The forms and conditions of payment also underwent a change. Sale on credit developed into a common practice in England and France, although it was not so common in Germany and Holland. As regards the mode of payment, in addition to the system of direct exchange, money also began to be used.

Purchases among farmers and craftsmen had to be made with hand money. Similarly, the trans­oceanic commerce was conducted through coins. Bank notes also began to be used where circulation banks existed. Bills of Debt were also ex­changed between the merchants, even though they were not quite common in England.

A little later merchant drafts began to be used. In the fif­teenth century the Italian bankers started the practice of selling credits at a high rate of interest to persons desiring to transmit a payment, and the money was paid to his creditor in coins of that place. These facilities were considerably enlarged during the next two centuries.