Banking and Money (Renaissance and Reformation)

Introduction

Economic historians have published widely on the “crisis of the 14th century.” Money supply and monetary circulation, among other issues, have formed the basis of the discussion together with demographic changes and aspects of production. Monographic studies on banking have focused on a variety of themes, including primacy/modernity, types/functions, and technical instruments. There are, however, no comprehensive overviews on Renaissance money and banking. The disciplinary division between medieval and early modern history tends to discourage studies that examine the Renaissance period in its entirety: medievalists rarely reach beyond 1500, whereas modernists seldom venture as far back as the 15th century. Especially in the minefield of monetary history, quantitative approaches have at times been accompanied by evaluation of price trends. Some economists have undertaken monetary and banking history, frequently seen in the light of evolution/development, providing long-term analyses from the Middle Ages to the 21st century. There are, on the other hand, several studies that examine a specific geographic area over a short period of time. Given the lack of overviews, it is crucial to look at collected essays (mainly conference proceedings) for a general overview and a comparative analysis. This bibliography also includes a handful of single-authored article collections that are the result of many years of research in this specific field. The governing principle behind this bibliography is to provide an orientation for studies solely or for the most part concerned with the history of Renaissance banking and money. As the most important bankers, however, were fairly often engaged in trade and entrepreneurship, it is necessary at times to take a broader approach.

General Overviews

Given the absence of monographic overviews on Renaissance banking, it is best to refer to edited collections of studies, which are often the result of international conferences. Società Ligure di Storia Patria 1991 is the most comprehensive collection, with studies relating to both private and public banks across Europe, whereas Società Italiana degli Storici dell’Economia 1988 is limited to a series of Italian case studies. Vannini Marx 1985 focuses mainly on credit and credit instruments. University of California, Los Angeles, Center of Medieval and Renaissance Studies 1979 deals with the early stages of banking both in practice and in theory, whereas Goldsmith 1987 presents snapshots of single case studies to evaluate the connections between financial structures and economic development. Van der Wee 1994 is intended for a wider audience and provides an excellent history of banking.

Goldsmith, Raymond W. Premodern Financial Systems: A Historical Comparative Study. Cambridge, UK: Cambridge University Press, 1987.
DOI: 10.1017/CBO9780511895630Save Citation »Export Citation »E-mail Citation »
A selection of case studies from Antiquity to the 17th century covering Europe, the Middle East, India, and Japan. Using a quantitative approach, the author analyzes interrelations between financial structures and economic development.
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Società Italiana degli Storici dell’Economia, ed. Credito e sviluppo economico in Italia dal Medio Evo all’Età Contemporanea: Atti del primo convegno nazional, 4–6 giugno 1987. Verona, Italy: Società Italiana degli Storici dell’Economia, 1988.
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Collection of essays with an Italian focus only partly devoted to the Renaissance.
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Società Ligure di Storia Patria, ed. Banchi pubblici, banchi privati e monti di pietà nell’Europa preindustriale: Amministrazione, tecniche operative e ruoli economici; atti del convegno, Genova, 1–6 ottobre 1990. 2 vols. Genova, Italy: Società Ligure di Storia Patria, 1991.
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Multilingual volume dealing with issues related to private and public banking (but also legal issues and the development of techniques) in various European countries. Many of the essays are case studies, but there are also more comprehensive articles.
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University of California, Los Angeles, Center of Medieval and Renaissance Studies, ed. The Dawn of Modern Banking. Papers presented at a conference held at UCLA, 23–25 September 1977. New Haven, CT: Yale University Press, 1979.
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Covers Europe and the Near East and tackles the origins of banking both in practice and in thought. Jacques Le Goff’s article, for example, explains how the bankers were influenced by the Church’s doctrine but also underlines that the latter in turn had to take into account fast-developing banking practices.
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Van der Wee, Herman, ed. A History of European Banking. Antwerp, Belgium: Fonds Mercator, 1994.
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Less specialist than the other works in this section, this book offers a very clear overview on banking history from Antiquity to the 20th century.
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Vannini Marx, Anna, ed. Credito, banche e investimenti: Secoli XIII–XX; Atti delle settimane di studio e altri convegni. Florence: Le Monnier, 1985.
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Belated publication of a 1972 conference. The essays cover preindustrial Europe, and those relating to the Renaissance are devoted mainly to the history of credit, with only a limited focus on monetary policies.
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Reference Works

Edler 1934 provides the English explanations of Italian business terms found in commercial letters and account books. The book also contains extracts of original documents and gives full insights into many aspects of Renaissance era Italian businesspeople.

Edler, Florence. Glossary of Medieval Terms of Business: Italian Series, 1200–1600. Cambridge, MA: Medieval Academy of America, 1934.
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This extremely useful glossary is the result of many years of research into Italian private and public archives. Through the explanation of dozens of business terms, Edler also clearly explains the many technicalities related to the activities of Italian merchant-bankers.
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Journals

There are no specialized journals on late medieval or early modern banking. The majority of economic and financial history journals tend to privilege the 19th and 20th centuries. However, articles on the history of Renaissance banks or on monetary history find occasional space in some of these journals or in history journals. The Revue Internationale d’Histoire de la Banque published essays in French, English, and Italian and was largely focused on banking history, as is the Financial History Review, which also deals with financial and monetary history. The Economic History Review, the Journal of Economic History, and the Journal of European Economic History pursue a more interdisciplinary approach.

Economic History Review.
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Thought to be the most important economic history journal. Promoted by the British Economic History Society, it covers a variety of subjects, including the history of money and banking from the Middle Ages to the 20th century.
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Financial History Review.
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Founded in 1996 by the European Association for Banking History. Specializes in banking and financial history; however, it only occasionally devotes space to early modern themes.
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Journal of Economic History.
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Journal of the Economic History Association. Broader in scope than most of the other journals in this section, this publication aims to attract economists and social historians as well and often publishes quantitative analyses.
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Journal of European Economic History.
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Ranging from Antiquity to the early 21st century, the journal also includes articles on Renaissance banking and finance.
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Revue Internationale d’Histoire de la Banque.
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Journal that included a great variety of opinions thanks to a truly international collaboration. Unfortunately, it ceased publication in 1987.
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Private Bankers and Public Finances

The subject of public finance is a main focus for early modern and economic historians, who concentrate their attention on the formation and the development of national states. In this section studies that deal mainly with fiscal policies and state borrowing have been ignored, and only research involving the activities of private bankers as money lenders to the state has been included. Bestmann, et al. 1987; Boone, et al. 2003; and De Maddalena and Kellenbenz 1986 are collections of studies covering a wide range of geographical areas. Parker 1978 provides a useful comprehensive synthesis. Pezzolo 2008 and Guidi-Bruscoli 2007 focus on Italy. Pezzolo 2008 looks at the credit market from the government perspective and Guidi-Bruscoli 2007 from the perspective of the private bankers.

Bestmann, Uwe, Franz Irsigler, and Jürgen Schneider, eds. Hochfinanz, Wirtschaftsräume, Innovationen: Festschrift für Wolfgang von Stromer. 3 vols. Trier, West Germany: Auenthal, 1987.
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Volume 1 of this study is of particular interest, since it deals with high finance, especially in central Europe. Focuses on merchant-bankers and their public finance activities but also on the money market.
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Boone, Marc, Karel Davids, and Paul Jannssens, eds. Urban Public Debts: Urban Government and the Market for Annuities in Western Europe (14th–18th centuries). Turnhout, Belgium: Brepols, 2003.
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Collection of essays concerning the debt of various European towns. Focused mainly on the Low Countries, it also highlights the secondary market for the state annuities.
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De Maddalena, Aldo, and Hermann Kellenbenz, eds. La repubblica internazionale del denaro tra XV e XVII secolo: Atti della settimana di studio 17–22 settembre 1984. Bologna, Italy: Il Mulino, 1986.
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Focuses on the relation between private bankers and public authorities. The volume’s felicitous title, “The International Money Republic,” has become a commonly used expression.
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Guidi-Bruscoli, Francesco. Papal Banking in Renaissance Rome: Benvenuto Olivieri and Paul III, 1534–1549. Aldershot, UK: Ashgate, 2007.
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A study of the relation between Florentine merchant-bankers and papal finances. Drawing from private sources, the volume analyzes the mechanisms of the tax-farming contracts and explains the vicious circle in which continuous lending was the only way for bankers to increase their chances of repayment.
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Parker, Geoffrey. “The Emergence of Modern Finance in Europe, 1500–1730.” In The Fontana Economic History of Europe. Vol. 2, The Sixteenth and Seventeenth Centuries. 3d ed. Edited by C. M. Cipolla, 527–594. London: Collins Fontana, 1978.
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A survey of public finance in early modern Europe and of the credit offered by merchants.
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Pezzolo, Luciano. “Government Debts and Credit Markets in Renaissance Italy.” In Government Debts and Financial Markets in Europe. Edited by Fausto Piola Caselli, 17–31. London: Pickering and Chatto, 2008.
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Mainly taking the government point of view, the essay analyzes their strategies of borrowing, which in turn influenced the credit market.
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Renaissance Banking by Area

The Italians were the leading force in late medieval banking, given their vast networks across Europe and their advanced financial techniques. Bankers from Florence, Genoa, Venice, and other towns dominated the field of international exchange. Gradually, however, there was a shift of power, and the emerging financial centers were less and less dominated by Italians.

Italian Cities

Given the need for strict selection, three Italian cities are emphasized here. For Florence, De Roover 1966 constitutes an exemplary way to study the activity of a bank, while Goldthwaite 1998 draws attention to a period commonly considered in decline for the Florentine economy. Melis 1987 highlights the Tuscan primacy in many areas of banking. Felloni 1998 is a useful synthesis by a leading historian in the field of Genoese finance. Mueller 1997 is a masterly work that examines Venice’s role as a financial center and the role of the state. Muzzarelli 2001 opens a window on another aspect of banking, the so-called Monti di Pietà, charitable institutions providing loans at no or little interest to the lower strata of the population.

De Roover, Raymond. The Rise and Decline of the Medici Bank (1397–1494). New York: Norton, 1966.
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A classic. Through the study of one century of activity of the bank of the most powerful family of Renaissance Florence, the author also examines the functioning of trade and of the money market and the reciprocal influences between the Medici’s economic and political power.
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Felloni, Giuseppe. “Banca privata e banchi pubblici a Genova nei secoli XII–XVIII.” In Scritti di storia economica. Vol. 1. By Giuseppe Felloni, 583–602. Genoa, Italy: Società Ligure di Storia Patria, 1998.
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A useful synthetic overview of banking in Genoa from a leading specialist on the subject. The essay discusses the various types of banks active in Genoa and in particular the first public bank, the Banco di San Giorgio.
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Goldthwaite, Richard A. “Banking in Florence at the End of the Sixteenth Century.” Journal of European Economic History 27 (1998): 471–532.
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An in-depth study concerning an understudied period of Florentine banking history. Goldthwaite has also written on 15th-century Florence (see the second part of his Banks, Palaces, and Entrepreneurs in Renaissance Florence. Aldershot, UK: Ashgate Variorum, 1995), but in this article he analyzes the Florentine banking scene in the last quarter of the 16th century, during the “new era of public banks.”
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Melis, Federigo. La banca pisana e le origini della banca moderna. Edited by M. Spallanzani. Florence: Le Monnier, 1987.
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A collection of essays on banking in Tuscany. Melis’s volume is the result of extensive research carried out in several Tuscan archives; he draws attention to banking instruments, organization, and the sheer size of the network of Tuscan bankers.
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Mueller, Reinhold C. Money and Banking in Medieval and Renaissance Venice. Vol. 2, The Venetian Money Market: Banks, Panics, and the Public Debt, 1200–1500. Baltimore: Johns Hopkins University Press, 1997.
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Comprehensive study of banking activity in Venice (pursued not only by Venetians but also by foreign bankers), of Venice as a center of bills of exchange, and of the unique role of the state in the management of the public debt.
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Muzzarelli, Maria Giuseppina. Il denaro e la salvezza: L’invenzione del Monte di Pietà. Bologna, Italy: Il Mulino, 2001.
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An overview on the origins of the Monti di Pietà in Italy, from the Franciscan discussion to examples of Monti in various cities of (especially) central Italy.
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Northwestern Europe

The Low Countries were, together with central and northern Italy, the most important commercial and financial area of late medieval Europe. Bruges, Belgium, as De Roover 1948 shows, emerged as the main center after the decline of the Champagne fairs. Still, for many years the presence of Italian merchant-bankers was important, as was their role as importers of luxury products and providers of banking services (Lambert 2006). Spufford 1970 and Aerts 2011 discuss monetary and banking issues in the 15th century, whereas Van der Wee 1977 concentrates on the later period, when Antwerp, Belgium, became the center of banking innovation.

Aerts, Eric. “The Absence of Public Exchange Banks in Medieval and Early Modern Flanders and Brabant (1400–1800): A Historical Anomaly to Be Explained.” Financial History Review 18 (2011): 91–117.
DOI: 10.1017/S0968565010000260Save Citation »Export Citation »E-mail Citation »
A discussion of the structure and peculiarities of Flemish and Brabantine banking systems from the end of the Middle Ages to the early modern era.
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De Roover, Raymond. Money, Banking, and Credit in Mediaeval Bruges: Italian Merchant-Bankers, Lombards, and Money-Changers; A Study in the Origins of Banking. Cambridge, MA: Mediaeval Academy of America, 1948.
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Analyzes the Bruges money market in the 14th century and the role of the Italian bankers in the area. As the author writes, “The purpose of this study is to supplement Professor Usher’s work on the Mediterranean region” (p. 4) (see Usher 1943, cited under Iberian Peninsula).
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Lambert, Bart. The City, the Duke, and Their Banker: The Rapondi Family and the Formation of the Burgundian State (1384–1430). Turnhout, Belgium: Brepols, 2006.
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A study of the activity of a family of Lucchese bankers at the Burgundian court and in Bruges and their role as financiers of the Valois dukes.
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Spufford, Peter. Monetary Problems and Policies in the Burgundian Netherlands 1433–1496. Leiden, The Netherlands: Brill, 1970.
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A very detailed analysis of coinage and monetary policies in the 15th century.
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Van der Wee, Herman. “Monetary, Credit, and Banking Systems.” In The Cambridge Economic History of Europe. Vol. 5, The Economic Organization of Early Modern Europe. Edited by E. E. Rich and C. H. Wilson, 290–393. Cambridge, UK: Cambridge University Press, 1977.
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Focuses in particular on the development of banking in northwestern Europe and on Antwerp’s larger role.
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Central Europe

From the mid-15th century the central European mining industry and the southern German fustian production developed at a rapid pace and at the same time stimulated the birth of an organized credit system, as Hildebrandt 1991 shows. Bergier 1979 discusses both the influence of the Italian model and new forms of organization in the activity of the big Augsburg, Germany, merchant-bankers. North 1991 draws attention to the importance of credit for the Hansa merchants.

Bergier, Jean-François. “From the Fifteenth Century in Italy to the Sixteenth Century in Germany: A New Banking Concept?” In The Dawn of Modern Banking. By Jean-François Bergier, 105–129. New Haven, CT: Yale University Press, 1979.
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This essay analyzes the reasons behind the success of 16th-century South German bankers and compares their techniques and organization with those of the Italians in the previous century.
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Hildebrandt, Reinhard. “Banking System and Capital Market in South Germany (1450–1650): Organisation and Economic Importance.” In Banchi pubblici, banchi privati e monti di pietà nell’Europa preindustriale: Amministrazione, tecniche operative e ruoli economici; Atti del convegno, Genoa, 1–6 ottobre 1990. Vol. 2. Edited by Società Ligure di Storia Patria, 827–842. Genoa, Italy: Società Ligure di Storia Patria, 1991.
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An article on the development of banking in southern Germany and its connection with the growing industrial enterprises.
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North, Michael. “Banking and Credit in Northern Germany in the Fifteenth and Sixteenth Centuries.” In Banchi pubblici, banchi privati e monti di pietà nell’Europa preindu­striale: Amministrazione, tecniche operative e ruoli economici; Atti del convegno, Genoa, 1–6 ottobre 1990. Vol. 2. Edited by Società Ligure di Storia Patria, 809–826. Genoa, Italy: Società Ligure di Storia Patria, 1991.
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A reassessment of the role of credit in northern Germany, particularly in Hamburg and Lübeck.
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Iberian Peninsula

In the late Middle Ages the Iberian Peninsula was not among the leading areas in the European financial circuits, even though Barcelona maintained an important role, as Usher 1943 shows. Toward the end of the Middle Ages other areas emerged where the Genoese played a leading role (Otte 1986). After the discovery of America and the emergence of the empire, the Spanish crown needed the support of international bankers, who advanced loans and services against the guarantee of the silver coming from across the Atlantic Ocean (Carande 1987).

Carande, Ramón. Carlos V y sus banqueros. 3d ed. Barcelona: Editorial Critica, 1987.
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Third edition of a classic study of the 16th-century Spanish Empire, originally published in three volumes, 1943–1967. This is not only a study of the relationship between the emperor and the bankers but also a socioeconomic history of Spain.
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Otte, Enrique. “Il ruolo dei genovesi nella Spagna del XV e XVI secolo.” In La repubblica internazionale del denaro tra XV e XVII secolo: Atti della settimana di studio 17–22 settembre 1984. Edited by Aldo De Maddalena and Hermann Kellenbenz, 17–56. Bologna, Italy: Il Mulino, 1986.
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Highlights the decisive role played by the Genoese in Spain in the 15th and the 16th centuries both in their commercial and in their financial activities.
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Usher, Abbott P. The Early History of Deposit Banking in Mediterranean Europe. Cambridge, MA: Harvard University Press, 1943.
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Aims at stressing the complexity of evolutionary processes through the analysis of banking instruments in medieval and early modern Europe. Based on Catalan sources, it mainly focuses on Catalonia (the area to which Part 2 is entirely devoted).
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Banking Instruments and Techniques

During the late Middle Ages, Italians were the European leaders in the use and effective management of banking instruments, as stressed in Abulafia 1997. Spallanzani 1978 and Dini 1982 give examples of some of these instruments, especially in Tuscany, whereas Felloni 1998 summarizes the working of the first public bank, the Genoese Casa di San Giorgio. Cattini 1996 stresses the importance of innovation to avoid the loss of leadership, even in finance. Gradually, however, this superiority was lost. Guidi-Bruscoli 2007 considers this moment and discusses the modernity of Renaissance banks. Van der Wee 1993 certifies the Dutch supremacy in the early modern era.

Abulafia, David. “The Impact of Italian Banking in the Late Middle Ages and the Renaissance, 1300–1500.” In Banking, Trade, and Industry: Europe, America, and Asia from the Thirteenth to the Twentieth Century. Edited by Kurgan-Van Hentenryk Ginette, Alice Teichova, and Dieter Ziegler, 17–34. Cambridge, UK: Cambridge University Press, 1997.
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Stresses the leading role played by the Italian merchant-bankers from the point of view of both the techniques and the scale of operations.
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Cattini, Marco. “Credito e finanza in Italia: Innovazioni durature.” In Innovazione e sviluppo: Tecnologia e organizzazione fra teoria economica e ricerca storica (secoli XVI–XX); Atti del secondo convegno nazionale, 4–6 marzo 1993. Edited by Società Italiana degli Storici dell’Economia, 369–378. Bologna, Italy: Monduzzi, 1996.
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A discussion of how the changing institutional and economic landscape stimulated Italian bankers to adapt their instruments to maintain a position of leadership.
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Dini, Bruno. “Lo sviluppo delle tecniche amministrative e bancarie.” In Storia della società italiana. Vol. 7, La crisi del sistema comunale. Edited by Giovanni Cherubini, 99–109. Milan, Italy: Teti, 1982.
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Banking instruments, accounting techniques, and the firm’s structure presented as the keys for the Italian success.
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Felloni, Giuseppe. Strumenti tecnici ed istituzioni bancarie a Genova nei secc. XV–XVIII. In Scritti di storia economica. By Giuseppe Felloni, 637–651. Genoa, Italy: Società Ligure di Storia Patria, 1998.
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The Casa di San Giorgio was the first public bank. In this synthesis the author considers the technical aspects linked to its organization and administration.
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Guidi-Bruscoli, Francesco. “Le tecniche bancarie.” In Il Rinascimento italiano e l’Europa. Vol. 4, Commercio e cultura mercantile. Edited by Franco Franceschi, Richard A. Goldthwaite, and Reinhold C. Mueller, 543–566. Vicenza, Italy: Colla, 2007.
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An assessment of the business techniques of the Italians and their supremacy in Renaissance banking followed by an analysis of the loss of supremacy in favor of northern Europe.
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Spallanzani, Marco. “A Note on Florentine Banking in the Renaissance: Orders of Payment and Cheques.” Journal of European Economic History 7 (1978): 145–168.
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Examples of very specific written instruments developed by Florentine merchant-bankers.
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Van der Wee, Herman. “Antwerp and the New Financial Methods of the 16th and 17th Centuries.” In The Low Countries in the Early Modern World. By Herman Van der Wee, 145–166. Brookfield, VT: Variorum, 1993.
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After the period of Italian predominance, Antwerp, Belgium, became the center of financial innovation, partly following old models, partly detaching from them. Originally published in 1967.
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Usury

Many studies analyze the Church’s doctrine during the whole of the Middle Ages, thus only touching upon the Renaissance period. Gilchrist 1969 and Noonan 1957 mainly concentrate on the Church’s doctrine, whereas Todeschini 1994 widens the discussion with the inclusion of lay thinkers.

Gilchrist, J. The Church and Economic Activity in the Middle Ages. New York: St. Martin’s, 1969.
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An overview on how the Church reacted to the economic changes of the Middle Ages but also an evaluation of the Church’s influence on the economy.
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Noonan, John T. The Scholastic Analysis of Usury. Cambridge, MA: Harvard University Press, 1957.
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A classic and detailed analysis of the evolution of the Church’s doctrine relating to usury in the Middle Ages.
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Todeschini, Giacomo. Il prezzo della salvezza: Lessici medievali del pensiero economico. Rome: La Nuova Italia Scientifica, 1994.
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An analysis of medieval economic thought drawn from a wide variety of sources. Also contains a reassessment of the literature on usury, especially from the 19th century.
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Money Exchange

In the late Middle Ages money exchange was an important facet of banking in both its nature of local (between gold and silver coins and their respective moneys of account) and international exchange. The latter was a necessary complement of international trade. Bills of exchange traveled between the main financial centers of Europe, in practice functioning as currency and thus reducing the need for transporting bullion; moreover, it was a means of extending credit. De Roover 1953, Mandich 1953, and De Roover 1974 describe the technicalities of the bill of exchange and stress its role as an instrument to “hide” interest and therefore to avoid the church’s condemnation against Usury (but see also Munro 1979). Boyer-Xambeu, et al. 1994 discusses the importance of paper money; Jeannin 2001 focuses on exchange operations centered on Augsburg, Germany; and Da Silva 1969 concentrates on exchange fairs, which were purely financial and speculative events run by the Genoese.

Boyer-Xambeau, Marie-Therèse, Ghislain Deleplace, and Lucien Gillard. Private Money and Public Currencies: The Sixteenth-Century Challenge. New York: Sharpe, 1994.
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This study by three economists traces the origins of a European monetary system to the 16th century, stressing the importance of bills of exchange (or more generally “paper money”). Originally published in French in 1986.
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Da Silva, Jose-Gentil. Banque et credit en Italie au XVIIe siècle: Les foires de change et la dépreciation monétaire. Publications de la Faculté des lettres et sciences humaines de Paris-Nanterre. Thèses et travaux, no 8. Paris: Editions Klincksieck, 1969.
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The exchange fairs organized by the Genoese bankers are at the heart of this somewhat controversial study.
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De Roover, Raymond. L’évolution de la lettre de change. Paris: SEVPEN, 1953.
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The evolution of the bill of exchange from 1200 to 1700. Still a good reference book for anyone interested in understanding the mechanisms of such an important instrument.
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De Roover, Raymond. Business, Banking, and Economic Thought in Late Medieval and Early Modern Europe. Edited by Julius Kirshner. Chicago: University of Chicago Press, 1974.
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Collection of essays that also deals with the evolution and technicalities of bills of exchange and with the church’s doctrine against usury. Both Richard A. Goldthwaite’s and Kirshner’s introductions are also worth reading.
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Jeannin, Pierre. Change, crédit et circulation monétaire à Augsbourg au milieu du 16e siècle. Paris: Éditions de l’École des Hautes Études en Sciences Sociales, 2001.
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Through the analysis of exchange operations (both by letter and by manual) the author reassesses the role of Augsburg and of the southern German merchant-bankers within the wider context of European financial history during the “century of the Fuggers.”
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Mandich, Giulio. Le pacte de ricorsa et le marché italien des changes au XVIIe siècle. Paris: SEVPEN, 1953.
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An extremely technical analysis of a particular use of exchange, the ricorsa (i.e., the reiteration of the contract of change and reexchange).
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Munro, John H. “Bullionism and the Bill of Exchange in England, 1272–1663.” Paper presented at a conference held at UCLA, 23–25 September 1977. In The Dawn of Modern Banking. Edited by University of California, Los Angeles, Center for Medieval and Renaissance Studies,169–240. New Haven, CT: Yale University Press, 1979.
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A discussion of Raymond De Roover’s thesis on bills of exchange and a long analysis of English monetary policies.
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Exchange Rates

Data on exchange rates can be drawn from a variety of sources and are a useful reference for those interested in studying international trade. The two handbooks of this section complement each other. Spufford 1986 covers the Middle Ages; Denzel 1995, which is far shorter than Spufford 1986, includes the first quarter of the 17th century.

Denzel, Markus A., ed. Europäische Wechselkurse von 1383 bis 1620. Stuttgart: Steiner, 1995.
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A list of exchange rates calculated in the main financial centers of Renaissance Europe drawn from secondary sources.
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Spufford, Peter. Handbook of Medieval Exchange. London: Royal Historical Society, 1986.
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A useful reference listing exchange rates between many European currencies in the late Middle Ages. The database comes from extensive research made on a variety of sources. Note, however, that the erroneous reversal of two sets of exchange rates implied a fallacious argument in the section on foreign exchange. See Reinhold C. Mueller, “The Spufford Thesis on Foreign Exchange: The Evidence of Exchange Rates,” Journal of European Economic History 24 (1995): 121–129.
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History of Money

No comprehensive study of the monetary history of Renaissance Europe has been produced. Among the single-authored books, Spufford 1988 is the most exhaustive, but it deals only with the Middle Ages. Cipolla 1956 is a collection of lectures that also provides a good introduction, as does Davies 1994, which is much more synthetic. Barbagli Bagnoli 1982, Day 1984, and Hernández Esteve 2000 can be used for comparative purposes. Postan 1944 discusses the concept of “money economy.”

Barbagli Bagnoli, Vera, ed. La moneta nell’economia europea: Secoli XIII–XVIII; Atti della settima settimana di studio (11–17 aprile 1970). Florence: Le Monneir, 1982.
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Proceedings of the conference of the Datini International Institute containing nearly thirty essays that deal with a range of subjects, from state and money to monetary doctrine to the relation between money and economic development.
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Cipolla, Carlo M. Money, Prices, and Civilization in the Mediterranean World, Fifth to Seventeenth Century. Princeton, NJ: Princeton University Press, 1956.
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Series of lectures delivered at the University of Cincinnati on what at the time was a new branch of history. The clarity of the delivery makes this a still-valid introduction to the subject even though some information is outdated.
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Davies, Glyn. A History of Money: From Ancient Times to the Present Day. Cardiff, UK: University of Wales Press, 1994.
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The breadth of this study’s geographic and chronological span leads to obvious omissions and synthesis on the debate. It presents the pendulum meta-theory, which highlights the conflicting interests of debtors and creditors concerning money supply and inflation.
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Day, John, ed. Études de histoire monetaire, XIIe–XIXe siècles. Lille, France: Presses Universitaires de Lille, 1984.
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Monetary systems, prices, credit, and exchange are the subject of this collected work, which allows comparisons between different areas.
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Hernández Esteve, Esteban. Moneda y monedas en la Europa medieval (siglos XII–XV): XXVI semana de estudios Medievales, Estella, 19 a 23 julio de 1999. Pamplona, Spain: Gobierno de Navarra, 2000.
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Collection of essays in various languages ranging from monetary policies to circulation of money and from credit to usury in various areas of Europe.
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Postan, Michael M. “The Rise of a Money Economy.” Economic History Review 14 (1944): 123–134.
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Contains a discussion of the various meanings attributed to the concept of the “rise of the money,” generally deemed as the explanation for uninterrupted evolution of society.
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Spufford, Peter. Money and Its Use in Medieval Europe. Cambridge, UK: Cambridge University Press, 1988.
DOI: 10.1017/CBO9780511583544Save Citation »Export Citation »E-mail Citation »
An excellent reference book providing the basis for studies on late medieval money, on its circulation across Europe, and on coinage. It covers the whole Middle Ages, thus dealing with the Renaissance only in Part 3.
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Money Markets in Specific Areas

The political fragmentation of late medieval Europe meant that there were many mints and therefore many currencies in circulation. Some cities were more important and more influential than others and were therefore at the center of commercial and financial operations involving merchants from all over Europe, among them Bruges, Belgium (De Roover 1968), and Venice (Lane and Mueller 1985, Mueller 1979). North 1990 analyzes the money market in Lübeck, Germany.

De Roover, Raymond. The Bruges Money Market around 1400. Brussels: Paleis der Akademien, 1968.
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Through the study of the main financial center of northern Europe in the late Middle Ages, De Roover explains the functioning of the money market and especially the determinants of exchange fluctuations.
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Lane, Frederic C., and Reinhold C. Mueller. Money and Banking in Medieval and Renaissance Venice: Coins and Money of Account. Baltimore: Johns Hopkins University Press, 1985.
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An extremely rich and documented study of one of the main financial centers of Renaissance Europe. It focuses on the market of precious metals (gold and silver) and on the diffusion of the silver grosso (coin).
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Mueller, Reinhold C. “The Role of Bank Money in Venice, 1300–1500.” Studi Veneziani 3 (1979): 47–96.
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Stresses the importance of payments through bank deposits as opposed to payments in cash.
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North, Michael. Geldumlauf und Wirtschaftskonjunktur im südlichen Ostseeraum an der Wende zur Neuzeit (1440–1570): Untersuchungen zur Wirtschaftsgeschichte am Beispiel des Grossen Lübecker Münzschatzes, der norddeutschen Münzfunde und der schriftlichen Überlieferung. Sigmaringen, Germany: Thorbecke, 1990.
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This volume deals with money supply in the North German area but also includes the economic situation in the southern Baltic Sea.
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Monetary Policies

Monetary policies can be looked at from various points of view. There is the study of legislative sources but also analysis of the way they affected the markets. Fournial 1970 presents a detailed description of the reforms undertaken in late medieval France. Cipolla 1990 also considers the social implications of such policies, whereas Munro 1972 looks at the way bullion influenced commercial relations. Goldthwaite and Mandich 1994 enters into very refined technicalities to explain the monetary system of Florence based on one of the most illustrious late medieval coins the florin.

Cipolla, Carlo M. Il governo della moneta a Firenze e a Milano nei secoli XIV–XVI. Bologna, Italy: Il Mulino, 1990.
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Reprint of two previously published separate essays. Allows a comparison of the monetary policies of Florence (in the 16th century) and Milan (in the 15th). The analysis goes beyond simply monetary aspects and involves also a social analysis.
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Fournial, Etienne. Histoire monétaire de l’occident médiéval. Paris: Nathan, 1970.
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Despite the title, the book mainly concerns late medieval France and presents an accurate account of the monetary reforms during the late Middle Ages.
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Goldthwaite, Richard A., and Giulio Mandich. Studi sulla moneta fiorentina (secoli XIII–XVI). Florence: Olschki, 1994.
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Very technical study of money and money of accounts in Florence based on account books as well as on legislation.
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Munro, John H. Wool, Cloth, and Gold: The Struggle for Bullion in Anglo-Burgundian Trade, 1340–1478. Brussels: Editions de l’Universite de Bruxelles, 1972.
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In this essay monetary policy is seen as an instrument of commercial warfare. One of the many essays the author devoted to the Anglo-Burgundian relations.
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Precious Metals and Mints

This section deals with the “production” of money. Works on mining and metallurgy are ignored here in favor of studies devoted to minting, though Blanchard 2001–2005 touches on all of those aspects. Spufford and Mayhew 1988 presents a series of case studies concerning the organization and the personnel of the mints. Stahl 2000, focused on presumably the most important mint of the period, constitutes exemplary research on the working of a late medieval mint.

Blanchard, Ian. Mining, Metallurgy, and Minting in the Middle Ages. 3 vols. Stuttgart: Franz Steiner Verlag, 2001–2005.
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A work in four volumes (the fourth still in preparation) to cover a millennium of metal production and coinage based on precious and nonprecious metals in the period preceding the inflow of American silver. Somewhat controversial in its much-criticized calculations and assumptions.
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Spufford, Peter, and Nicholas J. Mayhew, eds. Later Medieval Mints: Organisation, Administration, and Techniques. Oxford: British Archaeological Reports, 1988.
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Collected volume containing case studies of the working of the mints and their personnel.
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Stahl, Alan M. Zecca: The Mint of Venice in the Middle Ages. Baltimore: Johns Hopkins University Press, 2000.
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A very detailed study of the functioning of the Venetian mint, whose coins widely circulated in Europe.
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Bullion Flows in the Global Economy

The European expansion also meant the discovery of the American silver mines and the huge flow of silver across the Atlantic Ocean. Hamilton 1934 opened the debate on the so-called price revolution, attributed by Earl J. Hamilton to monetary causes. This huge debate includes Flynn 1997. Many historians try to quantify the impact of bullion flows in specific areas (see, for example, the collected studies Flynn, et al. 2003 and Kellenbenz 1981). Barrett 1990 provides a good summary of the debate, whereas Richards 1983 opens it up to extra-European economies.

Barrett, Ward. “World Bullion Flows, 1450–1800.” In The Rise of Merchant Empires: Long-Distance Trade in the Early Modern World, 1350–1750. Edited by James D. Tracy, 224–254. Cambridge, UK: Cambridge University Press, 1990.
DOI: 10.1017/CBO9780511563089Save Citation »Export Citation »E-mail Citation »
Useful as a synthesis of the existing literature on the flow of American silver toward Europe.
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Flynn, Dennis O. World Silver and Monetary History in the Sixteenth and Seventeenth Centuries. Aldershot, UK: Ashgate Variorum, 1997.
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Studies the price revolution and the influence of American silver on the world’s economy. It reverses the idea that such an immense flow of precious metals fostered the birth of European capitalism.
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Flynn, Dennis O., Arturo Giráldez, and Richard von Glahn, eds. Global Connections and Monetary History. Aldershot, UK: Ashgate, 2003.
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This collection of essays deals with the impact of bullion flows in various areas of the world in the age of European expansion. Some authors make quantitative analyses; others consider how this affected development and change in the global economy.
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Hamilton, Earl J. American Treasure and the Price Revolution in Spain 1501–1650. Cambridge, MA: Harvard University Press, 1934.
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A classic study offering the monetarist explanation to the price revolution of the 16th and 17th centuries. Hamilton’s thesis has been criticized by many, but it has the merit of opening the debate.
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Kellenbenz, Hermann, ed. Precious Metals in the Age of Expansion: Papers of the XIVth International Congress of the Historical Sciences. Stuttgart: Klett-Cotta, 1981.
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Collection of papers, some of which attempt to quantify the production of gold and silver in various areas of the world.
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Richards, J. F., ed. Precious Metals in the Later Medieval and Early Modern World. Durham, NC: Carolina Academic, 1983.
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This collected volume also considers extra-European economies in an attempt at a comparative approach. The essays describe bullion flows between and within monetary areas.
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Europe and the East

Since the Middle Ages, Asia has been an important commercial partner for Europe. The latter always carried a deficit trade balance with the former and was therefore forced to transfer large amounts of precious metals to the East. Ashtor 1971 mainly deals with the Levant, whereas Attman 1981 opens up discussion to the whole continent, stressing the importance of the flow toward China. Subrahmanyam 1991 attempts a reevaluation of inter-Asian trade.

Ashtor, Eliahu. Les métaux précieux et la balance des payements au proche-orient à la basse époque. Paris: SEVPEN, 1971.
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Perspective of Mamluk Egypt and Syria and their trade balance with Europe written by one of the leading scholars on Middle Eastern economic history.
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Attman, Artur. The Bullion Flow between Europe and the East 1000–1730. Acta Regaie Societatis Scientarum et Litterarum Gothoburgensis 20. Gothenberg, Sweden: Kungliga Vetenskaps-och Vitterhets-Samhället, 1981.
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Part of a series of volumes the author produced on bullion flows centered in Europe. In this particular volume he explains Europe’s role as importer of silver from America and as reexporter of it mainly toward China.
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Subrahmanyam, Sanjay. “Precious Metal Flows and Prices in Western and Southern Asia, 1500–1750: Some Comparative and Conjunctural Aspects.” Studies in History 7 (1991): 78–105.
DOI: 10.1177/025764309100700104Save Citation »Export Citation »E-mail Citation »
Deals in particular with India, Iran, and the Ottoman Empire, stressing the importance of the often-neglected trade between these areas.
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Money Supplies and Bullion Shortages

Bullion shortages may have afflicted Europe in the late Middle Ages and have of course attracted the attention of monetarist historians (e.g., Day 1978). Lack of bullion has been placed in relation with the wider theme of the “crisis” following 14th-century plagues and war in searching for its causes (see, for example, Sussman 1998). Munro 1992 tackles this and other issues with particular reference to England and the Low Countries. Sargent and Velde 2002 concentrates in particular on the lack of small coins and on the way this affected monetary and commercial policies and strategies. Lack of money and conversely a quantification of the money supply are themes of particular interest for British historians (Mayhew 1995, Wood 2004).

Day, John. “The Great Bullion Famine of the Fifteenth Century.” Past and Present 79 (1978): 3–54.
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Classic and pioneering research on 15th-century bullion famines from a monetarist point of view. Reprinted in Day’s The Medieval Market Economy (Oxford: Blackwell, 1987, pp. 1–54.
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Mayhew, N. J. “Population, Money Supply, and the Velocity of Circulation in England, 1300–1700.” Economic History Review 48 (1995): 238–257.
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An analysis of prices in England based on the impacts of both demographic and monetary factors. Stresses the importance of money supply and velocity of circulation of money to reassess previous theories.
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Munro, John H. Bullion Flows and Monetary Policies in England and the Low Countries, 1350–1500. Aldershot, UK: Ashgate, 1992.
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Collection of previously published essays centered on England and the Low Countries. In addition to bullion flows and shortages, it also touches upon other issues, such as coinage and monetary policies.
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Sargent, Thomas J., and François R. Velde. The Big Problem of Small Change. Princeton, NJ: Princeton University Press, 2002.
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After a survey of the monetary theories of medieval and Renaissance Europe, the authors present case study solutions to the problems of coin shortages and their consequences. The chronological period includes the 19th century.
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Sussman, Nathan. “The Late Medieval Bullion Famine Reconsidered.” Journal of Economic History 58 (1998): 126–154.
DOI: 10.1017/S0022050700019914Save Citation »Export Citation »E-mail Citation »
A reassessment of the relationship between balance of payments and bullion shortages. This essay is a contribution to the long-lasting debate on the crises of the 14th–15th centuries and their causes (e.g., were they “real” or were they monetary causes?).
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Wood, Diana, ed. Medieval Money Matters. Oxford: Oxbow, 2004.
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Small collection of essays aiming at breaking barriers between numismatists and historians. Centered on late medieval England, the book presents an overview of research and highlights the determinant role of money supply for changes in the economy.
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Money and the Other Means of Payment

Coins and precious metals were not the only means of payment of late medieval Europe. On the one side, people had access to “paper money” (see Banking Instruments and Techniques); alternatively they could use other forms of payment, such as barter, which were seemingly more primitive. Bloch 1967 offers general remarks on the subject from an economic but also a social point of view. Spufford 2008 briefly describes the possible alternative means of payments.

Bloch, Marc. “Natural Economy and Money Economy: A Pseudo-Dilemma.” In Land and Work in Medieval Europe. By Marc Bloch, 230–243. London: Routledge and Kegan Paul, 1967.
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Interesting read that points out the issue of avoiding simplifications when trying to categorize issues. The author uses the social dimension in addition to the economic one. English translation of “Economie-nature et economie-argent: Un pseudo-probleme,” Annales d’Histoire Economique et Sociale 6 (1933): 7–16.
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Spufford, Peter. How Rarely Did Medieval Merchants Use Coin? Leiden, The Netherlands: Geldmuseum and Stichtung Nederlandse Penningkabinetten, 2008.
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A survey of the alternative means of payments used by late medieval businesspeople.
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Interest

During the late Middle Ages, interest was condemned by the Church. For a discussion of this aspect, see Usury. This section provides a single reference work. Homer and Sylla 2005, studying the trends in interest rates over time.

Homer, Sidney, and Richard Sylla. A History of Interest Rates. 4th ed. New York: Wiley, 2005.
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Massive study of interest rates from Antiquity to the 20th century. For each period it distinguishes the interest rate charged on commercial loans, loans to governors, or interest on deposits.
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Money of Account

Throughout the Middle Ages and beyond there was a clear distinction between actual money and money of account. The latter was a monetary unit that was not issued but was only a measure of money, solely used for keeping the accounts. And the value of the actual coins, which varied over time, was also expressed in terms of money of account. Lane and Mueller 1985 is a good general introduction to the subject. Cipolla 1975 traces the events of the Italian lira, and Goldthwaite and Mandich 1994 concentrates on Florence and its florins.

Cipolla, Carlo M. Le avventure della lira. Bologna, Italy: Il Mulino, 1975.
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Shows the twelve centuries of life of the lira, which was a “phantom” money from the reforms of Charlemagne until the 19th century and then eventually disappeared with the introduction of the euro.
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Goldthwaite, Richard A., and Giulio Mandich. Studi sulla moneta fiorentina (Secoli XIII–XVI). Florence: Olschki, 1994.
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Very technical study of money and money of accounts in Florence based on account books as well as on legislation.
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Lane, Frederic C., and Reinhold C. Mueller. Money and Banking in Medieval and Renaissance Venice: Coins and Money of Account. Baltimore: Johns Hopkins University Press, 1985.
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An extremely rich and documented study of one of the main financial centers of Renaissance Europe. It focuses on the market of precious metals (gold and silver) and on the diffusion of the silver grosso (coin).
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Coins and Numismatics

Three reference works are cited here for a subject that is only partly connected with monetary history. Engel and Serrure 1977, originally written in 1891–1905, is still the most meticulous study of coins, though it might eventually be replaced by Grierson, et al. 1986–. Grierson 1991, though not as comprehensive as the others, offers many images of medieval coins.

Engel, Arthur, and Raymond Serrure. Traité de numismatique du moyen âge. 3 vols. Bologna, Italy: Forni, 1977.
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Classic reference work for coins dating back to the fall of the Roman Empire. The third volume in particular deals with the late Middle Ages and focuses on Europe and the Levant. Originally published in Paris: Leroux, 1891–1905.
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Grierson, Philip. Coins of Medieval Europe. London: Seaby, 1991.
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Illustrated guide to coins from the 5th to the 15th centuries. Not fully comprehensive but a useful basis.
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Grierson, Philip, M. A. S. Blackburn, and Lucia Travaini. Medieval European Coinage. 17 vols. Cambridge, UK: Cambridge University Press, 1986–.
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Will replace the other two works in this section and once completed will cover the coinage of Europe from c. 450 to c. 1500 region by region. Fully comprehensive project promoted by the Fitzwilliam Museum of Cambridge thanks to support by various British funding bodies. Further information available online.