It was either money or a valuable coin or token given to bind a bargain, notably for the purchase or hiring of a servant.
), Et cepit de praedicto Henrico tres denarios de Argento Dei prae manibus ("And he took it from the aforesaid Henry [sealed by a] silver three pence [piece] handed over [in the sight of] God").
A potential buyer of property of high value such as residential real estate generally signs a contract and pays a sum acceptable to the seller by way of earnest money.
When the transaction is settled then the deposit is applied to the buyer's portion of the remaining costs.
If the offer is rejected, the earnest money is usually returned, since no binding contract has been entered into.