actress, who had a complicated personality, was true to her nature until her last breath. She was so ill that her doctor felt it wasn’t worth taking her to the hospital. One of her nurses began to pray aloud in desperation. Losing her patience, Crawford snapped for the last time and said, "Damn it... Don't you dare ask God to help me."

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The year 2024 marked the 700th anniversary of the death of the man who better described remote lands. Marco Polo was a merchant who spent more than 20 years of his life traveling through the Orient and wrote about his adventures in a book that became a bestseller when the printing press wasn’t even invented.

Marco Polo was, and still is, a legend. When, on his deathbed, his wife and friends begged the brave explorer to confess if what he had told in the book was true, he barely whispered: "I have not told the half of what I saw and did."

Image: MGM, Public domain, via Wikimedia Commons

Julius Henry Marx, better known as Groucho Marx, is considered one of the most influential comedians of all time. The man with the bushy black mustache was one of the Marx Brothers. Together they made 13 films, including the classic Duck Soup. After a long and prominent career, Groucho passed away in Los Angeles in 1977 at the age of 86.

His brilliant one-liners are still remembered and replayed to this day, so it is not surprising that not one but several final words are attributed to him. A few close friends have suggested that his last line was "This is no way to live!", while most suggest that his last words were in fact dedicated to his wife: "Die, my dear? Why, that's the last thing I'll do!"

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Voltaire, the French writer, philosopher, historian, and lawyer, one of the major figures of the Enlightenment, died in 1778 at the age of 83. Different accounts of his deathbed make it impossible to determine exactly what his last days were like.

One of these stories, however, is consistent with his ideas about God and his well-known criticism of the Church. According to this version, when the priest asked him if he wanted to renounce Satan before he died, Voltaire replied, "This is no time to make new enemies."

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L. Frank Baum was a prolific American author. He wrote 55 novels, 82 short stories, and more than 200 poems. However, his most memorable work is his series of children's fantasy books The Wonderful Wizard of Oz.

On May 5, 1919, Baum suffered a heart attack. He died the next day, shortly before his 63rd birthday. Disturbed by the imminence of death, he whispered to his wife: "Now we can cross the Shifting Sands," a clear reference to the Land of Oz.

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Augustus, the first Roman emperor, is often attributed with the phrase: "Behold, I found Rome of clay, and leave her to you of marble," alluding to the great infrastructural works carried out during his prosperous 40 years of rule.

However, according to other historical accounts, his last words were addressed to the friends who stayed with him on his deathbed: "Have I played the part well? Then applaud, as I exit."

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"Darling, you've gone through worse and you can beat this too. You have to fight," implored Barbara Marx, Frank Sinatra's fourth wife, to her beloved on his deathbed. "I'm losing," The Voice whispered through teary eyes.

Barbara recounted the last hours of the singer of such hits as My Way and New York, New York in her memoir Lady Blue Eyes: My Life With Frank. Frank Sinatra, one of the most popular entertainers of the mid-20th century, pronounced his last words in 1998 at the age of 82.

Image: Jean-Auguste-Dominique Ingres, CC0, via Wikimedia Commons

Despite being one of the most famous artists of the Renaissance, Leonardo da Vinci was very hard on himself. All his life he challenged his own limits, evident in his paintings and sculptures as well as in his inventions, some of which were truly revolutionary.

Even after a lifetime of success, he wasn’t quite satisfied. When he suffered a stroke at the age of 67, he sent for a priest to receive the Holy Sacrament and, according to historians, his greatest regret was that he hadn’t achieved excellence with his work. In that sense, it is said that his last words were: "I have offended God and mankind because my work did not reach the quality it should have."

Image: National Museum of Health and Medicine, Public domain, via Wikimedia Commons

The Yankee Clipper was one of the greatest baseball players of all time but he is also known for having been married to the iconic American actress Marilyn Monroe. Joe and Marilyn were together for less than three years. In 1955 the actress left him for American playwright Arthur Miller.

DiMaggio was devastated. He never married again, and never got over his one true love. His last words before he died in 1999 at the age of 84 were: "I'll finally get to see Marilyn."