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The E-Sylum: Volume 10, Number 29, July 22, 2007, Article 20 HAPPY BIRTHDAY TO THE AUTOMATED TELLER MACHINE David Sundman forwarded the following article about the birthday of the automated teller machine forty years ago. Last month an historical plaque was dedicated at the site of the world's first ATM. "The world's first ATM was installed in a branch of Barclays in Enfield, north London, 40 years ago this week. "Inspiration had struck Mr Shepherd-Barron, now 82, while he was in the bath. "'It struck me there must be a way I could get my own money, anywhere in the world or the UK. I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash.' "Plastic cards had not been invented, so Mr Shepherd-Barron's machine used cheques that were impregnated with carbon 14, a mildly radioactive substance. "The machine detected it, then matched the cheque against a Pin number. "However, Mr Shepherd-Barron denies there were any health concerns: 'I later worked out you would have to eat 136,000 such cheques for it to have any effect on you.' "One by-product of inventing the first cash machine was the concept of the Pin number. "Mr Shepherd-Barron came up with the idea when he realised that he could remember his six-figure army number. But he decided to check that with his wife, Caroline. "'Over the kitchen table, she said she could only remember four figures, so because of her, four figures became the world standard,' he laughs. "But even though he invented the machine, Mr Shepherd-Barron believes its use in future will be very different. He predicts that our society will no longer be using cash within a few years. "'Money costs money to transport. I am therefore predicting the demise of cash within three to five years.' "He believes fervently that we will soon be swiping our mobile phones at till points, even for small transactions." To read the complete article, see: Full Story [Thanks to Dr. Martin Allen for pointing out that although the Barclay's ATM was the first ot the type we know today, "a mechanical cash dispenser was developed ... and installed 1939 in New York City by the City Bank of New York, but removed after 6 months due to the lack of customer acceptance." See Full Story -Editor] Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@coinlibrary.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum | |
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