A stick cut Into two parts, on each whereof is marked, with notches or otherwise, due between debtor and creditor. It was the ancient mode of keeping accounts. One part was held by the creditor, and the other by the debtor. The use of tallies In the exchequer was abolished by St 23 Geo. III. c. 82, and the old tallies were ordered to be destroyed by St. 4 & 5 Wm. IV. c. 15. Wharton.
Black’s Law Online Dictionary
