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to circulate in a secondary discount market, being accepted as payment for goods and services at a discount since they could be later presented to the treasury as proof of taxes paid. Then tally sticks began to be issued in advance, in order to finance war and other royal spending, and circulated as "wooden money".

The system of tally marks of the Exchequer is described in The Dialogue Concerning the Exchequer as follows:

The cuts were made the full width of the stick

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