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As money systems developed with coinage and paper money, the number of banks expanded. By the early 1800s, US banks began providing safekeeping providers. These early days of safekeeping of buyer valuables in open vaults weren't significantly satisfactory as a consequence of unclear rules and security issues. Typically, a bank would retailer a trunk or case containing the household silver and jewellery in its vault. However, a technological innovation was introduced in the 1860s in the form of the fashionable safe deposit box. This impacted the US banks in two respects. Firstly, it revolutionised safekeeping as clients had been able to place their valuables in a sealed container in the vault and get hold of particular person access to the field. The second impact was that the invention of the protected deposit field caused the arrival of competitors from safe deposit corporations that had been impartial of banks. The first such independent protected deposit company, The Safe Deposit Company of new York, was established in 1865. This specialist vault not solely supplied traditional safekeeping of trunks and packages, but in addition, as marketed in The new York Times on May 1st 1865, offered "five hundred protected packing containers of iron every having its personal mixture lock with renters having complete management of their individual box".

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