Book

Money and Its Use in Medieval Europe

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Abstract

This is a full-scale study of the history of money, not merely of coinage, to have been written for medieval Europe. The book is not limited to one country, or to any one period or theme, but extracts the most important elements for the historian across the broadest possible canvas. Its scope extends from the mining of precious metals on the one hand, to banking, including the use of cheques and bills of exchange, on the other. Chapters are arranged chronologically, rather than regionally or thematically, and offer a detailed picture of the many and changing roles played by money, in all its forms, in all parts of Europe throughout the Middle Ages. Thus money is seen as having differing values for differing parts of individual societies. The book shows money moving and changing as a result of war and trade and other political, economic and ecclesiastical activities without regard for national barriers or the supposed separation between 'East' and 'West'.
... By contrast, from the last quarter of the twelfth century, 1,280 single finds of coins are recorded from thirty churches (Gullbekk & Saettem forthcoming). The reason for this radical upturn lies partly with the advances in church organization following the establishment of a Norwegian archbishopric in 1152/3 (Johnsen 1945), and partly with the contemporary increase in minting activity across northern Europe, resulting from the availability of fresh silver supplies in central Europe (Spufford 1988). In the rest of Scandinavia, coins from the eleventh century in church contexts are equally rare, if not rarer. ...
... From the huge number of stone churches erected on Gotland in the late F O R period. From the huge number of stone churches erected on Gotland in the late(Spufford 1988). In the rest of Scandinavia, coins from the Notably, however, the pattern for the emergence of coin offerings varies however, the pattern for the emergence of coin offerings varies nds related to money offeronly from the second half of the thirteenth century ...
... an Archaeology of Salvation: Coin Finds in Scandinavian, Icelandic and Central Svein H. GullbekkSpufford, P. 1988. University Press. ...
Chapter
With this chapter, the book moves to consider the role of precious metals within non-monetary economies. It compares attitudes to wealth in Scandinavia before and after the widespread adoption of Christianity, and argues that new Christian doctrines encouraged coin use within an ‘economy of salvation’. Harnessing archaeological evidence of coins found beneath the floorboards of Scandinavian churches, the chapter argues that Christian parishioners made regular offerings of low-denomination coins in exchange for salvation. Dating evidence suggests that this practice began in the late eleventh century, but expanded during the twelfth, and thus occured against a backdrop of wider societal monetization; indeed, devotional offerings of coins were one means for the church to raise revenues. This process reveals how the meaning and function of coins were transformed as they moved from the profane to ritual spheres.
... One possibility is that coins were produced using recycling previous coins, or using silver looted from outside the Ottonian empire. Several authors contend that at the end of 9 th there was a significant change of silver routes in the north east of Europe which is indicated by the huge amounts of dirham coins (or "Kufic" silver) found in Scandinavian silver hoards and settlements (Blanchard, 2001, Kilger, 2008, Spufford, 1988. This evidence is connected with the Samanid Empire expansion between the 9 th -10 th centuries AD and the issuing of large quantities of silver coins. ...
... This evidence is connected with the Samanid Empire expansion between the 9 th -10 th centuries AD and the issuing of large quantities of silver coins. Since these dirhams coins were not generally found in coeval German and west Europe hoards it was commonly thought they could have been reused and recycled during the Ottonian dynasty (Spufford, 1988). This hypothesis is exhaustively discussed by Merkel (2016) who analysed the PbIC of many Samanid dirhams. ...
Article
This paper represents the first systematic Pb isotope investigation of Italian Medieval coins and aims to provide new parameters for a general historical interpretation of coin production and circulation in Medieval Europe. We collected more than one hundred specimens, minted in a period between 9th − 14th centuries AD and coming mostly from archaeological sites of Tuscany. Here we report the results on the oldest group of (44) coins, dated between the end of the 9th and 11th centuries. All coins where previously characterized with handheld X-ray fluorescence (pXRF) analysis and lead isotope composition (PbIC) was performed using an MC-ICP-Mass Spectrometer. The Carolingian coins have PbIC compatible with Melle silver district; the few Carolingian coins possibly minted in Italy (Venice and Milan) are also compatible with ore districts such as Melle and Harz Mountains. Coins in the names of Italian rulers (9th-10th century) from Lucca, Pavia and other uncertain mints show PbIC compatible with Melle, Black Forest and the Harz Mountains as well. A quite similar pattern applies to coins in the names of Otto I-III and Conrad II (10th-11th century) from Lucca and Pavia mints, although they show a better overlap with the Harz Mountains. The vast majority of early medieval coins issued by the Italian mints investigated in the present paper show isotope compositions that do not match with silver (lead-copper) mines from the Colline Metallifere district of southern Tuscany, notwithstanding their exploitation in the considered period is suggested by many settlements located near mining sites.
... The commercial revolution of the 13 th and beginning of the 14 th century is often discussed in the literature. This phenomenon implied a larger quantity of coins in circulation, establishment of banks and the use of bills of exchange in international trade (Spufford 1988:240ff, see also Spufford 2002). This process occurred partly contemporaneously with the minting of bracteates (1140-1290). ...
... In principle, each town with surroundings soon had its own mint. Consequently, Germany got several mints and coin issuing authorities -the emperor, ecclesiastical authorities and laymen(Spufford 1988:100). Soon, the emperors had only a few mints in their possession. ...
Book
Renovatio Monetae, is a Latin expression that means re-coinage, where old coins were declared invalid and exchanged for new ones. Re-coinage generated important revenues for the medieval coin issuers and could occur as often as twice a year. An exchange fee was charged to tax trade and inhabitants. A common theme in this book is that medieval bracteates, thin uni-faced coins, are strongly connected to such re-coinage in the High Middle Ages. The bracteates had several characteristics that made them suitable as short-lived coinage, e.g., low production costs and a large diameter, which made it possible to vary the main design of the coins. Roger Svensson works as Associate Professor in economics at the Research Institute of Industrial Economics (IFN) in Stockholm. He shows that the system with short-lived coinage and bracteates was dominant in currency areas with a low monetization. Such areas could be found in the central, northern and eastern parts of medieval Europe. The book is partly a summary of the existing research literature about bracteates, but the author also contributes with own analysis in several respects – specifically when creating an economic theory about short-lived coins and medieval bracteates.
... As manorial and government documentation becomes more voluminous in the 13th century so too the number of recorded ferries increases, but some may have escaped documentation altogether. It is likely that, like bridges, most had their origins in the 12th and 13th century, a period of expanding population and market economy (Spufford 1988;Britnell 1996). Not only are they an indicator of greater trade but they suggest that movement was becoming less seasonally restricted, although the weather continued to severely affect the navigability of roads. ...
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The Hemington Bridges formed an important medieval crossing point over the River Trent, carrying the King’s Highway linking Leicester and the south to Derby and northern England. This report presents the results of the excavations and multi-disciplinary investigations of three successive bridges found during quarrying operations between 1993–2000, and places the structures in their technological, geomorphological, environmental and historical contexts. The earliest bridge at Hemington, Bridge I, was constructed in the late 11th century and rebuilt in the early 12th century following a calamitous flood. It is the most complete Saxo-Norman timber structure found in Britain and presents unique evidence for vernacular timber working in this period, as well as providing significant information regarding early bridge design and construction techniques. The late 11th-century phase comprised two timber caisson pier bases and a trestle spanning part of a braided channel. The caisson pier bases were large, lozenge-shaped, jointed wooden boxes filled with sandstone rubble, positioned in the river bed, the long axes parallel to the flow. These served as plinths, supporting a superstructure that elevated the decking. The span between the piers was approximately 10m, with the trestle providing a mid-pier support. The trestle provides some important evidence for the superstructure showing that the bridge decking was 2.8m wide, so suitable for carts, and was carried 5.5m above the river bed. It is notable that there are joints preserved in the trestle that have no known parallels. This phase of the bridge was short-lived with evident undermining of the foundations by deep scouring, probably during severe flood conditions. One caisson had rotated laterally by some 80º and the second had tilted from the horizontal by 40º. Both had settled into deep scour features, and the trestle had collapsed over one of the caissons. Coarse deposits quickly buried the remains. Sometime after 1111, the bridge, or at least this section, was rebuilt. The second phase of construction comprised a double row of irregularly spaced oak piles with lateral bracing, each pair 2.90m apart, spanning 27m of river channel. Some pairs had supplementary posts, presumably added as alterations or repairs. All the posts had rotted off above the height of the modern water table and consequently no jointing survived to suggest how these posts articulated with the bridge decking. These remains too were buried by coarse, point bar deposits as the river migrated laterally to the south, scouring away the southern bridgehead. The exact timescale for these channel changes is uncertain, but the establishment of Bridge II in the late 12th century suggests that it should be measured in decades. Bridge II was located upstream from its predecessor, and comprised a double row of piled posts with lateral bracing. This was probably constructed in the late 12th century and had been maintained into the 13th century, suggesting that Bridge III was its direct replacement. Bridge III was constructed in the mid 13th century immediately upstream from Bridge II. The first part of the bridge, found in 1993, comprised the foundations of four regularly spaced piers crossing a 50m section of an old course of the Trent. Two different foundation techniques were employed for the piers: those closest to the northern bank were of masonry, constructed directly on the river bed. The two mid-stream piers were hexagonal enclosures of deeply driven piles infilled with sandstone rubble, forming a foundation for a masonry pier, the collapsed remains of which were located on the river bed and in scour features downstream. Associated timber structures included three or possibly four inter-pier structures, probably supports for a timber superstructure, and a baffle located in front of the mid-stream piers. The piers and baffle were constructed from timber felled in the late 1230s and early 1240s. Further structural activity or maintenance is shown by the presence of a timber felled c. 1270–1305 in one of the inter-pier structures. The southern abutment of the bridge was revealed in further quarry work in 1998. A corresponding, but unrecognised, northern abutment was probably observed during quarrying in 1991–2. Résumé Les ponts de Hemington formaient un important point de passage sur la rivière Trent au Moyen-Age. Ils se situaient sur la King's Highway reliant Leicester et le sud à Derby et le nord de l’Angleterre. Ce rapport présente le résultat des fouilles et des recherches multi-disciplinaires de trois ponts successifs découverts à l'occasion d'opérations de carrière entre 1993 et 2000, et situe ces structures dans leurs contextes technologique, géomorphologique, environnemental et historique. Le pont le plus ancien à Hemington, Pont I, fut construit à la fin du 11e siècle et reconstruit au début du 12e suite à une inondation majeure. Il s'agit de la structure saxo-normande en bois la plus complète découverte à ce jour en Grande-Bretagne. A ce titre, elle fournit des données uniques quant aux techniques vernaculaires de travail du bois à cette période, ainsi que des informations significatives relatives à la conception et aux techniques de construction de ce pont. La phase datée de la fin du 11e siècle comprend deux piles en caisson et une travée enjambant une partie d’une rivière anastomosée. Les piles étaient de forme losangique. Il s'agissait de larges caissons en bois remplis de déblais de grès, placés dans le lit de la rivière, leur axe le plus long parallèle au cours de la rivière. Ces caissons servaient de plinthes qui supportaient une structure élevant le tablier. L'intervalle entre les piles était d'environ 10m, la travée procurant un support intermédiaire. Cette dernière fournit des données essentielles quant à l’élévation du pont et montre que le tablier était de 2.8m de largeur, dès lors adapté pour des chariots. Il se situait 5.5m au-dessus du lit de la rivière. Des jointures préservées au sein de la travée ne présentent aucun parallèle connu. Cette phase du pont fut de courte durée, les fondations ayant été sapée par l'érosion, vraisemblablement lors de sévères inondations. Un des caissons a pivoté latéralement de près de 80 degrés, alors que le second a basculé à l'horizontal de 40 degrés. Les deux caissons se sont tassés dans de profonds chenaux créés par l'érosion, et la travée gisait effondrée sur l'un des caissons. D'épais dépôts ont rapidement enfouis ces restes. Peu après 1111, le pont, ou du moins cette section, fut reconstruit. Cette seconde phase comprenait un double alignement de pieux en chêne, disposées à intervalles irréguliers, chaque paire étant séparée de 2.9m. Cet alignement couvrait 27m du cours de la rivière. Certaines de ces paires présentaient des pieux supplémentaires, vraisemblablement ajoutés comme modifications ou réparations. L'ensemble des pieux a pourri au dessus du niveau de la nappe aquifère moderne. En conséquence, aucune jointure n'a survécu, ce qui aurait pu nous informer quant à la manière dont ces pieux étaient articulés au tablier du pont. Ces restes furent enfouis par d'épais dépôts fluviatiles à mesure que la rivière se déplaçait latéralement vers le sud, endommageant la tête de pont méridionale. L’intervalle entre ces changements du cours de la rivière n'est pas connu avec précision, mais la réalisation du Pont II à la fin du 12e siècle suggère qu'il doit se mesurer en décennies. Le Pont II était situé en amont de son prédecesseur et comprenait un double alignement de pieux avec supports latéraux. Ce pont fut probablement construit à la fin du 12e siècle et maintenu en état jusqu'au 13e siècle, ce qui suggère que le Pont III lui succéda directement. Le Pont III fut construit au milieu du 13eme siècle, immédiatement en amont du Pont II. La première partie, mise au jour en 1993, comprenait les fondations de quatre piles placées à intervalles réguliers traversant 50m de l'ancien cours de la Trent. Deux techniques de fondation différentes ont été employées pour les piles: celles à proximité immédiate de la berge nord étaient maçonnées et construites directement sur le lit de la rivière. Les deux piles intermediaires étaient des caissons hexagonaux profondément enterrés et remblayés à l'aide de grès. Ceux-ci constituaient la fondation de la pile maçonnée, dont les restes effondrés gisaient sur le lit de la rivière et dans de profonds chenaux situés en aval. Des structures associées en bois comprenaient trois, ou peut-être quatre, structures entre les piles, probablement des supports pour une élévation en bois, et un déflecteur situé face aux piles intermédiaires. Les piles et cloisons étaient construites en bois, qui fut abattu à la fin des années 1230 et au début des années 1240. Des opérations supplémentaires d’aménagement et de remise en état sont assurées par la présence de bois, abattu entre c. 1270–1305, dans une de ces structures entre les piles. La culée sud du pont fut mise au jour lors de nouvelles opérations de carrière en 1998. Une culée correspondante au nord fut probablement observée par Salisbury dans la carrière en 1991–2.
... Throughout this period, there was a shortage of specie and what existed was frequently inconsistent (Cipolla 1956;Spufford 1989;Goldthwaite 2009, 234, 415). Barter overcame the problem but, matching buyer and seller was far from straightforward, and transporting goods in two directions was both costly and slow. ...
Article
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Being able to understand how double entry works is a critically important skill of an accountant but, few accounting graduates either understand or perform double entry at the level desired. It has always been taught using rules, never by principles. This paper responds to and rejects criticisms published in this journal by Richard Macve. They concern a paper I published in 2018 presenting Luca Pacioli’s approach to teaching double entry using a principles-based approach. My response also uses grounded theory to reject Professor Macve’s theory concerning the development of double entry by generating an opposing new theory to explain what motivated its emergence. Furthermore, it highlights problems in the use of literature in accounting history; and uses theories of pedagogy and studies on teaching DEB to reject his insistence that it should be taught using a balance sheet equation approach. Several other comments/suggestions in his wide-ranging article are addressed.
... In this context, when considering the coins which were produced in Reece period 21, did these issues remain in circulation after AD 402. The clipping of silver siliquae is generally accepted to have become widespread at the beginning of the 5th century and to have continued until at least AD 420, and possibly even to middle of the 5th century (Spufford 1988;Guest 2005;Abdy 2013). Clipping provides an indicator of coin use in the decades immediately beyond Britain's final exit from the Roman Empire. ...
Article
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Over 15,000 Roman coins from Hampshire have now been recorded by the Portable Antiquities Scheme (PAS) since its inception in 1997. This article builds on recent research on Roman coins and hoards in Wiltshire, Hampshire and Dorset. It defines methodologies for the analysis of Roman coinage, the value of considering coinage within its wider landscape context and how to interpret PAS data when undertaking research using metal detected assemblages. Using the case studies of Roman coinage and hoards in the 1st, 3rd and 4th centuries; the analysis highlights the value of PAS when undertaking archaeological research when used in conjunction with other datasets such as the Hampshire Historic Environment Record and the Roman Rural Settlement Project.
... 9 England had re-coinage ca. 975-1130/35, as did eastern parts of France and western parts of Germany in the 11 th and 12 th centuries (Spufford 1988:92ff, Hess 2004. Like Germany, Poland had many currency areas and minting authorities. ...
Conference Paper
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In medieval Europe, old coins were frequently declared invalid and exchanged for new ones at fixed rates and dates. Here, the question of whether and when such re-coinage was applied in medieval Sweden is analyzed against the historical record. A theory of how short-lived coinage systems work is applied to Swedish coinage. It is shown that Sweden adopted similar coin types as those minted in Continental Europe in the Middle Ages, and also adopted the corresponding continental coinage and monetary taxation policies linked to these coin types. Swedish experience is extraordinarily well in line with what one would expect from the theory of short-lived coins. Economic backwardness, limited monetization of society and separate currency areas facilitated re-coinage. Re-coinage with varying frequency was applied in 1180–1290 when only bracteates were minted. This is evidenced by many different coin types per reign, coin hoards which are dominated by a few types and dating of types to specific periods of the kings' reigns. However, monetization increased in the late 13th century, making re-coinage more difficult. and bracteates were replaced by long-lived two-faced coins in 1290. With an end to re-coinage, the Swedish kings then accelerated the debasement of the long-lived coins. The disappearing re-coinage fees were compensated for by debasing the silver content. Such debasements – interrupted by several coinage reforms – were applied until the beginning of the 16th century.
... kommersiella revoulutionen som inträffade i Europa under 1200-talet och början av 1300-talet. Denna innebar ett ökat antal mynt i omlopp, etablering av banker samt bruket av skuldväxlar i handeln (Spufford 1988:240ff, se även Spufford 2002). Processen var delvis samtida med brakteaterna och den huvudperiod (1140-1290) som jag analyserar. ...
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Renovatio Monetae, myntförnyelse, är ett latinskt uttryck som syftar på myntindragningar där gamla mynt förklarades ogiltiga och ersattes med nya. Myntindragningarna gav viktiga intäkter för den medeltida myntherren och de kunde ske så ofta som varje halvår. Vid dessa indragningar togs en växlingsavgift ut-i praktiken en omsättnings-skatt på mynt. Ett genomgående tema i denna bok är att medeltida brakteater, lövtunna ensidiga mynt, är starkt kopplade till sådana myntindragningar under högmedeltiden, vilket redan bokens titel avslöjar. Brakteaterna ägde flera egenskaper som gjorde dem lämpliga som tidsbegränsade mynt, bland annat relativt låga tillverkningskostnader och i flera fall en stor yta som möjliggjorde varierande motiv. Roger Svensson, docent i nationalekonomi och verksam vid Institutet för Näringslivs-forskning (IFN), visar att systemet med myntindragningar och brakteater var domineran-de i områden med låg monetarisering. Sådana områden återfanns i de centrala, norra och östra delarna av det högmedeltida Europa. Boken är delvis en kunskapssamman-ställning om vad andra forskare har kommit fram till, men författaren bidrar också med egen analys i flera avseenden-i synnerhet när det gäller att bygga upp en ekonomisk teori om tidsbegränsade mynt och medeltida brakteater.
... A Trimetallic, as depicted in Table 1, standard renders what might have been missing from economic history subjects. As reported, in contrast with official currencies (Spufford 1988), these local or complementary currencies tended to be cheap, easy to earn, and formed an exchange-oriented currency. Since the banking sector was developed later by the Medici, this method substituted the needed credit for low paying labor. ...
Article
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Monetary historians argue that two types of currencies were circulating in the middle ages of Europe. The first was the standard historical form of money made up of gold and silver coins, and the second was a set of small pieces of copper and other metallic substances used mainly in towns and townships for local trade as currency. Jetton and tokens are monetized objects that are not official currencies; they were of lower quality of the inferior metallic object, which were used for day-to-day transaction needs. The drive for local monetary decentralization is pointed to build up fiscal autonomy and responsible local monetary institutions. This paper reasons that the monetary regime of the Renaissance was a real and genuine trimetallic currency regime.
... Além de se configurar, a alteração dos valores das moedas, uma ação contra os povos, os contratos e a propriedade privada. ORESME, 2004, p. 62 SPUFFORD, 1989. Veja também: BURNS, 1927. ...
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RESUMO No século XVII, o fenômeno monetário era central para o entendimento da economia, notadamente no Mundo Ibérico, onde os fluxos de metais americanos exigiam uma posição sobre seu impacto nas atividades mercantis e produtivas, e na sua articulação com o comércio ultramarino e a gestão das economias coloniais. Este trabalho procura entender os impasses da política monetária filipina para o reino e o Império de Portugal. A União de 1580 manteve, além das “leis, estilos, liberdades, isenções, casa Real e ofícios” da Coroa portuguesa, a moeda com cunho português. Assim, Filipe II permitia que o seu direito exclusivo (regalia) de cunhar a moeda fosse interpretado na mesma chave da conservação da identidade econômica e jurídica de Portugal. Durante todo o período, os Filipes não alteraram o valor da moeda portuguesa, estabilizando o câmbio do real em relação às outras unidades de conta europeias. A chegada em grande quantidade da prata americana, por outro lado, permitia a expansão do meio circulante de Castela, que acabou, no período, intoxicando o meio circulante português. Esse arranjo instável coloca as bases para a transformação que se seguirá no período da Restauração, com sucessivas mutações monetárias.
... They are registered as Taiekigo kankei shiryo ('materials relating to Taiekigo'). 9 North China Herald, 1889, fol. 411, cited in Kann 1926 1 For Europe, see Spufford (1988) and Depeyrot (2018); for central Asia, Moriyasu (2004) and Davidovich and Dani (1998); for West Asia, Kolbas (2006); for China, . Throughout this volume, I use the term copper coin instead of bronze coin to avoid the confusion of referring to Chinese coinage as bronze prior to the mid-16th century and brass (as used in the jiaqing tongbao) after that point. 2 In the Netherlands, believed to be the most commercialized country in 17th-century Europe, the denomination of coin most commonly minted had been almost the same as the level of daily wages. ...
... England had periodic recoinage c.975-1125, as did eastern parts of France and western parts of Germany in the eleventh and twelfth centuries (Spufford 1988, pp. 92ff, Bolton 2013, pp. ...
Article
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Polish Numismatic News, Vol. 59(1-2), pp. 129-87, 2015. The purpose of this study is to analyse which kinds of monetary taxation and coinage policies the minting authorities applied in Sweden in the period 1153-1512. In medieval Europe, old coins were frequently declared invalid and were exchanged for new ones at xed rates and dates. Here, the question of whether and when such periodic recoinage was applied in medieval Sweden is analyzed against the historical record. A theory of how short-lived and long-lived coinage systems work is applied to Swedish coinage. Sweden adopted similar coin forms as those minted in Continental Europe in the Middle Ages, but also adopted the corresponding continental coinage and monetary taxation policies linked to these coin forms. Swedish experience is extraordinarily well in line with what one would expect from the theory of short-lived coins. Economic backwardness, limited mone-tization of society and separate currency areas facilitated recoinage. Recoinage with varying frequency was applied in 1180-1290 when only bracteates were minted. This is evidenced by many different coin types per reign, coin hoards which are dominated by a few types and dating of types to speci c periods of the kings' reigns. However, monetization increased in the late thirteenth century, making recoinage more dif cult. and bracteates were replaced by long-lived two-faced coins in 1290. With an end to recoinage, the Swedish kings then accelerated the debasement of the long-lived coins. The disappearing recoinage fees were compensated for by debasing the silver content. Such debasements-interrupted by several coinage reforms-were applied until the beginning of the sixteenth century.
Article
The author analyses the crucial factors in the development of pragmatic literacy in thirteenth-century Trogir, which is associated with significant transformations of the communal political and social order, primarily the increasing power of the municipal government at the expense of episcopal authority. Accumulation of power in the hands of not so many urban families resulted in the growing need to (re)define the position of communal institutions in relation to the external (the king, the Croatian nobility, Venice) and internal (the bishop, the contending factions) centres of power and other members of the local community. Greater reliance of the local political elite on the written word as a means to shape and maintain a desirable social order was becoming increasingly pronounced in this context. Hence, the paper regards the development of pragmatic literacy in thirteenth-century Trogir as one of the major pillars in configuring new government institutions and power relations, which is then associated with the creation of the first city statute, professionalization of the chancery, and transition from charters to notarial, court, council, and other communal registers.
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Din judeţul Sălaj, în ultima vreme, au fost semnalate şi publicate o serie de studii referitoare la arta rupestră. Unele din monumentele prezentate în acestea sunt sanctuare în natură pentru diferite divinităţi, unde au loc iniţieri, reprezentând totodată locuri de oferire, închinăciune, jertfă etc. Semnele de pe ele ne oferă posibilitatea de a determina uneori perioada de timp, dar un loc sacru, odată cunoscut, este păstrat în tradiţii, iar el inspiră sentimente de veneraţie care oferă respect deosebit pentru urmaşi. Unii vizitatori doresc să semnaleze trecerea lor prin acele locuri, marcându-şi numele sau redând unele din simbolurile pe care le cunoaşteau. Pentru aceste semne ulterioare este greu de precizat perioada când au fost realizate, ca, de altfel, şi pentru primele, fără studii detaliate despre uneltele sau instrumentele cu care au fost marcate. Asocierea semnelor ne oferă uneori posibilităţi de interpretare. Dar, pentru interpretarea lor, trebuie să ţinem cont de vecinătăţile istorice, ca şi de drumurile sau cărările în vecinătatea cărora se află.
Book
Das halbe Jahrtausend, dessen Geschichte in diesem Buch geschrieben wird, sah nicht nur bedeutende Verschiebungen der geographischen Grenzen des Welttheaters. Noch stärker tritt hervor, daß sich eine Weltordnung, in der Orient und Okzident in Gestalt des persischen und des römischen Großreiches einander gegenüberstanden, zur Dreiheit der byzantinischen, der muslimischen und der abendländischen Kultur formte. Am Ende dieses Zeitalters, zu Beginn des 9. Jahrhunderts, war die bis heute gültige Gliederung unseres Weltteils in westeuropäisches Abendland, griechisch-osteuropäische Mitte und zum Orient überleitende muslimische Welt vorgezeichnet.
Article
In the mid thirteenth century, England used only a single coin, the silver penny. The flow of coins into and out of the government's treasury was recorded in the rolls of the Exchequer of Receipt. These receipt and issue rolls have been largely ignored, compared to the pipe rolls, which were records of audit. Some more obscure records, the memoranda of issue, help to show how the daily operations of government finance worked, when cash was the only medium available. They indicate something surprising: the receipt and issue rolls do not necessarily record transactions which took place during the periods they nominally cover. They also show that the Exchequer was experimenting with other forms of payment, using tally sticks, several decades earlier than was previously known. The rolls and the tallies indicate that the objectives of the Exchequer were not, as we would now expect, concerned with balancing income and expenditure, drawing up a budget, or even recording cash flows within a particular year. These concepts were as yet unknown. Instead, the Exchequer's aim was to ensure the accountability of officials, its own and those in other branches of government, by allocating financial responsibility to individuals rather than institutions.
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A common coinage policy in the Middle Ages was ‘periodic recoinageʼ. Old coins were declared invalid and had to be exchanged for new ones at a priori known exchange fees and dates. This convention was a type of monetary taxation of local trade and inhabitants. Periodic recoinage was the dominant coinage policy in large parts of central, eastern, and northern Europe for 120−200 years. Such a monetary policy required a geographical currency constraint and a limited number of coins in circulation. The leaf-thin bracteates had excellent characteristics for such renewals. The theory predicts that periodic recoinage should be applied in the early development stages of a region, for example, when labour division increases, and local markets and cities are established. In later phases, when specialization within and between cities proceeds, the system breaks down. A larger coin volume renders re-minting and monitoring impossible, and inter-regional trade breaks down the currency constraint. This model of periodic recoinage is applied to medieval Hessen (1150−1320). The results show that especially the coinage policies and economic development of Wetterau, as well as those of the Marburg area and Northern and eastern Hessen, largely correspond to this theory. However, both the frequency and continuity of renewals could vary between mints/regions and within specific mints over time.
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his article analysis periodic re-coinage, a monetary taxation system, which was in use for almost two centuries in medieval Europe. A theory is presented that shows that the system only worked when there was a limited volume of coins in circulation combined with a geographical currency restraint. Renewals worked best in relatively undeveloped economies with small currency areas. Another characteristic is that silver fineness was high in areas with periodic recoinage. Although there are no written sources about periodic recoinage in Sweden, it can be hypothesized that the system was in use in Sweden in the period 1180–1290. Empirical observations are consistent with the theory of periodic recoinage: there were many coin types in each time period, skewed coin hoards with respect to types, low monetization, high silver fineness, bracteates minting, and small currency areas. The number of circulating coins and the degree of monetization increased as a result of urbanization at the end of the thirteenth century when currency areas became larger. This made periodic recoinage far more difficult to enforce and administrate. Bracteates were thus finally replaced by long-lived, two-faced coins in 1290. This process effectively ended the practice of periodic recoinage. Instead, Swedish kings began to accelerate the debasement of long-lived coins by reducing the silver content of coins to compensate for the disappearance of recoinage fees. A die-study shows that different coin types were struck in different mints and do not represent different chronological issues, a fact that further confirms that periodic recoinage ended around 1290. Finally, the composition of hoards and the standardization of the coins show that coins were counted rather than weighed in Sweden already by the end of the 12th and early 13th centuries This contrasts with the practice of the Viking-age. The observation that coins were counted is very important, since count-based exchange-rates would otherwise not have been possible to maintain. Keywords: periodic recoinage, monetary tax, coinage, policies, monetization, debasements; medieval Sweden
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I denna artikel bestäms och dateras några omtvistade svenska medeltida brakteater. Analysen utgår ifrån de fyra vetenskapliga metoder som diskuterades i SNT nr 2, 2018: 1) text; 2) myntfynd; 3) myntfötter och 4) sociala attribut.
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This lecture discusses technological revolutions and techno-economic paradigms, but with an emphasis on the digital revolution and the digitalization of the economic and society. It draws its inspiration from works of Joseph Schumpeter, Christopher Freeman, and Carlota Perez on long waves of technological development and places the story within the context of global innovation networks. The lecture contends that the digital revolution not only transformed the world we live in but also created new ways to organize networks within it. We are now in second half of the digital (fifth technological) revolution, when the digitalization of the global networked economy prevails, and not at the beginning of Industrie 4.0. On the contrary, this is the period when economic growth drives the use of innovative digital technologies, including ubiquitous computing, robotics, and artificial intelligence, toward a truly digitalized network society.
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Marxism holds that feudal mining land was characterized by production relations that gave lords the upper hand. Lacking productive capital, mining land was generally a site of coercive feudal‐property relations. The idea is indefensible, as evidence shows that mining lands triggered property arrangements antagonizing lordly power. This article discusses the labor and capital relations that transformed feudal land into mining land. It argues that this transformation challenged the supremacy of feudal lords by triggering property relations relatively unconstrained by feudal lordly power. The article concludes that mining lands were sites of antagonistic relations, were capital confronted feudal landed property, aiming at isolating lords from the gains of mines.
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Abstract This dissertation investigates the private and non-institutional credit market in the city of Rio de Janeiro between the years of 1820 and 1860. Based on research and analysis of newspaper, notary books, debt ligation, judicial attachments and bills of exchange registries, this study seeks to build the background of the city´s credit market, one in which becomes evident a strong complementarity between the different credit titles in circulation at the time. Even though Rio has had no banking system between 1829 and 1838, the city experienced a sharp demographic and commercial boom during this period. Such an increase in the city’s economic activity was responsible for a striking rise in the demand for investment capital. Such demand was met by a coordinated state effort that striven to allocate and redirect private savings towards the market. Such movement was responsible for the emergence of a vast and complex private credit market in which one of its cornerstones was the presence of an intertwined relationship between credit and private property. The city also had a thriving pawning and second-hand goods markets that were able to accommodate and foster these circular dynamics observed between private property and credit transactions. This created a background where slaves played an relevant role. Both the trans-Atlantic and domestic “businesses of slavery” generated thousands of negotiable titles, working as a propeller for credit circulation. At the same time, 65% of debit litigation in the period had at least one slave guaranteeing unpaid debts. The enslaved human beings served as one of the main guarantors for credit circulation in Rio de Janeiro during the first half of the nineteenth century. Resumo A presente tese tem como foco o mercado privado e não institucional de crédito na cidade do Rio de Janeiro entre os anos de 1820 a 1860. Através de uma análise de jornais, livros de notas, ações de execução de dívidas, penhoras judiciais e registros de letras, buscou-se traçar um quadro que evidência a complementaridade entre os diferentes instrumentos de crédito em circulação na praça carioca durante o período. Embora a cidade não tenha contado com um sistema bancário entre os anos de 1829 até 1838, isto não impediu um acentuado crescimento demográfico e comercial. Este incremento nas atividades econômicas gerou forte demanda por capital que foi suprida por um incentivo estatal que visava direcionar a poupança e capitais privados ao mercado, criando com isso um amplo e complexo mercado privado de crédito cujo um importante pilar de sustentação foi a presença de uma relação interligada e circular entre crédito e propriedade privada. A cidade contava na época com um aquecido mercado de penhor e de segunda mão que foi capaz de absorver e impulsionar este movimento cíclico entre crédito e propriedade. Dentro deste quadro, a escravidão teve um papel de destaque. Os “negócios da escravidão,” tanto os transatlânticos, quanto os domésticos, geraram milhares de títulos negociáveis, servindo como um propulsor à circulação do crédito. Ao mesmo tempo, 65% dos litígios tiveram escravos penhoradas como garantia às dívidas em atraso, fazendo da propriedade em seres humanos escravizados um dos principais lastros à circulação do crédito durante a primeira metade do século XIX na cidade do Rio de Janeiro.
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Re-coinage implies that old coins are declared invalid and exchanged for new ones at fixed exchange rates and dates. Empirical evidence shows that re-coinage could occur as often as twice a year within a currency area in the Middle Ages. The exchange fee at re-coinage worked as a monetary tax for trade and inhabitants. The main purpose here is to set up a simple theory about short-lived coins, which has not been done before. It turns out that re-coinage works particularly well in relatively undeveloped economies. Such economies had a small volume of coins in circulation, which facilitates both re-minting and monitoring of a short-lived coinage system. Re-coinage had both positive and negative overlapping consequences: 1) a stable coinage with respect to weight and fineness, and no long-term inflation; 2) short-term disturbances in the velocity of money, price-levels and the volume of transactions; 3) the coins' function as a store of value deteriorated; and 4) inhibitions on trade, business and the division of labor. Debasement was the alternative method for collecting a monetary tax. It was less restrictive and had lower administrative costs for the coin issuer than re-coinage. Besides low monetization, the strong position of ecclesiastical coin issuers, who disliked manipulations of weights and fineness, was likely a factor in why re-coinage was preferred to debasement. However, the costs for society as a whole could be higher for secret debasements than routine calendar driven re-coinage, due to the high uncertainty. __________________________________________________________________________
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This paper studies different welfare-enhancing roles that fiat money can have. To do so, we consider an indivisible monetary framework where agents are randomly and bilaterally matched, while the government has weak enforcement powers. Within this environment, we analyze state contingent monetary policies and characterize the resulting equilibria under different government record-keeping technologies. We show that a threat of injecting fiat money, conditional on private actions, can improve allocations and achieve efficiency. This type of state contingent policy is effective even when the government cannot observe any private trades and agents can only communicate with the government through cheap talk . In all these equilibria fiat money and self-enforcing credit are complements in the off equilibrium. Finally, this type of equilibria can also emerge even when the injection of fiat money is not a public signal.
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This book is the attempt to bring - through the study of the written sources - one of the many faces of the complex Mongol history to its historical dimension. It concentrates on the Mongol dominion in Caucasia, considered as the area that goes from the Azov Sea down to modern Georgia. The period of the Mongol dominion was not the unique occasion during which sedentaries cultures and nomad civilizations came to interact; but it was only after this event that Caucasia underwent a coherent power of a united political system which enclosed in itself the character of both the social models. The genesis of this process and its results are the main object of this book.
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Questo saggio viene ripubblicato a distanza di dieci anni perché da un lato la situazione geopolitica attuale è radicalmente cambiata rispetto ad allora. Il Caucaso, oggi ancor più di dieci anni fa, rappresenta uno snodo politico e sociale decisivo fra l'Occidente e l'Asia oltreché il legame storico fra la cristianità e l'islam. Dall'altro lato si registra, negli ultimi due decenni, e nell'ultimo in particolare, una crescente attenzione da parte degli studiosi alla storia dei Mongoli. Le ricerche e le pubblicazioni si sono moltiplicate in Europa, negli Stati Uniti, in Russia e in tutti quei paesi che ebbero a che fare direttamente o indirettamente con l'impero creato da Gengis Khan. Molti lavori, pubblicati negli anni passati, erano rimasti relegati alla dimensione locale poiché scritti in lingue difficilmente accessibili, dall'ungherese al persiano, dal russo al cinese. Tuttavia, dall'inizio degli anni Dieci di questo secolo, si sta assistendo a un poderoso lavoro di traduzione in lingua inglese delle fonti e a un'intensa attività di ricerca i cui risultati sono sempre più spesso pubblicati in inglese e quindi accessibili alla comunità scientifica internazionale.
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Gesell taxes on money have recently received attention as a way of alleviating the zero‐lower bound on interest rates. Less known is that such taxes generated seigniorage in medieval Europe for around two centuries. When a Gesell tax was levied, current coins ceased to be legal and had to be exchanged into new coins for a fee. Using a cash‐in‐advance model, we analyze under what conditions agents exchange coins and the tax generates revenues. A low exchange fee, high punishments for using old coins, and a long time period between re‐mintings induce people to use new coins. This article is protected by copyright. All rights reserved
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Trade from 1400 onwards had an impact upon the North Atlantic region quite out of proportion to its volume. The opening of a ready market for dried fish, in particular, but also cloth, train oil and sulphur encouraged the production for export on a much larger scale than before. In return, a greater range of finished goods and raw materials was supplied by German merchants. Initially, trade was channelled through Bergen, but this system broke down, largely because English merchants sailed to Iceland. From the 1470s onwards, the number of German ships travelling to Iceland and Shetland increased. The Danish government struggled to control the trade in their North Atlantic territories, but first in the Faroes and later in Iceland, they sought to impose greater restrictions on foreign merchants. The Danes licensed ships to trade at certain ports and from 1601 attempted to restrict the trade to their own merchants. The introduction summarizes the history of German trade in the North Atlantic, and outlines its economic and cultural impacts.
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Innovations in the world of alternative finance such as online consumer lending, fund-raising platforms and cryptocurrencies are proceeding apace. In this article, we examine three historical case studies of newly emerged non-bank financial markets and discuss the possible implications for today's alternative finance markets. The first insight is that the private sector can generally be counted on to meet previously unmet needs. Moneylenders filled a gap unaddressed by the banking system of the day. Junior market IPOs provided access to funds for smaller companies that might otherwise have struggled to raise external finance. Private currencies replaced sovereign coins in transactions at various points in history. The second insight, however, is that new financial markets and instruments eventually attract the attention of regulators. Finally, these examples are a warning to industry not to take for granted that an initially laissez-faire regulatory regime precludes a stronger response at some point in the future. In all three cases, tougher regulation – in some cases even to the point of shutting down the products and markets concerned – arrived after long periods of observation and deliberation by the state.
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We study the Black Death pogroms to shed light on the factors determining when a minority group will face persecution. Negative shocks increase the likelihood that minorities are persecuted. But, as shocks become more severe, the persecution probability decreases if there are economic complementarities between majority and minority groups. The effects of shocks on persecutions are thus ambiguous. We compile city-level data on Black Death mortality and Jewish persecutions. At an aggregate level, scapegoating increases the probability of a persecution. However, cities which experienced higher plague mortality were less likely to persecute. Furthermore, for a given mortality shock, persecutions were more likely where people were more inclined to believe conspiracy theories that blamed the Jews for the plague and less likely where Jews played an important economic role.
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We divide this paper into four sections. The first section outlines the taxonomy of commodity-based monetary regimes in Europe and their advantages and costs. The second section describes the main international monetary flows in the Early Modern period and relates them to East-West balance-of-trade adjustments and monetary systems in Asia (1700-1800). In the third section, we turn to the development of the foreign exchange market, which was mostly based on bills of exchange in this period. We explain the expansion of bills-of-exchange market from the European to the intercontinental network in the mid-19th century. The final section then investigates how nominal exchange rates and relative prices contributed to the global current account adjustments in the near pre-gold standard period (1820s-1870s).
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Classic accounts of the English industrial revolution present a long period of stagnation followed by a fast take-off. However, recent findings of slow but steady per capita economic growth suggest that this is a historically inaccurate portrait of early modern England. This growth pattern was in part driven by specialization and structural change accompanied by an increase in market participation at both the intensive and extensive levels. These, I argue, were supported by the gradual increase in money supply made possible by the importation of precious metals from America. They enabled a substantial increase in the monetization and liquidity levels of the economy, hence decreasing transaction costs, increasing market thickness, changing the relative incentive for participating in the market and allowing agglomeration economies to arise. By making trade with Asia possible, precious metals also induced demand for new desirable goods, which in turn encouraged market participation. Finally, the increased monetization and market participation made tax collection easier. This helped the government to build up fiscal capacity and as a consequence to provide for public goods. The structural change and increased market participation that ensued paved the way for modernization.
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