In January 1120, and King Baldwin II of Jerusalem granted the Templars a headquarters in a wing of the royal palace on the Temple Mount in the captured Al-Aqsa Mosque. The new order took the name Poor Knights of Christ and the Temple of Solomon, or “Templar” knights. Their emblem was of two knights riding on a single horse, emphasizing the order’s poverty.
The Templars became a favoured charity throughout Christendom, receiving money, land, businesses, and noble-born sons from families who were eager to help with the fight in the Holy Land. After accumulating wealth in this manner throughout Europe and Outremer, in 1150 the Templars began issuing letters of credit for pilgrims journeying to the Holy Land. Pilgrims deposited their valuables with a Templar location in Europe, received a document indicating the value of their deposit, and received equal value upon arrival in Outremer.
After almost 200 years the order became one of the richest and most powerful groups in Europe. This, along with their secrecy created distrust, which was exploited by King Philip IV of France, who was deeply in debt to the order. On Friday the 13th of October 1307, he had many of the order’s members in France arrested, tortured into giving false confessions, and burned them at the stake. Pope Clement V disbanded the order in 1312 under pressure from King Philip.