The moment modern banking was born was when

A) the number of goldsmiths' receipts exceeded the number of gold coins kept in goldsmiths' safes.
B) the number of gold coins kept in goldsmiths' safes was equal to the number of goldsmiths' receipts in circulation.
C) the number of gold coins in goldsmiths' safes exceeded the number of goldsmiths' receipts in circulation.

Modern Banking

The contemporary financial system involving banks that offer a wide range of services, including deposits, loans, investment services, and electronic banking, characterized by regulatory frameworks and technological advancements.

Goldsmiths' Receipts

Historical documents representing deposit certificates issued by goldsmiths to denote ownership of gold or silver deposited with them.

Gold Coins

A type of currency made almost exclusively from gold, historically used as legal tender in various transactions.