From Wikipedia's article:
BillHead receipts were common in business transactions from the late 1860s through the early 1940s... and in some cases, they can be found in present day transactions (although it is a less common practice now.)
Many billhead receipts were illustrated and decorated with fancy steel engravings, while others carried no illustrations... in either case the receipt itself was important, as it was your proof of delivery. In general, most billheads contained: The Company Name & Address, A Unique Invoice Number, Payment Terms, Line Items for Products or Services, A Total, and (optionally) handwritten notes.
From the American Antiquarian Society:
The Billhead evolved from what was known as a "Trade Card," and in the twentieth Century, became known as letterhead. It was created by printing a heading at the top of a sheet of paper, usually from an engraved copper plate. The lower part of the sheet was used for writing a list, a note, or a bill. The standard billhead measured seven to eight inches wide, and four inches or more in length, depending on the need for space for writing the bill. The printed heading usually included an illustration, and sometimes a street address or location of the business. They also included space to write the date and town where the business transaction took place. They were printed on durable rag paper up until the 1860's and 1870's, after which they were printed on thinner woodpulp paper. In general, billheads of this style were in use and remained relatively the same for approximately a 150 year time frame, over three centuries. As historical artifacts, billheads are useful for providing information about tradesmen's products and prices. They help document the types of goods and services that consumers were purchasing.
Source: Rickards, Maurice, The Encyclopedia of Ephemera. New York: Routledge, 2000.
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