Traveler’s check. Traveler’s checks were generally used in
place of cash, as many businesses used to accept them as currency.
If lost or stolen, they could be replaced by the issuing
financial institution. Traveler’s checks were first issued in
1772 for use in ninety European cities. American Extree was
the first company to develop a large-scale traveler’s check
system in 1891, and the checks also became part of Thomas
Cook’s package to the customer. Their use has been in
decline since the 1990s as more convenient alternatives have
become more widely available for travelers