Question

what was the importance of letters of credit and bills of exchange in medieval trade
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Answer 1

A bill of exchange helps to counter some of the risks involved with exporting. Long-term trading arrangements between firms in different countries can be badly effected by exchange rate fluctuations, so the fixed payment terms laid out in a bill of exchange provides exporters with the assurance of a fixed price.

Answer 2

Answer:

[on the back] Francesco da Prato and Co. in Barcelona. First [letter of exchange]. Source: Raymond De Roover, Money, Banking and Credit in ...

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