William Bramley/The Gods of Eden/21/217/2

As profitable as this operation may have been, there were some pitfalls. If too many of the goldsmith's notes came back for redemption too rapidly, or the smith's borrowers were slow to repay, the smith would be wiped out. The credibility of his notes would be destroyed. If the smith ran his operation cautiously, however, he could become quite wealthy without ever producing anything of value.