Minting Gold Research Paper

Why Did Italian Cities Turn to Minting Gold in the Thirteenth Century

The annals of gold coinage in Italy has deep roots starting from the Roman Empire and continuing till the eighth century. The Carolingian reform end mint of gold not merely in Italy but the whole Europe for about four hundred years. Silver denarius which was thin and had little weight became the primary currency. In the center of the thirteenth century, many Italian city-states had begun minting coins due to the enormous quantity of resource received from trading operations (“Return to Gold”). New currencies were designed for better organization of international and inner transactions. Mint of gold symbolized the effort of every republic to claim their independence from the Empire. They also indicated power and wealth.

The start of minting coins in Italy in the thirteenth century is linked to the adequate income of gold. People started the migration from rural areas, thus, causing urbanization increase by 20% as the Renaissance era promised significant opportunities for everyone. Many city-states emerged due to the defeat of feudalism system and fast development of the commerce. That they had own political policies, laws, and traditions (“Italy Through the Renaissance”). Italy is the country with access to the ocean; thus, many cities like Florence, Genoa, Venice, Pisa, Naples, Palermo, and cities of Sicily could support their economy with trading. Those cities-ports had end up being the connector of Europe with other continents, and local merchants could benefit from that and, because of this, enrich their cities. North Africa was the major supplier of gold to Europe. However when Muslims has conquered it at the end of the eighth century there is no gold coming to Europe anymore, which has caused Dark Ages. When the amount of Renaissance started many Italian cities renewed trading with Muslims traders who dug gold in Timbuktu, Africa’s Gold Coast.

Nevertheless , the quantity of gold was limited and was in possession of Italian city-states, going for more advantages than to other European cities. The gold, present in mines of Hungary in the beginning of the fourteenth century made the total amount of economy among European civilizations more stable (Johnston, p. 300). Nevertheless, Florence managed to mint gold coins of adopted by the whole world for 2 centuries. The currency, called florin, became international and was employed by other city-states for the accomplishment of money transactions and establishment of the course of foreign exchange.

One of many reasons Italian cities developed own currencies was the fact they desired to claim their independence from the Empire. The design of each and every coin of each and every city-state could be the proof of that. However , some states like, for instance, Venice did not allow minting coins depicting public figures, politicians, merchants, or people who did something significant for their city as the principle of Venetians was that Republic belonged to all citizens and not to separate your lives individuals.

Furthermore, people of the Medieval Era were exceedingly religious and believed in higher powers. Therefore , in 1284, Republic of Venice started to produce own currency called Ducat. The coin Ducatus on the obverse depicted St Mark holding the gospel and giving gonfalon to the kneeling doge whilst the symbol that the ruler of Venice received the approval of God. On the reverse is depicted Christ in elliptical frame and surrounded by stars. The righting on edge reads these: “Sit tibi, Christe, datus, quem tu regis iste ducatus, ” which can be translated as “O Christ, let this duchy, which you rule, be specialized in you” (“Medieval Currencies, ” p. 11).

The weight of the coin was 3, 50 grams and 21 millimeters in diameter. This is actually the exact size of the florin, the currency of Florence that was minted earlier in the day in 1252. The obverse of the coin is illustrated with the lily, the symbol of the town of Florence. On the reverse is depicted St John the Baptist, the patron saint of the town. The coin was not only the achievement of the economy but additionally the art (“Medieval Currencies, ” p. 13). The policy, allowing mint of gold coins in Genoa, was dated 1149, although, the specific minting had begun nearly at exactly the same period as florin. The coin was called Genovino d’oro and obverse illustrated the main gate of Genova castle. On the reverse is depicted the cross with the inscription “CVNRADVS REX” that was designed in the name of the king who allowed minting gold (“Medieval Currencies, ” p. 14).

Mint of coins in multiple city-states of Italy signified the wealth and economic growth. Acceptance of the newest currency presumed division of the society into classes. Low-income families continued using silver coinage. But the great majority of citizens adopted gold money which symbolized richness. Many inhabitants of Florence or Venice were merchants. They were founders of development as much as bankers who created cheques. The objective of cheques was in the reduction of carrying liquid cash on board of vessels. Many trading ships used traveling with barrels of coins, thus, making restrictions on buying and carrying goods. The innovation gained popularity among many traders while they could stop being afraid of pirates and plundering. They also improved the system of the ledger which registered accounts with debit and credit. Bank of your family Medici which lived in Florence made the most significant contribution to the banking system and implied types of handling money not only within the country but in addition worldwide. Besides banks, the commerce had influenced other aspects of governance in each city-state. This really is in mention of the support of military sector and investment in building fortresses as well as other defensive constructions and units. Thus, in the exact middle of the 13th-century merchants of Venice started supporting militants with gold. At the end of the century, those army forces helped to overthrow the magnates and establish an organized and civilized system of governance with own regulations and laws (“The Italian City-States of the Renaissance”). Consequently, adoption of minted gold coins had lead to the rise of free city-states who struggled for independence and democracy.

Renaissance Era replaced Dark Ages and signified the new amount of the history that has been devoted to the significant development of the commerce. People moved from rural areas to cities where many opportunities were waiting for them. The 13th century for Italy was the most prominent as multiple city-states began to mint gold despite the restrictions of the Emperor. Consequently , those cities declared their intentions to be independent. Primarily, the gold was coming from trading operations with Muslims who dug it on the coast of Northern Africa. The advantage of Italian cities was in their location and constant access to the sea, and merchants became ones to expand wealth and liberate their cities from magnates.

REFERENCES

“Encyclopedia of Money. ” GO BACK TO GOLD: 1300–1350, encyclopedia-of-money. blogspot. com/2011/10/return-to-gold-13001350. html.
“Italy During the Renaissance. ” Italy During the Renaissance | Boundless World History, courses. lumenlearning. com/boundless-worldhistory/chapter/italy-during-the-renaissance/.
Johnston, Ruth A. All things medieval. an encyclopedia of the medieval world. Vol. 1, Greenwood, 2011.
“Medieval Currencies. ” Money Museum, 2017, pp. 1–21., www.sunflower.ch.
“THE ITALIAN CITY-STATES OF THE RENAISSANCE. ” Carrie, vlib. iue. it/carrie/texts/carrie_books/gilbert/03. html.