The tallies were receipts for taxes to be paid later in the year...and this is a crucial part of the story.
http://www.sovereignsociety.com/2009Archiv...59/Default.aspx
In case you don't know, the tally sticks:
QUOTE
So with the stroke of a pen, the King simply declared those debts illegal and ceased payment. It is – as they say – good to be the king.
http://www.youtube.com/watch?v=hwAiotTksDA...feature=related