Difference between revisions of "Credit Card Imprinter"
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The three documents produced in this momentary exchange constituted a streamlined reduction of financial processes often dependent upon a sequence of exchanged documents, producing in one motion A CHECK, A BOND, AND A LOAN (Solon I'll leave it to you to distinguish which of the three was what). The actual documents were identical. The distinction between them was wholly dependent on the party who possessed them: the merchant possessed a check from the card owner to be honored by the credit card company, the credit card company a bond backed by the credit card owners debt, and the credit owner a loan to be paid according to a prearranged schedule and statue of limitations governiming the use of the card. (In circumstances where only two documents were produced by the imprinter, the credit card owner was provided with a generic receipt for the transaction???) | The three documents produced in this momentary exchange constituted a streamlined reduction of financial processes often dependent upon a sequence of exchanged documents, producing in one motion A CHECK, A BOND, AND A LOAN (Solon I'll leave it to you to distinguish which of the three was what). The actual documents were identical. The distinction between them was wholly dependent on the party who possessed them: the merchant possessed a check from the card owner to be honored by the credit card company, the credit card company a bond backed by the credit card owners debt, and the credit owner a loan to be paid according to a prearranged schedule and statue of limitations governiming the use of the card. (In circumstances where only two documents were produced by the imprinter, the credit card owner was provided with a generic receipt for the transaction???) | ||
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| + | ==Money Form== | ||
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| + | To meaningfully situate credit documents with a larger history of financial objects, we must return, unsurprising, to the emergence of what Marx calls the universal equivalent. Marx describes a long chain of proximate placeholders of value, of which the money form is but a more alienated sort. Marx suggests that the use of gold as an overriding unit of value "is a purely ideal act [in that] we may use purely imaginary or ideal gold to perform this operation" (Capital Volume 1, 190). Assigning a commodity a value specified in units of gold, Marx argues, does not turn the commodity into gold. The gold to which the price refers is entirely imaginary. "In its function as a measure of value, money therefore serves only in an imaginary and ideal capacity" (Capital Volume 1, 190). Whereas Marx would like to highlight the way in which the commodity form, represented in terms of gold as a universal equivalent, occludes the labor embodied in the commodity, we might simply focus on the way in which his description teases out the representational system at work in the money form. Not only is the selection of gold as the universal equivalent arbitrary, but the rendering of value in terms of gold is always representational (i.e., imaginary). Commodities can be exchanged for money (C-M), and back again (M-C)—"Circulation sweats money from every pore" (Capital Volume 1, 208)—but money is still only an alienated embodiment of labor of a higher representational order. Money must refer back to gold and the imaginary price expressed in gold back to labor. | ||
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| + | Although the commodity would have us overlook its social history by expressing its value in the money form, the money form does not necessarily hide its relationship to gold. In fact, early forms of currency were bank-issued promissory notes that explicitly referenced their substitutability for gold. In Colonial and Prerevolutionary America, for example, individual banks would circulate their own forms of redeemable paper money. Notes stood-in for gold held at the bank in a specific customer’s account. Although currency was not an embodiment of gold, it represented specific amounts of gold in another location. Of course, if a currency maintains the confidence of its users, there may be no need to redeem the note. Of cource, currency was still highly localized: notes issued by a bank in New York, for instance, may not have been accepted (at face value) in Providence. Paper money and currency in general, at this time, resembled what we now understand as contracts: legally binding agreements. It is for this reason that we find hand-written signatures on early paper money. The bank issuer guaranteed each note. The bank, in this respect, played third party to the transaction between a customer and a merchant and assumed the burden of reputation as an institutional intermediary. This allowed customers and merchants to avoid the burdensome and risky task of transporting gold on one’s person. One could destroy a note without losing money, and this remained the case, theoretically, until the Bretton Woods Agreements. Banks assumed no risk in issuing currency as money had no intrinsic value. Each and every single note was pegged to existing supplies of gold. | ||
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| + | The bank, through checks, provides its customers the means to generate such agreements on the fly. Although there is no way for a merchant to verify whether a customer does indeed have the specified amount of money in his or her bank account, the general principles of fungibility and liquidity still obtain. The check is redeemable for actually existing money. Banks may threaten customers with punitive fines for overdraft, but the possibility of overdraft also marked the beginning of consumer credit. Customers could spend money they did not have. Within this history, the credit card and credit agreements in general do not appear so novel. They operate as yet another kind of promissory note. Credit instruments can be distinguished from currency and checks in their purposeful decoupling from actually existing money. Credit agreements literally introduce new money into the economy. Credit-based transactions generate legal agreements of a qualitatively different sort: contracts that produce money rather than merely settle the terms of its proximate representation. | ||
| + | |||
| + | The credit card, like checks, can generate contracts between a customer and merchant on site and at will, but credit cards are unique in that this transaction introduces yet another contractual agreement between the customer and the credit issuer. The terms of these two contracts are related but not determined by one another. The merchant will received the promised sum, and the customer will assume the specified debt to the credit issuer. These agreements, of course, need not be fulfilled at the same time. That is what makes credit, in principle, credit: a borrowing against a customer’s future assets. A credit transaction generates entirely new value at the same time that it extends the economy along a future horizon of deferred payment. The sheer amount of money in practical circulation grows the moment one signs the credit card receipt. | ||
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| + | The history of money is the history of overcoming fraud. | ||
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'''Critical Notes''' | '''Critical Notes''' | ||
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Derrida-- Signature is absurd final compensatory gesture to signal that what I've written down is from me. To tie what you say to who you are. | Derrida-- Signature is absurd final compensatory gesture to signal that what I've written down is from me. To tie what you say to who you are. | ||
Revision as of 01:30, 5 March 2008
Located at a peculiar juncture in financial history, the credit card imprinter is a remediation of the printing press that makes use of the raised characters of a credit card surface to ensure the accurate transfer of credit card and merchant information free from human error. Although the mechanical process developed with the imprinter was a relatively simple upgrade of imprinting processes that gained popularity with the introduction of carbon paper as a means of producing multiple copies at a single sight of inscription, the consistency and ease with which documents could be produced by the imprinter made it an ideal sight for the fusion of multiple systems of verification to be read by both humans and computers. In a financial climate whose biggest obstacles to growth were the often conflicting demands of maximizing the speed, efficiency and security of transactions, the imprinter presented an elegant solution that overlaid multiple forms of verification at a single site of inscription. The documents produced by the imprinter present crucial shifts in the cultural history of currency, lending practices, identity verification, financial networks, and consumer culture. Although the imprinting process has since been remediated in the form of magnetic strips on the back of credit cards, and the card itself can now serve as both an instrument of credit and debit, the contemporary predominance of electronic financial transactions might best be understood as the legacy of the credit card imprinter’s innovative reduction of abstract financial mechanisms down to one easily produced and modified document in the 1960’s.
Contents
Description of Artifact
The imprinter itself consisted of a flat bed of metal or plastic with bezels that would hold a credit card in place and prevent lateral movement. On the same surface, a custom plate displaying the merchants name, address and telephone number could be screwed into place so that its own raised letters would sit level with the characters on the surface of the card. The placement of both the card and the merchant plate, along with bezels on the edges of the flat bed ensured that the sales slip placed on top would remain precisely aligned with the raised characters beneath. Using either carbon paper or NCR (No Carbon Required) paper the slip was designed so that two or three sheets could be inscribed simultaneously. Inscription was achieved with one lateral swipe of a roller mounted on top of the artifact with spring mounted wheels to ensure consistent distribution of pressure to each character pressed onto the slip. Whereas the earliest models were plagued by the tendency of operators to swipe back and forth often resulting in double inscriptions due to minute shifts of the slip later models were modified to ensure that pressure could only be applied in one direction. (citation needed)
When used successfully, the imprinter produced sales slips that recorded the name of the credit card owner, the unique account number of the specific credit card, the name of the merchant, the merchants address, and the merchants phone number if inscribed on the plate with the date of expiration on the card being introduced later (WILL FIND A YEAR SOON!). The slip would record each item in specific areas on the form, leaving the actual quantity of the transaction, sales tax, and total, the only information inscribed by the salesperson by hand. The document was then given to the owner of the credit card, who would sign the document and enter into a legal contract with the credit card company and the merchant as defined in the credit card terms of service. It was then left to the salesperson to ensure the signature on the card itself matched the signature on the slip, and, when later introduced, that the card was not past its expiration date.
The three documents produced in this momentary exchange constituted a streamlined reduction of financial processes often dependent upon a sequence of exchanged documents, producing in one motion A CHECK, A BOND, AND A LOAN (Solon I'll leave it to you to distinguish which of the three was what). The actual documents were identical. The distinction between them was wholly dependent on the party who possessed them: the merchant possessed a check from the card owner to be honored by the credit card company, the credit card company a bond backed by the credit card owners debt, and the credit owner a loan to be paid according to a prearranged schedule and statue of limitations governiming the use of the card. (In circumstances where only two documents were produced by the imprinter, the credit card owner was provided with a generic receipt for the transaction???)
Money Form
To meaningfully situate credit documents with a larger history of financial objects, we must return, unsurprising, to the emergence of what Marx calls the universal equivalent. Marx describes a long chain of proximate placeholders of value, of which the money form is but a more alienated sort. Marx suggests that the use of gold as an overriding unit of value "is a purely ideal act [in that] we may use purely imaginary or ideal gold to perform this operation" (Capital Volume 1, 190). Assigning a commodity a value specified in units of gold, Marx argues, does not turn the commodity into gold. The gold to which the price refers is entirely imaginary. "In its function as a measure of value, money therefore serves only in an imaginary and ideal capacity" (Capital Volume 1, 190). Whereas Marx would like to highlight the way in which the commodity form, represented in terms of gold as a universal equivalent, occludes the labor embodied in the commodity, we might simply focus on the way in which his description teases out the representational system at work in the money form. Not only is the selection of gold as the universal equivalent arbitrary, but the rendering of value in terms of gold is always representational (i.e., imaginary). Commodities can be exchanged for money (C-M), and back again (M-C)—"Circulation sweats money from every pore" (Capital Volume 1, 208)—but money is still only an alienated embodiment of labor of a higher representational order. Money must refer back to gold and the imaginary price expressed in gold back to labor.
Although the commodity would have us overlook its social history by expressing its value in the money form, the money form does not necessarily hide its relationship to gold. In fact, early forms of currency were bank-issued promissory notes that explicitly referenced their substitutability for gold. In Colonial and Prerevolutionary America, for example, individual banks would circulate their own forms of redeemable paper money. Notes stood-in for gold held at the bank in a specific customer’s account. Although currency was not an embodiment of gold, it represented specific amounts of gold in another location. Of course, if a currency maintains the confidence of its users, there may be no need to redeem the note. Of cource, currency was still highly localized: notes issued by a bank in New York, for instance, may not have been accepted (at face value) in Providence. Paper money and currency in general, at this time, resembled what we now understand as contracts: legally binding agreements. It is for this reason that we find hand-written signatures on early paper money. The bank issuer guaranteed each note. The bank, in this respect, played third party to the transaction between a customer and a merchant and assumed the burden of reputation as an institutional intermediary. This allowed customers and merchants to avoid the burdensome and risky task of transporting gold on one’s person. One could destroy a note without losing money, and this remained the case, theoretically, until the Bretton Woods Agreements. Banks assumed no risk in issuing currency as money had no intrinsic value. Each and every single note was pegged to existing supplies of gold.
The bank, through checks, provides its customers the means to generate such agreements on the fly. Although there is no way for a merchant to verify whether a customer does indeed have the specified amount of money in his or her bank account, the general principles of fungibility and liquidity still obtain. The check is redeemable for actually existing money. Banks may threaten customers with punitive fines for overdraft, but the possibility of overdraft also marked the beginning of consumer credit. Customers could spend money they did not have. Within this history, the credit card and credit agreements in general do not appear so novel. They operate as yet another kind of promissory note. Credit instruments can be distinguished from currency and checks in their purposeful decoupling from actually existing money. Credit agreements literally introduce new money into the economy. Credit-based transactions generate legal agreements of a qualitatively different sort: contracts that produce money rather than merely settle the terms of its proximate representation.
The credit card, like checks, can generate contracts between a customer and merchant on site and at will, but credit cards are unique in that this transaction introduces yet another contractual agreement between the customer and the credit issuer. The terms of these two contracts are related but not determined by one another. The merchant will received the promised sum, and the customer will assume the specified debt to the credit issuer. These agreements, of course, need not be fulfilled at the same time. That is what makes credit, in principle, credit: a borrowing against a customer’s future assets. A credit transaction generates entirely new value at the same time that it extends the economy along a future horizon of deferred payment. The sheer amount of money in practical circulation grows the moment one signs the credit card receipt.
The history of money is the history of overcoming fraud.
Store-specific credit and the Charga-Plate
Before the rise of credit card companies, local stores simply extended credit to their regular customers, as remains customary practice in bars, for instance. Credit was a two-party arrangement rather than a three-party arrangement involving a business that issues credit without also selling goods. Such an issuance of credit operated on the strict principle of local knowledge. One could manage risk and safely extend credit in this context because most financial transactions occurred within a relatively closed social network. Routine interactions would allow merchants to make historically-informed decisions about someone's credit worthiness. But, as Ingrid Jeacle and Eamonn J. Walsh note: "The nature of this local knowledge was such that it was embodied in individuals rather than institutions. For this reason, larger retailers were unable to participate in the credit nexus and avoided the problem by limiting the credit facilities offered to customers" (739). Anonymous customers presented a huge challenge to the functioning of credit systems in early department stores.
Charge Coins and Plates
Charga-Matic and Optical Character Recognition
The Universal Credit Card
Slips of Paper
In a November 12, 1918 patent Hod C. Dunfee introduced a blank slip that could function as both a check and an order form when backed by a given merchant. Although the form was initially intended to bypass the need for two separate documents, and to encourage loyalty on the part of a consumer issued the slips, the patent introduced the distinct possibility that a series of transactions could be simplified with the proper document. As Dunfee described: "A further object of my invention is to provide a combination check and order blank by the use of which in commercial transactions the manufacturer and customer (retailer or consumer) are brought into closer business relations, and whereby the usual middleman and salesman are eliminated thus effecting a great saving to the ultimate consumer." (Patent No. 1,282,264, lines 25-33). The patent drew upon a fundamental prerequisite for the functionality of financial and legal documents, mainly that they can serve their desired function as long as they are honored by the parties they impact. By simplifying the need for two separate transactions - that of ordering merchandise, and that of paying for it - Dunfee's patent allowed for a single surface to function as an assemblage of transactions. Within the year, the capacity for single pieces of printed matter to serve multiple functions were exploited further by Leander W. Wood's April 8, 1919 patent for a "Combination Acceptance, Order, and Plural Check Blank with Index-keys" which provided "a blank and index key whcih may be used to record an order for goods, the agreed price and the discount terms, and an agreement to pay, with an indication of the bank of the payer, and to provide as a part of such a blank a stub record." (US Patent No. 1,299,647, lines 28-33).
Such developments are crucial to understanding the semiotics at work in any financial mode of exchange that relies upon a universal equivalent. AS MARX SHOWS, THE UNIVERSAL EQUIVALENT'S VALIDITY AND FUNCTION IS CULTURALLY DETERMINED - **WHICH ALLOWS FOR THE EXPLOITS WHICH ALLOWED CREDIT TRANSACTIONS TO BECOME THE PREDOMINATE FORM OF FINANCIAL TRANSACTION AT A DISTANCE IN THE PRESENT DAY (SOLON I'VE GOT NOTHING AS FAR AS MARX IS CONCERNED, BUT THIS SHOULD SET YOU UP PRETTY WELL - GONNA STOP HERE UNTIL I HEAR BACK FROM YOU - SONAAR**
When specific areas of the document that served the check function were filled out, the slip could be used b
The sensitized forms used in the credit card imprinter are very thin slips of paper. This allows them to pick up the shapes of the raised characters on the card. However, the delicacy of the paper also makes it catch easily when the roller is pushed across it, which can result in destruction of the forms and/or the roller getting stuck. Getting the paper into its place on the machine has to be done carefully. Also, the slips of paper need to be stored in a box or a place where they will not get bent or accidentally pressed.
An early patent for the credit card imprinter specifies that the apparatus is designed to avoid ripping or displacing the paper, and "specifically to prevent the roller from tearing the top form from the other forms..." (United States Patent 3,874,291, Credit Card Imprinting Apparatus, O'Reilly et al., April 1, 1975). The three forms need to be kept intact because they constitute the only material evidence of the financial transaction; without them, it is as if there was no transaction.
True to the promise of O'Reilly's patent, the roller does not tend to rip apart the forms. However, it is common for the roller to get stuck because the slips moved. Perhaps this is a necessary consequence of the apparatus's dependence on humans to place the slips correctly. [MAYBE THIS SECTION WOULD COHERE BETTER IF THE PROBLEMATIC WERE SET UP AS AN ISSUE OF COMBINING HUMAN LABOR WITH A MECHANICAL DEVICE? OR, ALTERNATIVELY, THE ISSUE OF THE PAPER GETTING STUCK WAS NOT A PROBLEM BEFORE THE ROLLER. SO, THE ROLLER WAS MEANT TO BE AN IMPROVEMENT ON THE STAMPING DEVICE, BUT IT ALSO CREATED NEW PROBLEMS. ANY THOUGHTS? SHOULD THIS SECTION BE REFRAMED MORE GENERALLY AS A CHARACTERIZATION OF ISSUES THIS DEVICE ATTEMPTS TO SOLVE? RS]
The slips are usually made of No Carbon Required (NCR) paper, which serves the same function as carbon paper, to copy a mark onto more than one sheet at once. NCR paper is coated with a chemical that is activated by pressure. The chemical darkens when a pen or printing device is pressed onto an adjacent sheet of paper. It was created by the National Cash Register Company in 1954. Unlike carbon paper, NCR paper is not messy and leaves no marks on the hands that touch it. (From "The Exciting History of Carbon Paper!" www.kevinlaurence.net/essays/cc.php, site visited 2/29/08)
Technical Problems/Solutions of the Credit Card Imprinter
The credit card imprinter was designed to increase the efficiency of copying a credit card in a way that would not wear down the card's numbers. Its predecessor was a large stamping machine that could be pressed onto the card with a lever.
The Role of the Copy
The credit card imprinting apparatus speaks to questions about the role of the copy in capitalism, especially after the rise of credit and the detachment of money from the gold standard in 1973. While a copy is usually thought to occur after the fact, as a record of an event, the credit card imprinter exemplifies why this idea of copy as record is not adequate. In the use of the credit card imprinter, the act of making a copy is not merely an act of recording a transaction that has already happened; rather, it constitutes the transaction. The print itself (the one that is sent by the business to the credit card company) represents a monetary value, while the credit card is an identificatory plate used to make this print, and to tie it to a particular individual. It is the paper that functions as an official bill for money, while the card does not. In other words, the print that is made has the performative function of creating value.
Timothy Mitchell points out that it is necessary to question the distinction between the real world and its representations, arguing that "It is an opposition that is made in social practice, and the forms of this opposition that we take for granted are both comparatively recent and relatively unstable" (Timothy Mitchell, Rule of Experts: Egypt, Technopolitics, Modernity, University of California Press, Berkeley, 2002, p.6). Mitchell argues that nineteenth century colonial practices took part in making modern representational thinking, suggesting that, "since the mechanisms that set up the separations precede, as we will see, the separation itself, the foundation is not as stable as it seems" (Mitchell, 6). This argument takes part in a discussion about the technical processes of economy that influence representational thought. Central to the technical processes surrounding the credit card are issues of copying, identity, centralization of control, delocalization of spending, and a calculus of data management that is immanent to capital and catalyzes its growth.
Combating Fraud
One of the major problems in the history of credit cards is the problem of verification. At the point of a credit card transaction, the user of the card needs to be identified as the owner of the card, and the card needs to be identified with a valid account that has not been canceled. The possibility of verifying these two identities is explained in the 1972 patent for a computerized credit card verification system. The writer of the patent points out problems of verification fraud that a centralized computer system could address:
"A very substantial amount of purchases made in this country are by credit card. However, as credit cards have gained popularity, there has been an increasing amount of monetary losses due to either unauthorized charges made on lost credit cards or charges made by persons whose credit card has been cancelled or revoked but not picked up. Losses also result from instances in which the credit of a customer is limited to an amount commensurate with his ability to pay, but the establishment accepting the credit card permits excessive charges due to lack of knowledge of recent charges or lack of knowledge of the limit imposed on a particular credit card holder." (U.S. Patent 3,671,717. June 20, 1972. Credit Card Verification System.)
The problem this patent seeks to address is the lag time between the point of sale and the verification of a card. Before the process of credit card payment became electronic, a credit card could not be verified until long after the sale. Store owners could refer to a long list of bad credit card numbers at the point of sale, but this was not efficient. In this patent Albert H. Bieser proposes a "card sensing device" that electronically reads the embossed characters on the card and sends the information over a telephone line to a central computer. The device's "feelers" are able to read Farrington 7B type font. According to Bieser, "Such fonts are most often used on credit cards." Credit card fonts were not yet standardized across the credit industry, but this font was apparently popular, perhaps because it was designed to be difficult to forge. The central computer is able to "check the number of card against a list of good or bad numbers." "If information on the amount of the sale is transmitted to the computer, the computer may also determine if the amount being charged is within the limits of the particular card holder. Billing information and card number can also be applied to a different computer, if desired for purposes of providing billing formation and automatically producing statements when desired."
Bieser repeatedly emphasizes that this does not have to be expensive, suggesting ways to cut telephone costs. This emphasis suggests that the technical capacity to electronically read cards and network credit card terminals to a central computer was already developed, and that the main issue was cost.
This innovation solves the problem of a temporal lag between a credit card purchase and the verification of the card. It thus prevents people from "hacking" the credit card.
THE OBVIOUS: people are travelling - increased movement - interstate highway act, commercial air travel - both post-war phenomena
Portability of Device - Performance of transaction in front of customer
Mechanical Pressing of entire document (minus amoutn of transaction)
A transition to a mode of analysis based on historical precedent rather than manifest personal character.
1) Signature on the slip 2) Signature plate on back of card 3) Unique credit card number affiliated with central credit card issuer 4) EXPIRATION DATE? Added variable or original functional attribute (why do they expire?) 5) Computer Legibility (OCR) ensures credit Card issuer records the number on the slip 6) Imrinted Number ensures transfer of number to slip is accurate and immune from human error (as opposed to OCR typewriter) 7) Unique numberd series on slips ensures sequential documentation of transacitons and accoutnability of copies to masters 8)Name of Card Owner 9) Name/Address of Merchant 10) Contracts / Checks / Bond 11) Account Humber identifies IP ADDRESS - Geography, Institution,
In attempting to maximize speed, efficiency and security, the ideal form of transaction seems to be one that overlaid multiple forms of verification and authentication on a single sight, and the credit card imprinter presents itself as the most efficient and cost effective solution to this problem.
History of Credit Cards
"Although the first charge card was issued by Western Union in 1914, it wasn't until 1958 that Bank of America (BofA) issued its BankAmericard, which combined the convenience of a charge account with credit privileges. When BofA extended its customer base outside California, the interchange system controlling payments began to falter because of design problems and fraud.
In 1968 Dee Hock, manager of the BankAmericard operations of the National Bank of Commerce in Seattle, convinced member banks that a more reliable system was needed. Two years later Natioanl BankAmericard Inc. (NBI) was created as an independent corporation (owned by 243 banks) to buy the BankAmericard system from BofA.
With its initial ad slogan, 'Think of it as Money,' the National BankAmericard Inc. developed BankAmericard into a widely used form of payment in the US. A multinational corporation, IBANCO, was formed in 1974 to carry the operations into other countries. people outside the US ressited BankAmericard's nominal association with BofA, and in 1977 Hock changed the card's name to Visa. NBI became Visa USA, and IBANCO became Visa International. (From Hoover's Company Records - In-depth Records;, VISA INC. Copyright 2008 Hoover's Inc., All Rights Reserved. P.4)"
Problematics surrounding credit cards: 1) The idea of the credit card is to make it easier to spend money, to encourage consumption. 2) An early problem was to become international, which involved removing "America" from the company name, and switching to the name, Visa. The rise of credit card use corresponds to a rise in international monetary flows. 3) In the history of credit cards, the speed of payment is always an issue (Cite Restaurant revolt of 1959). 4) The problem of identification is always an issue.
How does the credit card imprinter address each of these issues? What does it make possible and what are its limitations?
Credit Card Imprinter
Physical description:
History of Invention:
The development of the magnetic strip that makes this obsolete:
Critical Notes
Derrida-- Signature is absurd final compensatory gesture to signal that what I've written down is from me. To tie what you say to who you are.
If you burn money, value is gone. Credit card is return to the value not being embodied in the artifact. Return to contractual... money as promissory note. Contract-producing instrument. Credit card is return! What these receipts actually represent historically.
Carrying a credit card rather than cash prevents theft because if someone steals your money, the money and the value it represents are gone. However, if someone steals your credit card, they have only stolen the means for making a contract, and you can call the company and cancel the card.
Even after the advent of the magnetic strip, the customer's written signature remains the unique identifier. This identifies the buyer with the card. The card's number identifies the card with the credit card account.
History of physicality of card, PATENT for the first embossed card. History of embossing plastic in general, PATENT for machine that embosses. History of death of this machine, PATENT for magnetic strip.
PATENT for carbon paper, carbon paper receipts.
Lagtime between invention of magnetic strip and universal use of it. Magnetic strip is about immediate verification. Can't be used until the business has a modem. Credit card co. needs to provide incentive for merchant to have immediate verification to deter fraud. Law that says if you accept fraudulent card it's your fault?
Carbon paper wasn't accepted in court bc of forgery from late 1800s to end of 19th century (From "Exciting History of Carbon Paper") Credit card receipts are not using carbon paper. Actually using a chemical reaction bc less messy. Top sheet has to be ultra thin.
Spacing between characters embossed on credit cards. Spacing within characters to make it possible to emboss. But also tight enough that you can't switch numbers. Can't turn 3 into 8. 2 and 5 don't look alike. Security font. Designed to be impossible to tamper with.
Carrying a credit card rather than cash prevents theft because if someone steals your money, the money and the value it represents are gone. However, if someone steals your credit card, they have only stolen the means for making a contract, and you can call the company and cancel the card.
Machine and human readable typeface—OCR
Overcoming the problem of anonymity--this is no longer your local pub. How do you evaluate something's credit worthiness. How do you minimize risk in order to increase commerce.
The emergence of the individual--air travel, interstate highway act, etc.
Exonumia
Sites of interest
