TRAVELERS CHECKS by Peter F. Drucker

“The travelers check is no great ‘invention.’ It is basically nothing more than a letter of credit, and that has been around for hundreds of years.

What was new was that travelers checks were offered. . . in standard denominations. . . and [were] uniquely attractive to the tourist who did not want to carry a great deal of cash and did not have the established banking connections to make them eligible for a letter of credit.”