Medici Bank - Knowledge

601:—which was never very profitable—and then to mingle socially and elevate himself), made poor business deals like purchasing two galleys (which would be partially sold off at a loss; the rest would be lost to shipwreck and piracy). The debts from the London branch were assumed by the Bruges branch. After Piero's death, Portinari managed to get articles of partnership so favorable that he lived in Florence, only visiting the Low Countries for business. The end-period of the branch would be marked by chaos and possibly fraud. Portinari would refuse to return some deposits, claiming that the monies had really been invested in partnership. He would also claim Angelo Tani as a full partner (and thus liable in the losses), despite the fact that Tani never signed the articles or written with his approval. The magnitude of the financial failures is hard to state. In a surviving memorandum, Lorenzo the Magnificent gives the bad debts to Charles the Bold alone as the sum of 16,150 pounds groat. The articles of partnership, incidentally, strictly forbade Portinari to lend more than the total of 6,000 pounds groat. In another memorandum, Lorenzo faults Portinari for the clever ruse of shifting all the London branch's business to the Bruges branch—except for the profitable wool business. Portinari bought into the separate partnership to the tune of 45%, whereas his share in the Bruges branch was only 27.5%. The branch was liquidated in 1478 with staggering losses. The failure of the Bruges branch meant that not only the debts of that branch had to be handled somehow, but also the outstanding debts of the former London branch. In total, upwards of 70,000 gold florins were lost. This figure is optimistic, since it assumes most book assets were worth the recorded value. As Lorenzo remarked, "These are the great profits which are accruing to us through the management of Tommaso Portinari." Lorenzo refused to take this loss lying down, and dispatched a trusted agent to Bruges to audit the books and dissolve the partnership. Portinari ironically found himself hoisted by his own petard; he could not refuse the dissolution, since the 665:

wares, and more importantly, could not employ the Florentine lower classes who specialized in textiles. Flemish wool had once served in English wool's place, but after the 1350s, it no longer had a market in Italy and was essentially not imported after 1400. Unemployment generated considerable political unrest and revolts, which would be aimed at Piero and the Medici since he and his family were seen as the true rulers of Florence. The second reason was that there was a systemic specie problem in the Medici bank in which hard currency flowed south to Italy from the northern countries, and the import of English wool was necessary to provide a conduit for currency to flow north and balance the books. So when King Edward IV demanded loans, the London branch had little choice but to oblige him if it wanted to continue to export English wool to Florence.

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a need for banking services that the Medici could provide. The various bishops, cardinals, and prelates often held Church or private estates in far-flung states in and beyond Italy. The revenues from these estates needed to be transferred to wherever the Court was residing. A more practical reason was that alternate investments generally took the form of real estate, and any cardinal or bishop who invested overly much in real estate (which they were not supposed to) or relied on income from Church lands might see his investments confiscated under a new Pope who might not favor him so much or even turned over to a replacement. Accounts with the Medici were kept secret and generally free from prying, ecclesiastical eyes, especially in the case of discretionary deposits.

732: 549:, the English nobility 1,000, and another 7,000 pounds were tied up in goods dispatched on consignment and not soon recoverable. Operating funds were (like previous failing branches had done) borrowed from Medici branches at high rates of interest. Edward IV amortized a portion of his debt, but these reductions were soon rendered less helpful (but not negated outright) by fresh loans and sales of silk. By the spring of 1469, Tani had finished repairing the London branch's operations to his own satisfaction, and returned to Italy. His work would be undone by the unhelpfulness of the other branch managers and the fecklessness of the London branch manager Canigiani. The fatal blow was the 687:

scholars and artists who were present there, or engaged in composing his own renowned poetry. This left minimal time for the careful selection of branch managers and the maintenance of an alert watch against fraud within the bank, which was greatly needed. Most of the financial duties handed over to Francesco Sassetti, who had risen from being a mere factor in the Avignon branch to its general manager, and then a post in Geneva eventually to end up in 1458 in Florence proper at Cosimo's side. Sassetti was left to handle much of the business himself. In the end, it turned out badly. Whether simply due to bad luck, old age, increasing laziness, or diversion of his time to studying

2948:"Moreover, exchange quotations applied to time bills payable at usance. Between Italy and London, usance was three months in either direction. As a result, the exchange rate was lower in London and higher in Florence or Venice. Of course, a London banker offered fewer sterlings for having to wait before receiving a ducat in Venice or a florin in Florence. For the same reason, the banker in Italy was unwilling to part with a ducat or a florin unless he received in London a greater quantity of sterlings. In other words, economic equilibrium required that the exchange rate for usance bills be higher in Florence (or Venice) than in London." de Roover (1966), p. 113. 700:

wrong side of the trend. Their deposits were held in gold, and interest was paid in gold. This trend was in part attributable to Florence's reluctance to debase the gold florin, which was internationally esteemed for its stable value, prestige, and reliability. But Florence's dual coinage system only aggravated the problem. This shift in the monetary system perhaps reflected a systemic slowdown or recession in late medieval Europe in general: the Arte del Cambio's records of member banks record a drastic decline in membership such that the guild fell from 71 banks in 1399, to 33 in 1460, and then the guild itself into disuse, the outside chronicler

409:, or general manager, of all the branches) died, and was succeeded by his younger brother Ilarione de' Bardi, who was the manager of the Rome branch. He dissolved one of the wool factories, along with other reorganizations occasioned by partnerships coming to their designated end. This date is interesting because Ilarione's contract with his principal was done in the name of Cosimo and Lorenzo, and not their father Giovanni; this perhaps marks the beginnings of a transfer of responsibility and power in the Medici bank from one generation to the next. Two Portinaris were put in charge of the Florence and Venice branches. 1623:, or the Church's treasury. Pope Sixtus IV would repudiate the Medici's control of the alum trade and also his debts to them, as well as seizing Medici property in Rome following the Pazzi Conspiracy in 1478. The Pazzi's interlocked businesses and banks had captured the alum business after the Medici were removed from it, and were supplying the depositary-general from their ranks, indicating that they were trying to follow the Medici route of initially building up their empire through papal custom. The papacy would eventually agree to repay the debts, but did so extremely slowly; so slowly that the branch manager 713:

in only Florence, Rome and Lyons by the time he died in 1492—were due simply to bad management." He also claims that banking guild memberships cannot be used as a proxy for general economic conditions, as the problem could be that "by this time, in fact, Florentine guilds had long lost much of an economic function in the areas of their formally defined activity, with the result that the quality of their internal administration deteriorated; but this institutional history cannot be taken as an indicator of the vitality of the respective sectors of the economy the guilds nominally represented."

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rates. While close to loans, the element of risk meant that this practice did not actually become usury, except in the case of "dry exchange", where the moving around of money was fictitious. With appropriate issuances of bills, branches could move around money and actually make money. Similarly, they could be fairly certain of a profit when a bill was issued in one of the Italian branches because they could demand a premium of sorts for being asked to deliver money in a far away place at however far in the future usance set the maturation date. De Roover offers this real example:

1485:, an interest they had acquired in 1473 in exchange for forgiving some of the Pope's long overdue debts to the Medici, although they had a previous interest in the "Societas Aluminum" (the company which farmed the mines after their discovery in 1460 in Tolfa near Civitavecchia; the agreement forming this company had three partners, one of whom was the mines' discover Giovanni da Castro, and was ratified by the pope on September 3, 1462) dating back to 1466, expecting that by breaking the Turkish monopoly of alum imported from the Middle East (from the mines in Asia Minor, at 3851: 413: 516: 1435:("secret records", the second set of books kept to record partners' profits, and generally more accurate than the public books, inasmuch as they state the real profits and losses and which depositors were real) mention that they entered into a short partnership with two silk manufacturers. When the partnership ended, one of the two manufacturers became the manager of the silk factory until his death in 1446 or 1447. The silk shop endured until 1480, when the last descendant of that partner died. 34: 1392:; for the wool especially it was a very complex system, in which the early steps had to be done in the factories but then the spinning of the wool was done by women outside the factory, and the yarn collected to be brought to the weavers, who would then turn it over to the dyers and finishers in the factory. Legally, they were incorporated much the same as the branches, although unlike the branches, the managers apparently had complete latitude in managing employees. 2431:"How to settle Italian claims on the Low Countries created a real problem that grew more acute as the century progressed. It eventually engendered a crisis which not only brought about a shrinkage in the volume of international trade, but also had an adverse effect upon the prosperity of the Italian banking houses. It was undoubtedly a potent factor in causing the downfall of the Medici branches operating in Bruges and London." de Roover (1966), pp. 317, 360–362. 2016: 570: 1431:

de Roover speculates that it was poorly run and so not very profitable. Eventually another one was opened in 1439; the original eventually came to an end between 1458 and 1469 for unknown reasons ("probably because of the manager's death."). The last shop was apparently being liquidated in 1480 amidst a general decline in the Florentine textile industry, and does not appear again in the tax records. The silk shop is known to have not existed before 1430; the

1219:, "seniors") and the branch manager would then incorporate a fresh partnership if the manager's performance had been satisfactory. Managers were not paid salaries, but were considered to have invested in the partnership a sum greater than they actually had (for example, in 1455, the Venice branch's partnership agreement was renewed and the manager Alessandro Martelli invested 2,000 of the 14,000 ducats. He would be paid of the total profits not his fair 1267:("Whatever exceeds the principal is usury"). So the Medici Bank could not openly adopt the modern formula of promising to pay interest on demand deposits and loaning out a fraction of the deposits at greater interest to pay for the interest on the deposit, since a depositor would gain revenue on the principal without any risk to the principal, which would have made both parties usurers and sinners; nor could they charge fees or other such devices. 402:. It may seem that the Medici bank was flourishing and rapidly expanding its assets across Italy, but nevertheless there were perhaps only 17 employees in total of the bank in 1402, with only five at the central bank in Florence, although they were reasonably well-paid and promotions seem to have been rapid when warranted (such as in the case of Giuliano di Giovanni di ser Matteo, who went from being a clerk in 1401 to a junior partner in 1408). 541:). In a sense, that branch had no choice but to make the loans, since it faced domestic opposition from English merchant and clothier interests in London and their representatives in Parliament, which was only granting the necessary export licenses to foreign-owned enterprises if its members were well-bribed with loans. The London branch of the Medici bank had already been dropped as a full partnership in 1465, and had been reincorporated as an 3089:"Often papal agents would have to rely on causal means such as traveling merchants, pilgrims, or students who would undertake to carry money or goods to the nearest banking center. Transfers from Poland sometimes took six months of more, whereas funds received in Bruges or London were made available in Rome within a month or less by a simple letter of advice. The bankers provided expeditious and efficient service." de Roover (1966), p. 195. 722:

things. Indeed, Lorenzo once said when Angelo Tani (who had tried to prevent the failure of the Bruges branch) appealed to him to overrule Sassetti and restrict the lending of the London branch, that "he [Lorenzo] did not understand such matters." He would later admit that his lack of knowledge and understanding was the reason he approved Tommaso Portinari's disastrous schemes. Goldthwaite faults Lorenzo in no uncertain terms:

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insisted on his share of the estate, but Pierfrancesco was raised by Cosimo and "his emotional ties to his uncle were sufficiently strong to preclude his withdrawal from the company." Pierfrancesco seems to have grown increasingly disaffected, but his death in 1476 prevented any separation. In retrospect, given how Lorenzo would steal from Pierfrancesco's estate while raising his two sons to finance the war against Rome following the

2726:"Correspondence was the only means by which the senior partners and the main office of the Medici bank kept in contact with the branches, since the slowness of transportation prevented frequent consultation with the branch managers. Only a small fraction has come down to us...This published material is made up exclusively of letters sent to Florence by the Bruges and London branches. There seem to have been two kinds of letters: the 352:

Benedetto, and Giovanni took on Gentile di Baldassarre Buoni (1371–1427) as a partner. They raised 10,000 gold florins and began operating in Florence, though Gentile soon left the firm. This move had certain advantages for a bank, inasmuch as the predominant large banks of the 14th century which were based in Florence—the Bardi, Acciaioli, Peruzzi—had met with problems, and saw their places usurped by the

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usually depositing funds and not borrowing). Vieri was long-lived, but his bank split into three separate banks sometime between 1391 and 1392. One bank failed quickly. The second, managed by Francesco and later his son, survived until 1443, a little less than a decade after Averardo's death. The third bank was controlled by Giovanni in partnership with Benedetto di Lippaccio de' Bardi (1373–1420).

2672:"...and since the bill of exchange could be exploited as a major instrument for the extension of credit—being one of the subterfuges by which capitalists could evade usury charges—this activity led merchants into the business of lending money. Banks' profits, therefore, came primarily from exchange operations, legitimate or otherwise, real or fictitious." Goldthwaite (1987), p. 10. 437:

on deposit from the Papal Curia; in comparison, the total capitalization of the entire Medici bank was only about 25,000 gold florins) and 13% from Venice between 1420 and 1435 (with the later Medici branches opened in Bruges, London, Pisa, Avignon, Milan, and Lyon contributing nothing as they had not been founded yet). At this time, there seems to have been some sort of Medici office in

1274:"bills of exchange". These bills certified that a particular person or company had paid a particular Medici branch a certain sum of money, as verified by the general or assistant manager of that branch (who were the only ones allowed to make out such bills). The bill instructed the recipient Medici branch to pay back that sum in local currency, but not at whatever the local 491:

converted into a full partnership. The Medici branch at Lyons was not actually founded as a separate branch; it came about as a result of the gradual move of the Geneva branch, due to the reduction in traffic to the fairs at Geneva and the establishment of four major fairs in Lyons which attracted around 140 other Florentine businesses). The move was completed in 1466.

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and allowed it to lend out more than it had been incorporated with). Part of the reason for maintaining these factories when the funds could have been more profitably invested in the banks or trade could have been social: it seems to have a bit of a Florentine tradition to run such factories to provide employment for the poor—a social obligation, as it were.

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At the end of the year on March 24 (by the then used calendar), each partnership would be dissolved, although the Medici could dissolve a partnership at any time with six months' notice. The books were thoroughly gone through and checked, and a reckoning of profits would be made. Indeed, the structure of the Medici Bank resembles nothing so much as the modern

1017:) said: "The foundation of the [Medici bank] business rests on trade in which most of the capital is employed." Similarly, the articles of association frequently said something along the lines of the purpose for the partnership being "to deal in exchange and in merchandise with the help of God and good fortune." Under Cosimo, the Bank had interests in 1528:, for example), and the cartel was not well organized with conflict between the Medici branches. The Bruges branch and its manager Tommaso Portinari were convinced that the papal mines were simply producing far too much alum and glutting the market. They would not accept more alum on consignment until the alum they then had had finally sold. 1289:

florin has become stronger against the pound, to the point where a florin buys a whole pound, he takes a loss: instead of the 10 pounds he could have gotten had he not bought the bill of exchange, he will instead receive only 5. Similarly, if the florin weakens greatly, he could well reap a windfall at the expense of the London branch.

342: 487:) had been done through them. On December 26, 1442, a limited liability partnership was formed with two outsiders. Over time, the Medici progressively reduced their investment in this partnership, and it appears that they withdrew completely sometime shortly after 1457, with only one partner keeping it running until 1476. 2099:"A surviving fragment of the ledger of the Bruges branch shows that the books were carefully kept and that the double-entry system was in use." De Roover (1948), p. 24. In an attached footnote, de Roover identifies the erroneous belief that the Medicis did not use double-entry as stemming from Otto Meltzing's mistake in 432:

branches had been founded. Ilarione would not last long in his position, and is mentioned as dead in a letter written in February 1433. The timing was unfortunate because the Albizzi government of Florence was moving against the young Medici-led resistance (galvanized by the Albizzi government's failure in a war against

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They discouraged the alum mining near Volterra in Italy, apparently pushing its inhabitants to revolt against Florentine rule. At Lorenzo's direction, the insurrection was brutally suppressed. The mines reduced output safely under Florentine (and thus, Medici) control. The sad outcome of this episode

901:; as a consequence, they were actually illegal in Florence, but survived since the official penalty was a collective fine of 2000 florins each year, which when paid disallowed the imposition of any further punishments on them for the sin of usury; this law is generally characterized as really being a 853:

This study is based mainly on the business records of the Medici Bank: partnership agreements, correspondence, and account books. The extant material is unfortunately fragmentary; for example, no balance sheets have survived. Only a few pages of some of the account books have escaped destruction by a

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The structure and functions of the Medici bank were largely settled into their final form by this point; a branch would be opened in Milan in late 1452, or early 1453, at the instigation of the grateful Sforza. Its first manager Pigello Portinari (1421–1468) was very capable and this branch did

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As mentioned previously, Cosimo's uncle had begun a bank with his third of the ownership stake in Vieri's bank, and it closed in 1443 with the death of the grandson of Averardo, taking with it the Medici branch in Pisa. Formerly, any business that the Medici needed to transact in Pisa (such as Cosimo

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The Medici bank's founding is usually dated to 1397, since it was this year that Giovanni di Bicci de' Medici separated his bank from his nephew Averardo's bank (which had effectively been acting as a branch in Rome), and moved his small bank from Rome to Florence. The branch in Rome was entrusted to

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agreed to take stocks of alum instead, despite the depressed market for alum. Tornabuoni would still be in charge when 1494 came and the edifice of the Medici came crashing down. Because the branch had been doing so poorly, it owed more than it was due, so the Roman government was satisfied to allow

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The Rome branch was always busy. The Papal court was attended by hundreds of minor officials, both ecclesiastical and secular, along with their attendants. The needs of the Papal court were such that there was a measurable rise in the frequency of money shortages wherever the court went. This led to

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agreement to restrict output and boost prices by only selling at a fixed price. This cartel flagrantly violated the teachings of the church, which tried to justify it by pointing to the virtuous military campaigns it would finance. Regardless, the cartel was not particularly successful. Turkish alum

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branch serving the Pope, the Medici's interest-bearing deposits in their branches, and also omits any accounting of several years' profit which were inaccessible (since the relevant partnerships had not yet been dissolved; this may seem to be a flaw in the system, but it built up capital in a branch

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Such a takeover was impossible in the Medici Bank. The essential structure was that of a single partnership based in Florence, which immutably held the lion's share of shares in each branch (and the three textile factories in Florence), which were themselves incorporated as independent partnerships.

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lends further support to the idea that collapses could happen abruptly when bad loans were discovered. In addition to all of that, Lorenzo the Magnificent was not at all concerned about the bank. Instead, he chose to concentrate his time and his family's resources on patronizing artists and pursuing

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and Milan), culminating in Cosimo's exile to Venice. Despite the unfavorable politics in this period of the bank's history, its Italian branches turned in bumper profits, with as much as 62% of the total coming from Rome (in 1427, the Roman branch of the Medici bank had approximately 100,000 florins

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not being operative here); many Florentine banks and mercantile businesses lasted only a generation or two because some of the inheriting sons usually wished to strike out on their own. At this time, the Medici bank was flourishing: besides the branches in Rome and Florence, the Venetian and Genevan

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Officially, the branch could not make its money by lending at a profit to the Popes (who were lax in repaying the Medici), and taking in many deposits at interest. The branch did this to some extent, but the principal means of profit came from commercial transactions. Rather than charging interest,

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The first beginnings of the factories came in 1402. Giovanni di Bicci began a partnership to run a wool factory with an experienced manager, Michele di Baldo di ser Michele. This first wool shop was followed by a second one in 1408, this time with Taddeo di Filippo. The first one was ended in 1420;

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for the two currencies concerned happened to be at the moment the bill was presented to be cashed in, but rather at the exchange rate set when the presenting (or current owner; bills of exchange could be sold and traded freely) person bought the bill of exchange. That there was a difference in time

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The manager could, if he wished, attempt to start a rival bank, but he could not legally claim to be part of the Medici Bank, since a right to use that trademarked name came with the partnership. This measure would turn out to be effective against ambitious dissident juniors like Tommaso Portinari.

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around to tend to his needs—not for nothing have they been called "God's Bankers"—all hosted a Medici branch. If the bank could not establish a branch somewhere, then they would usually contract with some Italian banker (preferably one of the Florentine banks) to honor drafts and accept

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Agreement on these aggravating factors does not seem to be universal; Richard A. Goldthwaite writes in 1987 that "these economic conditions have never been adequately explained. It appears more likely that the contraction and decline of the Medici bank under Lorenzo—it was reduced to branches

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of the Bruges branch to get rid of the galleys and not make any loans to secular rulers, and attempted to shut down the Venice branch which was no longer profitable. From the perspective of carrying out his policies, Piero faced a number of obstacles—it was always politically costly to demand

360:'s business. But the Alberti firm split over internecine quarrels, and the clan was banished from Florence in 1382 (though they would be allowed to return in 1434), creating yet another void. Giovanni's choice proved to be prescient, especially since what Florence was lacking was a good port on the 2081:

The qualifier "during the 15th century" is important, as the Bardi and Peruzzini banks of the 14th century are considered to have been considerably larger in their prime; the smaller size of the Medici bank is attributed to the poor business conditions of the fifteenth century, which are sometimes

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were allowed only if they were truly necessary. Tani was not to entertain any women or boys, accept no gifts above one pound groat, spend no more than 20 pounds groat a year for living expenses, conduct no private business, engage in no insuring, trust only certain merchants, spend only up to 500

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The wars between Florence and Venice had brought down the business of this once high-flying branch of the Medici bank. Part of the problem were the large loans made to Venetian merchants which worried Piero and the merely mediocre performance of Alessandro Martelli's successor, Giovanni Altoviti.

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Clearly the branches would want to try to maximize sales of bills of exchange in the former situation, where the rate of the issuing currency increases between the time of issuance and payment. This they attempted to do with frequent letters between branches and paying close attention to exchange

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Francesco Sassetti to handle most affairs of the bank. Sassetti can be faulted and inculpated in the decline of the bank for failing to prevent the disasters of Lyon and Bruges, and Lorenzo for relying too much on Sassetti and not listening to him when Sassetti did notice problems or tried to fix

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That, however, is not the only factor that caused the fall. A long term trend in the devaluation of gold against silver (which held steady) between 1475 and 1485—possibly thanks to increased output by German and Bohemian silver mines—meant that as creditors, the Medici Bank was on the

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had him over a barrel as the king could block any attempts to export English wool by the Medici, which was desperately needed by the bank for two reasons. English wool was the finest in the world; if Florence's artisans did not have a supply of English wool to weave, it could not sell its textile

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was dispatched to Venice to seek out investment opportunities. He did well and on March 25, 1402, the third branch of the Medici bank was opened. It suffered from some initial mismanagement (by the factor who had previously done so well—he made the fatal mistake of violating the partnership

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1350–1412), who eventually became partners in the firm. Francesco became a junior partner in 1382, while Giovanni rose to become general manager of the Rome branch in 1385, which was incorporated as a partnership, though it was not necessary to capitalize that branch (because the Church was

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to make their pilgrimage or journey safer. Tribute from the many dioceses and institutions the Church controlled needed to be consolidated (but not collected by the Medici) and then safely transmitted. That service, too, the Medici could provide to a degree, though not in all areas. To carry out

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De Roover attributes the beginning of the bank's decline to Cosimo de' Medici. He spent the vast majority of his time wrapped up in politics, and when he was not preoccupied with the intricate plotting and other characteristics of Florentine politics, he was patronizing the many fine Renaissance

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Lorenzo had given the proper notice, and he further had to accept his own cooked books because he claimed that the books were accurate and the rather doubtful assets listed were indeed worth what they were worth. The agent Ricasoli was aided in this task by Angelo Tani, who came all the way from

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1446 saw the start of two Medici branches: the sub-branch that was the Bruges branch was converted into a full partnership, and a limited liability partnership in Avignon, the largest center of trade in southern France (despite the departure of the Papacy). Within 2 years, the Avignon branch was

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Giovanni's father Averardo (?–1363; known as "Bicci") was not a very successful businessman or banker. A distant cousin, Vieri di Cambio (1323–1396), however, was one of Florence's more prominent bankers (the first of the various modestly upper-class Medici lineages, numbering around 20 in

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for an amount of more than 4,000 florins reveals at any rate that the Rome branch dealt more or less extensively in this product for which there was a demand among the high churchmen of the Curia who did a great deal of entertaining and liked to display their magnificence." de Roover (1966), p.

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A fictional but illustrative example: a merchant is traveling from Florence to London. He buys a bill of exchange for 10 florins, with the understanding that the London branch will cash that bill at half a pound to the florin, for a total of 5 pounds. If he reaches London and discovers that the

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who lived and boarded at the Medici-rented employee housing (although the managers had little say in their selection, which was done by the Florence bank), but policy was set by the seniors, and often firmly. The Bruges branch was, when first incorporated, strictly forbidden by the terms of the

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and merchant vessels—entirely separate from the many financial instruments and relations it managed. Despite their membership in the Arte del Cambio (assuming they bothered to run a local bank in Florence itself), these merchant banks' focus were determinedly international in scope, where

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de Roover (1948), p. 3; Goldthwaite (1987, p. 10) says: "Like the others, it was not a bank in the modern sense of the term. ... The company's chief business was foreign exchange, an activity that was grafted on to international commerce. ... It effected exchange and transfer of credit for its

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At this time, the Popes frequently held great councils and conferences. These meetings of eminent and wealthy individuals gave rise to a need for advanced banking services, to such a degree that the Medici were not the only Italian bank to open up temporary branches wherever such councils were

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to handle everything. The two mismanaged the bank and balked the new ministro's, Giovambattista Bracci, efforts (Sassetti having died of a stroke in March 1490). If the Medici family and its bank had not been politically overthrown in 1494, it would probably have failed shortly thereafter in a

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education, unlike his younger brother who was trained in business but had died in 1463. The estate remained intact, though in this case not as a result of good relations between brothers, but because one of the two heirs died before inheriting. In theory, Lorenzo's son Pierfrancesco could have

593:. This branch, too, would soon fail. Portinari had managed the Bruges branch for decades, and had steadily proven himself to be a poor manager—he engaged in business dealings on the side, ingratiated himself with the Burgundian court by excessive loans (first to secure the farming of the 726:

Lorenzo il Magnifico, for whom politics always took priority over business. Service to the court and the aristocracy was probably the chief reason for establishing branches in both Milan in 1452 or 1453 and Naples in 1471, and over-extension of credit through personal loans created severe and

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in Italy during the 15th century (1397–1494). It was the largest and most respected bank in Europe during its prime. There are some estimates that the Medici family was, for a period of time, the wealthiest family in Europe. Estimating their wealth in today's money is difficult and imprecise,

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agreement and loaning money to Germans; on a more humane note, he would eventually become a pauper and be sent 20 florins by Giovanni, who felt that a past partner deserved some charity), but soon was prospering. It was this branch that established the practice of having a general manager's

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Between this internal dissension, the dissension between cartel partners, the constant flow of Turkish alum, and the organized opposition of consumer groups, the alum interest was never as profitable as expected. Regardless of its success, or lack thereof, the alum interest ended after the

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1457), assuming both the position of manager and the majority of the liability. When Angelo Tani (1415–1492) became junior partner in 1455, the branch was finally created as a full and equal partnership in the Medici bank. A legally similar situation was obtained for an "accomandita"

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in Florence. They dealt chiefly with current business affairs: notices concerning bills drawn or remitted, information concerning shipments or the safe arrival of consignments, advices concerning debits and credits, and similar details...their details did not have to be concealed.....The

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partnership to lend money to temporal lords and kings. Policy would generally be communicated to the branch managers during their biennial or triennial trips to Florence to report in person and discuss important issues, or in the private letters and reports their couriers carried.

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1503) who could not manage the massive amounts lent to the Milanese court and to Duke Sforza (who did not repay his debts of 179,000 ducats before his death in 1478). A similar problem would plague the Bruges branch of the bank when managed by the third Portinari brother, Tommaso.

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mines, but in general the main commodity Italy was willing to exchange specie for was English wool. The decline in availability of English wool to be imported, and the general concomitant economic problems, have been identified as one of the contributing causes to the bank's

806:

of Italy caused Piero di Lorenzo de' Medici to concede to the dual forces of Charles and the impending insolvency of the Medici bank. The Medici bank's remaining assets and records were seized and distributed to creditors and others. All the branches were declared dissolved.

1493:) they could reap far more than their investments in the form of never to be repaid loans. The Medicis immediately set about trying to eliminate the competition, of which there were three main sources of large amounts of decent quality alum—Turkey, the mines in 1618:

The close relation between the papacy and the branch declined over the years, with the decline especially pronounced after 1464, with few to no branch managers being selected to be the "depositary-general", the official who was essentially the fiscal agent for the

654:

and the relevant firms' connections to that area as a possible factor as well. It is certain, however, that Piero tried to wind up the London branch and recover as much of the loans made to Edward IV as possible, ordered the Milan branch to loan less, instructed

534:(1421–1490). Its troubles were followed by the troubled London branch, which got into trouble for much the same reason the Bruges branch would—unwisely loaning large sums to secular rulers, a group notorious for their delinquencies (in this case, the 2413:

Sassetti eventually persuaded Piero to simply shut down the Venice branch rather than try to find a better manager, though in 1471 there was an abortive attempt to restart it, which only lasted a little over 8 years. See de Roover (1966), pp. 251–252, 358–359.

2850:

But not in their personal lives. Some partnership agreements were extremely restrictive of the junior partner's life: the standard 1456 partnership agreement for Tani to take over the Bruges branch forbade him to leave Bruges for anywhere except the fairs of

2274:"In Lyons, for example, the Medici company was no larger than the Capponi, and there were almost a hundred and forty other Florentine firms that operated there at one time or another in the last third of the fifteenth century." Goldthwaite (1987), pp. 20–21. 1001:). They were the major movers and shakers in the European economy. They had vast accumulations of capital, multi-generational projects, and were a mainstay of the Florentine economy, because not only did they deal in time deposits, demand deposits, and 393:

be paid through shares in the branch that he purchased with his investment. Also in 1402, the first Medici factory was established for the production of woolen cloth, and then another in 1408. By this point, the Rome branch had established a branch in

682:

and inquired after the 11,243 gold florins he had deposited with the branch back when it was with the Medici bank). Even at the time of its downfall, the Medici bank was the biggest bank in Europe, with at least seven branches and over fifty factors.

422:

Giovanni died in 1429. According to Lorenzo, his fortune upon his death was worth around 180,000 gold florins. His death did not greatly affect the bank's operations, and the transition to Cosimo went smoothly, aided by Ilarione, who was retained as

1243:

However, even before the shares' profits were paid out, any sums invested in the branch outside of an ownership of shares were repaid at a set interest rate, sometimes leading to one branch paying another for the latter's investment in the former.

893:), and were allowed to charge up to 20% annually on loans they made which were secured by the borrower property. The pawnbrokers (a mix of Christians and Jews; exclusively Jewish after 1437) were socially ostracized since they openly violated the 553:, which rendered Edward IV unable to repay the loans (the best he could do in way of repayment was to lift all tariffs on the Medici exporting English wool until such time as the debt was repaid), and the branch had loaned far too much to the 1399:

to feed the Burgundian court's strong appetite for such goods, or to the branch in Milan to sell to the Sforza court. The cloth manufacturers similarly produced very high-quality pieces and sold a good deal of their output to Milan and the

677:

was burned by a mob, the Lyons branch was taken over by a rival firm, and the Roman branch struck off on its own despite the branch being bankrupt in general (ironically, they would suffer still more debts when a Medici cardinal became

704:

noting that of the 9 large banks left in Florence by 1516, one failed on December 25. This banking decline does not appear to have been specific to Florence; similar declines were seen in Bruges and Venice (although apparently not in

841:

which could truly tell the story of the bank's rise and fall, and certainly not to the confidential business correspondence and the secret books. Some of the most copious documentation, derived from archived tax records such as the

557:

rebels (and not to a number of Yorkist loyalists), who would never repay their loans after their deaths and defeats. The London branch finished its liquidation in 1478, with total losses of 51,533 gold florins. The succeeding

3111:, it was hoped he would not ask for more, as he had already borrowed enough. On the contrary, he was expected to pay off some of his indebtedness, unless war broke out with the Kingdom of Naples." de Roover (1966), p. 204. 3005:"Like most Florentines of their class, the Medici invested in partnerships for the production of cloth, but the amount of capital they put in this sector of the economy was inconsequential." Goldthwaite (1987), pp. 21–22. 758:

Another misjudgement or failure by Sassetti was placing his trust in Tommaso Portinari instead of in more trustworthy managers like Angelo Tani; Portinari would eventually cause the collapse of the bank's Bruges branch.

2938:

The first party gave the second a certain sum of gold, and the second promised to return the gold in Constantinople, with a small penalty if he failed to do so; neither intended to travel, and the penalty was in effect

5015: 457:

through correspondents and agents since 1416, it was only when the son of the Venice branch's manager (from 1417–1435) was sent to investigate in 1438 and favorably reported back that it was incorporated as a

695:

had attempted to cover up his incompetence by being far too optimistic as to the number of bad loans the branch would have to cover, and by borrowing funds from other banks, thus artificially inflating his profits.

953:(1450–1528) was involved in two that dealt heavily in jewelry (one of whose partnership contracts explicitly states that as a goal, though the more successful ones dealt in all sorts of luxuries like Spanish 668:

By 1494, the Milan branch of the Medici bank also ceased to exist. The branches that did not die off on their own generally met their end with the collapse of the Medicis' political power in Florence in 1494, when

848:

records, are largely useless since the various principals of the bank were not above flagrantly lying to the taxman. The once voluminous internal documentation has been grievously reduced by the passage of time:

2996:"It was an old tradition among Florentine families, when they owned extensive landed estates, either to control or to manage a wool or silkshop in order to provide work for the 'poor'." de Roover (1966), p. 167. 746:

With Lorenzo's death on April 8, 1492, the succession passed to his 20-year-old son Piero di Lorenzo (1472–1521). Piero had no talent for running the bank and depended on his secretary and his great-uncle

1171:, based in Florence and held largely by Peruzzi family members, which owned everything. The employees were only paid a salary for their service. So the nine original outsiders could slowly leverage their 21 1279:

was guaranteed by the terms of the bill. A specific date could be set, but generally the time between a bill was issued in one city and could be cashed in at another was set by long-standing custom, or at

3789: 4640: 716:

Piero died on December 2, 1469. He was succeeded by his two sons, Lorenzo and Giuliano. Lorenzo's interest in politics and art (which led to his appellation "the Magnificent") forced him to rely on his

642:

states in his history of Florence that Piero's policy involved calling in loans for repayment, which caused a number of Florentine businesses to collapse, sparking a plot against Piero and Medici rule.

427:. Fortunately for the bank, Lorenzo di Giovanni di Bicci de' Medici was on excellent terms with Cosimo, and did not insist on dissolving the partnerships so he could receive his share of the patrimony ( 1321:

groats for each ducat. With the proceeds of this bill the Bruges branch, acting as [an] agent for the Venice branch, bought a bill on Venice, payable at the end of two months, at the rate of 51

3266: 1591:), or they could block appointments, as they threatened to do to John Kemp, whose nephew had just been appointed to the bishopric of London with their aid, if the proper payments were not soon made. 1508:

as well as the Turks, so buying Turkish alum was declared by him to be utterly immoral in that it helped the infidel enemy and hurt the faithful. Turkish alum was to be seized where it was found.

1051:

Because of communication delays, the Medici Bank was forced to establish two groups of relatively independent subsidiary units in important cities which communicated with the head bank via mail.

1583:

their services, the papal bankers were often given considerable power: if a banker could not collect the rents due the pope, they had but to complain and the offending cleric would be summarily

782:

of their deposits meant that setbacks could be quite sudden. The fact that it seems to have been a common practice for Florentine banks to operate with as little as 5% of their deposits held in

755:

Another factor in the decline of the Medici bank were the spending habits of the Medici. According to Lorenzo, between 1434 and 1471, the family spent an average of 17,467 gold florins a year.

329:, north of Florence. The Medicis were not only bankers but innovators in financial accounting. At one point, the Medicis managed many of the great fortunes in Italy, from royalty to merchants. 1388:(cloth manufacturing establishment) were further possessions of the Medici (although run in partnership with men of the necessary technical expertise). They paid by the piece and ran on the 3720: 950: 3779: 5474: 1211:, or "governor", would have put up a portion of his own money at the start of the partnership) and the investing partners could take out their profits at this point, since salaries or 3910: 2567:

operated with 5% reserves, and the Datini bank apparently did likewise. In its heyday, the Lyons branch of the Medici bank was even more extreme: on deposits of approximately 108,000

321:

had long been involved in banking at a high level, maintaining their status as a respectably upper-class and notably wealthy family who derived their money from land holdings in the

4143: 5464: 3955: 3905: 495:

well in loaning to the Sforza court and, like the Roman branch, selling luxuries such as jewels, until Pigello died and was replaced by his feckless brother Accerrito (1427–

1548:

The Rome branch of the Medici bank was a fully incorporated partnership which technically did not reside in Rome. It was known internally as "ours who follow the Court of Rome" (

1465:

The Roman branch of the bank was not merely charged with the normal deposit and bill of exchange business of the bank, nor with just the mechanics of being "fiscal agents of the

5027: 2872:

pounds groat for wool or cloth a year etc. Even after the partnership expired, he would have to remain in Bruges a full 6 months to tidy up affairs. de Roover (1948), pp. 15–17.

4899: 4015: 3940: 2755:

wherein the writers discuss business prospects, political events, important problems of management, and the financial condition of the branches." de Roover (1948), pp. 22–23.

1167:, etc.) was that its "decentralization" was not merely geographic: it was legal and financial. The Peruzzi bank was taken over by outsiders in 1331 because there was but one 4086: 3960: 3945: 646:

Whether Machiavelli is overstating issues and Piero had merely ordered a thorough accounting is unknown. Machiavelli can probably be trusted here since there was a rash of

4061: 3950: 3920: 837:

Not much remains of the Medici Bank's records; mentions of it and its activities are rife in the writings of outsiders, but outsiders necessarily had little access to the

2082:

one of the proffered causes for the Medici bank's ultimate decline and failure. The Medici's relative lack of ambition can be seen in how they never truly challenged the

545:. In 1467, Angelo Tani was dispatched to audit the London branch's books. Tani attempted to step up the collection of outstanding debt—the English king owed 10,500 4081: 4005: 3990: 3975: 4904: 3995: 3210: 1602:. Rome and Italy generally produced little to nothing of value and so the balance of trade was greatly unequal. It could be alleviated by the production from northern 766:, asserting that the fall of the Medici was due to their loose rein on their bank's managers who began to act like princes and not sensible businessmen and merchants. 5427: 1093: 1101: 866:/Prato) that the Medici bank is well understood, especially as the remains of the Medici records were given to the city of Florence by a descendant of the Medici. 5394: 5020: 4010: 3965: 1109: 692: 631:, Pierfrancesco would have been wiser to effect such a separation. Specifically, Lorenzo appropriated about 53,643 gold florins and only repaid part of the sum. 1191:

shares. The lack of clear leadership, though, when the leading partner died has been suggested as another factor in the failure of the Bardi and Peruzzi banks.

3794: 790:

Eventually, the Medici family's fiscal problems grew severe enough to force Lorenzo to begin raiding Florence's state treasuries, at one point defrauding the

634:

Piero was not Cosimo's equal, but given his training did perhaps better than one would expect, especially considering how he was rendered bedridden by severe

3930: 3426: 2751:

are congratulatory messages regarding family events or deal with purchase of tapestries for members of the Medici family...The same is not true of the other

1125: 1121: 1512:

was that the sack was entirely unnecessary: exploitation of this mine was abandoned in 1483 simply because the mine was so poor that it was unprofitable.

4440: 4128: 3222:-(the product of three years research in the Florentine archives, to improve the author's previous work; it was previously released in 1963, not by the 1113: 5509: 650:

and bank failures in Florence shortly after Cosimo's death which led to a small recession. De Roover mentions, however, the war between Venice and the

2893:

Also, "Under no conditions was the branch manager allowed to sell foreign exchange on credit to lords spiritual or temporal." de Roover (1948), p. 16.

911:(small or retail banks): the most obscure of the three, they were sort of combinations of lenders and pawnbrokers. They dealt in, among other things, 4623: 4102: 4066: 3925: 3900: 3695: 638:. Piero recognized the approaching problems, and tried to begin a "policy of retrenchment". This policy doesn't seem to have been fully carried out. 3223: 1133: 701: 5272: 2642:

Specifically, the statues stated that they were "to be free and absolved from any further censure, penalty, or exaction." de Roover (1966), p. 14.

1407:

While lucrative, the revenues realized from the three factories should not be overemphasized: while the Medici often had invested more than 7,900

691:

like Cosimo, Sassetti failed to discover the fraud at the Lyons branch until it was too late for it to hope to remain solvent. The branch manager

1149: 660:

that loans be repaid, particularly when made to monarchs and powerful nobles and such demands could cost Piero dearly close to home. The king of

3380: 971:

banks, who did their business out in the open of a public square, recording all their transactions in a single journal visible on their table (

1013:. Such bills could be a hidden and legal method to create loans bearing interest. The Medici Bank was such a bank. One Medici branch manager ( 1395:

The silk shop produced some of the finest silk wares, and were usually sold to Florentine exporters or shipped to the branch in Bruges as a

5389: 4953: 4635: 2717:("general manager" of the banking units, but not the factories) who himself reported to the head of the firm. See de Roover, (1948), p. 12. 1246:

Governors were given wide latitude in daily operations and in the management of their seven or eight assistant managers, clerks, cashiers,

1446:

was a vital commodity because of its many uses and relatively few sources. It was used in the wool preparing process to clean the wool of

1371:

per ducat, the Medici of Venice would have broken even because they would have paid and received the same number of groats for each ducat.

5359: 3288: 1331:

groats per ducat. The Medici of Venice thus made a profit of 3 groats on each ducat over a period of four months, since they received 54

530:

An early sign of the decline was the near-failure of the Lyon branch because of its manager's venality, saved only by heroic efforts by

5435: 4526: 3836: 3547: 3529: 2933: 441:, and it seems to have lasted until 1443. De Roover speculates that it was a sub-branch of the Medici bank's Geneva branch serving the 376:'s deposits (obtained through Giovanni's long contacts with them), the bank had a fair amount of capital to invest in other ventures. 296:

established the bank in Florence, and while he and his family were influential in the Florentine government, it was not until his son

5469: 5384: 4723: 3080:"As pointed out, the Medici promised their customers to keep secret the amount of deposits made with them." de Roover (1966), p. 199. 2470:(Cambridge, Massachusetts, 1936) and "Silver Production in Central Europe, 1450–1680", John U. Nef (volume XLIX of 1941, pp. 575–591) 979:), which they were required by law to only transfer between accounts when the customers were observing. Similarly, transfers between 4504: 931:

and maintain the interest by lending out a portion of the deposits. Such banks did lend without security, though; one example of a

859: 507:

Giovanni Benci was the Medici bank's most profitable period. With Cosimo's death on August 1, 1464, the decline of the bank began.

5311: 4892: 3508: 739: 5459: 5100: 5344: 4932: 3513: 2908: 263:

considering that they owned art, land, and gold. With this monetary wealth, the family acquired political power initially in

133: 1571:

stayed there, the Rome branch set up operations in Florence itself, even though the Florence branch was still in operation.

1552:), and only contingently resided in Rome at times, as it followed the Papal court. Odd situations could occur, though. When 997:("great banks"): the largest financial institutions in Florence, though not the most numerous (only 33 in 1469 according to 709:). Similarly, the northern branches of all European banks were squeezed by a general decline in the supply of English wool. 5494: 5399: 4076: 372:. A further advantage was that it was much easier to invest a bank's capital in Florence than in Rome, and because of the 5379: 3763: 2571:, a reserve was kept of only approximately 2,000, or not even 2%. While these reserve figures are drawn from unreliable 4383: 2581:

he studied frequently held less than 100% reserves and that the Strozzi bank frequently records less than 50% reserves.

774:

When the crisis loomed, one way to try to avert it was to simply start reducing the interest paid on discretionary and

4924: 4178: 3690: 3349: 1469:" (which entailed handling and moving the papal revenues, paying out designated subsidies to countries fighting the 889:, which catered to the lower classes, were excluded from the banking or more literally, the "money-changing" guild ( 731: 4630: 3980: 3453: 5479: 4780: 4000: 3341: 3206: 3185: 345: 293: 283: 108: 3405:

Rubinstein, Nicolai (1982), "The Letters of Lorenzo de' Medici and of the Medici Bank: Problems of Authorship",

5484: 5422: 5079: 4875: 4519: 3784: 3700: 1595:"the Medici overcharged the pope on the silks and brocades, the jewels and other commodities they supplied.". 453:

On March 24, 1439, the Medici branch at Bruges was officially founded. While the Medicis had done business in

5374: 5084: 5046: 4972: 4827: 4316: 3715: 3488: 3286:

de Roover, Florence Edler (October 1943), "Francesco Sassetti and the Downfall of the Medici Banking House",

803: 615: 459: 118: 4986: 941:, a "seven percent dowry fund" founded in the 1340s by the state of Florence), loans to the Monte Comune, 606:

Florence to settle the matter of his supposed partnership in the London branch through the Bruges branch.

5514: 5092: 5064: 4242: 4153: 4036: 3880: 3590: 3236: 1030:

profits could be found, local markets being very competitive. Sometimes these banks were referred to as

19:

For the private bank in Austria that failed due to its investment in Bernard Madoff's Ponzi scheme, see

5316: 5230: 5155: 4937: 4887: 3970: 3815: 3600: 3580: 2713:

and branches within Italy (which did not exist as a discrete political unit at this time), all under a

778:. But such a move would have hurt the Medici name, and so it was undertaken too late. The bank's heavy 2747:

were not addressed to the firm, but personally to Cosimo or other members of the Medici family. A few

935:(run by Bindaccio de' Cerchi) invested heavily in purchasing future interest payments from the Monte ( 5504: 5499: 5364: 4880: 4839: 4822: 4601: 4512: 3885: 3810: 3575: 3174: 5247: 4534: 1524:

was never satisfactorily suppressed (the Pazzi bank is known to have smuggled Turkish alum into the

5489: 4958: 4773: 4148: 3890: 3595: 3234:

Goldthwaite, Richard A. (February 1987), "The Medici Bank and the World of Florentine Capitalism",

3227: 2058: 1263:

Usury was still banned by the Church in this period, with an interpretation concisely expressed as

589:

and placed under the control of the Bruges branch, managed by the third of the Portinari brothers,

5237: 4945: 4491: 4353: 4041: 3895: 3705: 3616: 3585: 3388:

Holmes, George (1968), "How the Medici Became the Pope's Bankers", in Rubinstein, Nicolai (ed.),

3178: 1215:

were not paid when the partnership agreement was in effect, but usually the Florentine partners (

916: 5417: 5339: 5220: 4671: 4388: 4269: 3710: 3679: 3570: 3562: 3552: 3524: 1002: 799: 4300: 1270:

Discretionary deposits were a partial way out, but the bank made most of its money by selling

639: 5294: 4733: 4563: 4188: 4046: 3820: 3498: 3493: 519: 123: 2086:, established no branches in the Middle East, and did not pursue business in and around the 5334: 5265: 4785: 4688: 4274: 4249: 4232: 4222: 4071: 3483: 3446: 2441: 563: 416: 297: 264: 113: 87: 1144:

Of course, if an Italian agent could not be procured, any trustworthy banker would do; in

8: 4481: 4435: 3621: 3421: 2891: 2868: 2783: 1624: 1564: 1411: 924: 748: 442: 2890:"Giovanni also banned loans to princes and kings, who were notoriously bad investments." 1477:

or taxes due the Papacy), but also with managing a certain piece of Papal property: the

333:

1364). His banking house trained and employed Giovanni and his elder brother Francesco (

4486: 4107: 3728: 3305: 2063: 1389: 942: 779: 554: 531: 326: 287: 128: 44: 5242: 3850: 3748: 2765: 957:). Such banks were members of the Arte del Cambio as they were not "manifest usurers". 445:, and was closed when the Council no longer made it worth their while to maintain it. 5369: 5150: 5059: 4862: 4812: 4254: 4227: 3915: 3743: 3733: 3393: 3374: 3363: 3345: 3334: 3275: 3253: 3214: 2927: 2812: 2053: 1620: 1579: 1459: 1014: 1010: 656: 590: 550: 1297:

Around July 15, 1441, the Medici of Venice bought a bill on Bruges at the rate of 54

1009:), they expended most of their efforts in funneling their capital into commerce and 4857: 4834: 4817: 4542: 4476: 4466: 4425: 3935: 3758: 3673: 3642: 3539: 3518: 3297: 3245: 2083: 1588: 1533: 937: 791: 628: 472: 353: 254: 2912: 1519:, so the Medici and the company then exploited the Ischia mines signing a 25-year 983:

were done outside, and verbally. Theirs was an extremely risky business; by 1520,

614:

Upon Cosimo's death, his estate and control of the bank passed to his eldest son,

5210: 4718: 4337: 4321: 3753: 3462: 3439: 1557: 1201: 1105: 968: 894: 546: 357: 341: 159: 154: 149: 1504:

The Pope's share of the revenue was to be used to finance campaigns against the

304:

that the Medici became the unofficial head of state of the Florentine Republic.

5354: 5137: 5119: 4613: 4461: 4456: 4279: 4174: 4133: 3985: 3738: 2856: 1584: 1568: 1537: 1516: 1473:, fees, etc., but the Medici did not actually collect the monies from sales of 1470: 1422:

in 1458 was more than 28,800—and that figure is low, for it excludes the

1308: 928: 775: 651: 515: 385: 322: 189: 164: 412: 5453: 5289: 5284: 5215: 4800: 4558: 4051: 3872: 3279: 3257: 3198: 1553: 1525: 1275: 998: 984: 838: 783: 428: 361: 318: 259: 5187: 5129: 5074: 5069: 5010: 4738: 4660: 4582: 4550: 4420: 4237: 4195: 4183: 4056: 4020: 3249: 3130: 2035: 2021: 1160: 920: 647: 390: 369: 301: 33: 5016:

Raiffeisen Landesbank Südtirol – Cassa Centrale Raiffeisen dell'Alto Adige

3397: 3367: 858:

Nevertheless, the sources are sufficiently numerous (exceeded only by the

5225: 4593: 4430: 4358: 4169: 3684: 3647: 3336:

Medici money: banking, metaphysics, and art in fifteenth-century Florence

3264:

Goldthwaite, Richard A. (1985), "Local banking in Renaissance Florence",

1396: 1247: 1168: 875: 20: 4138: 3392:, vol. 1, London: Northwestern University Press, pp. 357–380, 1855:

approximately 6 factors (a term usually used for employees abroad), 1469

1155:

A crucial distinction between the Medici Bank and its older rivals (the

569: 5260: 5255: 5145: 5124: 4807: 4792: 4618: 4264: 3667: 3637: 3503: 3309: 2087: 1474: 679: 670: 275: 199: 169: 4942:

Cassa di Sovvenzioni e Risparmio fra il Personale della Banca d'Italia

4123: 3328:(Aug 1974), Vol. 24 Issue 8, pp. 523–533 online; popular account. 2784:"Medici: Godfathers of the Renaissance . Medici . God's Bankers - PBS" 4765: 4743: 4728: 4711: 4706: 4641:

Investitionsbank Trentino Südtirol – Mediocredito Trentino Alto Adige

4378: 4295: 4259: 2466:

de Roover (1943), p. 83.; the studies referenced are Earl Hamilton's

1628:

Tornabuoni to assume the rest of the partnership's equity and debts.

1447: 1311:. Two months later, when the bill matured, they received in Bruges 54 1271: 1164: 886: 735: 598: 574: 538: 480: 3301: 2468:

Money, Prices and Wages, in Valencia, Aragon, and Navarre, 1351–1500

1884:

approximately 6 factors (1466) handling the usual factor duties of:

1578:

Persons not already at the court made use of the branch for cashing

1285:. The usance between Florence and London was 3 months, for example. 1137: 462:

with that son, Bernardo di Giovanni d'Adoardo Portinari (1407–

5306: 5277: 5205: 4606: 3108: 1505: 1498: 1466: 1251: 1212: 688: 623: 454: 373: 82: 3431: 3244:, Oxford University Press for the Past and Present Society: 3–31, 991:

to only two. Regardless, they were members of the Arte del Cambio.

5195: 4471: 3202: 2852: 2573: 1486: 1451: 1156: 1145: 1117: 1072: 912: 902: 863: 844: 661: 535: 271: 229: 48: 3390:

Florentine Studies: Politics and Society in Renaissance Florence

3218: 278:

pioneered by the Medici Bank was the improvement of the general

2864: 2860: 2048: 2043: 1603: 1560: 1520: 1494: 1490: 1482: 1401: 1281: 1097: 1080: 1076: 1064: 1060: 915:, installment sales of jewels and loans secured by jewels, and 594: 559: 484: 468: 395: 279: 237: 233: 221: 209: 3324:

Hibbert, Christopher. "The Rise and Fall of the Medici Bank."

2709:

Administratively, they were split between branches beyond the

2568: 762:

Niccolò Machiavelli gave a more contemporary viewpoint in his

4537: 3183:-(Largely a reprint of three articles de Roover published in 2903: 1599: 1478: 1455: 1129: 1056: 898: 795: 706: 438: 433: 399: 213: 92: 3142: 3140: 2659: 2657: 2207: 2205: 2203: 945:, and speculation in horse races. The Medici bank was not a 5326: 5301: 5172: 3031: 3029: 2710: 1443: 1423: 1408: 1084: 1068: 1052: 1034:("big table") or variants thereof, due to their origins as 1026: 1022: 1018: 954: 635: 365: 225: 217: 205: 5475:

15th-century disestablishments in the Republic of Florence

3296:(4), The President and Fellows of Harvard College: 65–80, 3171:

The Medici Bank: its organization, management, and decline

2282: 2280: 1962:

Handling transfers and management of Papal revenues abroad

1712:

Purchases of wool from importers and other Medici branches

878:

Florence were generally divided into three or four kinds:

503:

Still, this period (1435–1455) under Cosimo and his

364:—which it would obtain in 1406 with the conquest of 5428:

Associazione di Fondazioni e di Casse di Risparmio S.p.A.

5032:

Fondo di Garanzia dei Depositanti del Credito Cooperativo

3137: 2654: 2200: 673:

and the Pope struck against them. The central Florentine

398:(closed in 1425 and was replaced with one in Geneva) and 3026: 2532: 2530: 5465:

14th-century establishments in the Republic of Florence

5021:

Cassa Centrale Banca - Credito Cooperativo del Nord Est

2563:

see de Roover (1966), pp. 228, 292–293. The Florentine

2277: 1540:

confiscated as much Medici property as he was able to.

727:

ultimately insurmountable problems for both operations.

267:, and later in the wider spheres of Italy and Europe. 4900:

Südtiroler Volksbank – Banca Popolare dell'Alto Adige

2577:

records, Goldthwaite (1985, p. 24) mentions that one

2527: 1515:

Ischia was under the ownership and protection of the

919:. None of the surviving records mention anything but 798:. Shortly thereafter, the political pressure of King 585:

After the London branch failed, it was turned into a

4905:

Südtiroler Sparkasse – Cassa di Risparmio di Bolzano

4572: 2011: 3357: 3333: 3195:The rise and decline of the Medici Bank: 1397–1494 1351:groats. If the exchange rate in Bruges had been 54 5011:Istituto Centrale delle Casse Rurali ed Artigiane 5451: 1636:Diagram of the organization of the Medici bank, 1567:from February 1419 to September 1420, and when 1181:shares to overwhelm the Peruzzi's collective 36 825:Lorenzo de' Medici (the Magnificent), 1469–1492 3358:von Reumont, Alfred; Harrison, Robert (1876), 1598:These payments were entirely one way, and not 1092:So the Medici were represented by the firm of 5432:Associazione Nazionale fra le Banche Popolari 5273:Crédit Agricole Corporate and Investment Bank 4624:Banca del Mezzogiorno – MedioCredito Centrale 4520: 3447: 525: 270:A notable contribution to the professions of 258:) was a financial institution created by the 4636:Banca Mediocredito del Friuli Venezia Giulia 356:, who were just large enough to capture the 3289:Bulletin of the Business Historical Society 3263: 3233: 2965: 2963: 2101:Das Bankhaus der Medici und seine Vorläufer 1136:—a close relative of Cosimo—in 5436:Fondo Interbancario di Tutela dei Depositi 4527: 4513: 3837:Genealogical tables of the House of Medici 3454: 3440: 3404: 3379:: CS1 maint: location missing publisher ( 2629: 2627: 1418:in 1458, for example, the sum invested in 1083:and an itinerant branch that followed the 816:Giovanni di Bicci de' Medici, c. 1397–1429 5510:Companies established in the 14th century 3285: 3192: 3168: 2799: 2797: 2545:As summarized in de Roover (1948), p. 59. 1587:(a threat aired in 1441 against the slow 1194: 3267:The Journal of European Economic History 2960: 1827:International banking and foreign trade 869: 787:his own poetic and political interests. 730: 568: 514: 411: 340: 5312:Industrial and Commercial Bank of China 2624: 2103:(Jena, 1906) and repeated in Gutkind's 5452: 3387: 2932:: CS1 maint: archived copy as title ( 2794: 1148:, their representative was the German 828:Piero di Lorenzo de' Medici, 1492–1494 282:system through the development of the 5345:Istituto Bancario San Paolo di Torino 4933:Banca Popolare di Puglia e Basilicata 4508: 3435: 3331: 2766:"The Medici Bank - The Medici Family" 2734:or confidential private letters. The 1709:Sales: exporters and foreign branches 1653:Sales: exporters and foreign branches 1550:i nostri che seguono la Corte di Roma 1454:which fixed the dyes in the wool, in 987:had reduced the number of Florentine 822:Piero di Cosimo de' Medici, 1464–1469 253: 1258: 580: 3461: 3360:Lorenzo de' Medici, the Magnificent 2448:, as mentioned in de Roover (1948). 2090:. See de Roover (1966), pp. 5–6, 8. 927:), so they generally did not offer 794:, a charitable fund for paying for 13: 4384:Crown of the Grand Duke of Tuscany 4216:Painters, sculptors and architects 3409:, vol. xxii, pp. 115–164 3317: 3193:de Roover, Raymond Adrien (1966), 3169:de Roover, Raymond Adrien (1948), 3129:"The presence among the assets of 1038:; the difference between them and 949:, although between 1476 and 1491, 405:In 1420, Benedetto de' Bardi (the 14: 5526: 4925:Banca Agricola Popolare di Ragusa 3415: 1265:Quidquid sorti accedit, usura est 1042:was more one of degree than kind. 975:, hence their collective name as 5470:1494 disestablishments in Europe 5440:Italian National Resolution Fund 4631:Istituto per il Credito Sportivo 4575: 4536: 4289:Poets and other literary figures 3849: 3342:W. W. Norton & Company, Inc. 3207:W. W. Norton & Company, Inc. 2028: 2014: 1727:Beaters (beating or "willeying") 1046: 951:Francesco di Giuliano de' Medici 32: 4781:Banca Monte dei Paschi di Siena 3186:The Journal of Economic History 3161: 3149: 3123: 3114: 3101: 3092: 3083: 3074: 3065: 3056: 3047: 3038: 3017: 3008: 2999: 2990: 2981: 2972: 2951: 2942: 2896: 2884: 2875: 2844: 2835: 2826: 2817: 2806: 2776: 2758: 2720: 2703: 2694: 2685: 2675: 2666: 2645: 2636: 2615: 2602: 2593: 2584: 2557: 2548: 2539: 2518: 2509: 2500: 2491: 2482: 2473: 2460: 2451: 2434: 2425: 2416: 2406: 2397: 2388: 2379: 2370: 2361: 2352: 2343: 2334: 2325: 2316: 2307: 2298: 2289: 2268: 2259: 2250: 2241: 2232: 2223: 2214: 2191: 2182: 2173: 1543: 562:never paid off the outstanding 5423:Associazione Bancaria Italiana 5080:Cassa di Risparmio di Volterra 4876:Banco di Desio e della Brianza 3155:de Roover (1966), pp. 223–224. 3023:de Roover (1966), pp. 168–169. 2978:de Roover (1966), pp. 169–170. 2902:An example of an 11th-century 2738:were addressed to the firm or 2651:Goldthwaite (1985), pp. 19–20. 2599:de Roover (1966), pp. 366–367. 2488:de Roover (1966), pp. 370–371. 2403:de Roover (1966), pp. 360–361. 2385:de Roover (1966), p. 366. 2322:de Roover (1966), pp. 330–340. 2164: 2155: 2146: 2137: 2128: 2119: 2110: 2093: 2075: 1438: 1: 5460:1397 establishments in Europe 5085:Cassa di Risparmio di Fossano 5047:Cassa di Risparmio di Ravenna 5028:List of members of Federcasse 4977:Sanfelice 1893 Banca Popolare 4467:Stories set to music: "opera" 2170:de Roover (1966), pp. 48, 50. 2069: 1868:approximately 4 factors, 1469 923:(for the purposes of raising 810: 460:limited liability partnership 448: 443:General Council of the Church 290:or deposits and withdrawals. 5051:Banco di Lucca e del Tirreno 4987:Banca Popolare del Frusinate 4963:Banca Popolare del Cassinate 2987:de Roover (1948), pp. 29–30. 2969:de Roover (1948), pp. 26–28. 2906:dry exchange is given here: 2730:or business letters and the 2247:de Roover (1966), pp. 59–60. 2238:de Roover (1966), pp. 58–59. 2229:de Roover (1966), pp. 54–56. 2197:de Roover (1966), pp. 52–53. 2188:de Roover (1966), pp. 48–49. 2179:de Roover (1966), pp. 43–45. 2161:de Roover (1966), pp. 41–42. 2125:de Roover (1966), pp. 35–36. 1608: 1462:, and in a few other areas. 1380:A controlling interest in a 1375: 819:Cosimo de' Medici, 1428–1464 346:Giovanni di Bicci de' Medici 294:Giovanni di Bicci de' Medici 255:[ˈbaŋkodeiˈmɛːditʃi] 109:Giovanni di Bicci de' Medici 7: 5495:Companies based in Florence 5093:Cassa di Risparmio di Fermo 5065:Cassa di Risparmio di Cento 4243:Michelangelo and the Medici 4087:Palazzo Medici di Ottaviano 4037:Casino Mediceo di San Marco 2007: 1902:Letters, books, and errands 1450:and other substances, as a 312: 10: 5531: 5231:Banca Nazionale del Lavoro 4980:Banca Popolare di Lajatico 4973:Banca Popolare Sant'Angelo 4938:Banca Popolare di Cividale 4851:(total assets €30b to €8b) 4570: 4310:Humanists and philosophers 4062:Palazzo Medici Tornaquinci 3146:Goldthwaite (1987), p. 32. 2700:Goldthwaite (1987), p. 23. 2663:Goldthwaite (1985), p. 25. 2524:Goldthwaite (1987), p. 33. 2506:Goldthwaite (1985), p. 26. 2497:Goldthwaite (1987), p. 12. 2376:Goldthwaite (1987), p. 16. 2295:Goldthwaite (1987), p. 34. 2211:Goldthwaite (1987), p. 15. 2116:Goldthwaite (1987), p. 11. 1965:Remitting subsidies abroad 1631: 832: 622:). Piero had been given a 526:Failure in Lyon and London 510: 307: 119:Piero di Cosimo de' Medici 18: 16:Italian bank, 15th century 5410: 5325: 5186: 5112: 5039: 4995: 4954:Banca di Credito Popolare 4916:regional cooperative bank 4913: 4881:Banca Popolare di Spoleto 4848: 4840:Banca Popolare di Sondrio 4754: 4697: 4602:Cassa Depositi e Prestiti 4592: 4549: 4449: 4413: 4397: 4371: 4346: 4330: 4309: 4288: 4215: 4208: 4162: 4116: 4095: 4029: 3871: 3864: 3847: 3829: 3811:Giovanni delle Bande Nere 3803: 3772: 3656: 3630: 3609: 3561: 3538: 3494:Lorenzo "The Magnificent" 3476: 3469: 3175:New York University Press 3120:de Roover (1966), p. 199. 3098:de Roover (1966), p. 201. 3071:de Roover (1966), p. 194. 3062:de Roover (1966), p. 157. 3053:de Roover (1966), p. 153. 3035:de Roover (1966), p. 152. 3014:de Roover (1966), p. 167. 2881:de Roover (1966), p. 297. 2832:de Roover (1966), p. 251. 2554:de Roover (1966), p. 371. 2515:de Roover (1966), p. 365. 2422:de Roover (1966), p. 149. 2394:de Roover (1966), p. 358. 2367:Goldthwaite (1987), p. 9. 2358:de Roover (1966), p. 349. 2349:de Roover (1966), p. 348. 2340:de Roover (1966), p. 346. 2313:de Roover (1966), p. 328. 2220:de Roover (1966), p. 106. 1893:Banking and foreign trade 1846:Branches beyond the Alps 1665:Done in a "throwing mill" 752:long-delayed bankruptcy. 198: 188: 178: 142: 99: 78: 70: 62: 54: 40: 31: 4996:Co-operative banks (BCC) 4959:Banca Popolare del Lazio 4774:Banca Popolare di Milano 3228:Harvard University Press 3211:George J. McLeod Limited 3044:de Roover (1948), p. 45. 2957:de Roover (1948), p. 36. 2859:, and business trips to 2841:de Roover (1948), p. 53. 2691:de Roover (1948), p. 31. 2633:de Roover (1966), p. 15. 2590:de Roover (1948), p. 62. 2536:de Roover (1966), p. 86. 2479:de Roover (1966), p. 16. 2457:de Roover (1948), p. 10. 2331:de Roover (1948), p. 63. 2304:de Roover (1943), p. 69. 2286:de Roover (1966), p. 74. 2265:de Roover (1966), p. 63. 2256:de Roover (1966), p. 62. 2143:de Roover (1966), p. 37. 2134:de Roover (1966), p. 39. 2059:List of banking families 1207:The branch manager (the 609: 471:, apparently to finance 5238:China Construction Bank 4983:Banca Popolare di Fondi 4966:Banca Popolare Valconca 4946:Banca Popolare Pugliese 4042:Palazzo Medici Riccardi 3773:Bishops and archbishops 3179:Oxford University Press 2823:de Roover (1948), p. 7. 2803:de Roover (1948), p. 4. 2770:www.themedicifamily.com 2152:de Roover (1966), p. 3. 1536:, in 1478, after which 1094:Filippo Strozzi and Co. 862:'s bank's archives, in 769: 475:, an ally of Cosimo's. 379: 5480:Defunct banks of Italy 5418:List of banks in Italy 5340:Banco di Santo Spirito 5248:Crédit Agricole Italia 5221:Bank of Communications 4389:Order of Saint Stephen 4270:Antonio del Pollaiuolo 3563:Grand Dukes of Tuscany 2621:de Roover (1966), p. 4 1992:Assistant manager (2) 1373: 1195:Branch legal structure 1142: 1102:Piero del Fede and Co. 1007:depositi a discrezione 1003:discretionary deposits 856: 800:Charles VIII of France 743: 729: 577: 573:The poor credit risk, 522: 419: 348: 194:Vieri di Cambio's bank 5485:15th century in Italy 4870:Banca Patrimoni Sella 4734:Mediocredito Italiano 4564:European Central Bank 4189:Cappella dei Principi 4096:Fountains and gardens 3548:Alessandro "The Moor" 3530:Alessandro "The Moor" 1735:"Fattire di pettine" 1692:"Tintori seta"; dyers 1656:Purchases of raw silk 1295: 1090: 870:Organization and type 851: 734: 724: 572: 518: 415: 344: 300:took over in 1434 as 5335:Bank of Saint George 5295:Deutsche Bank S.p.A. 5266:Credito Valtellinese 5142:Banca Farmafactoring 5040:Regional retail bank 4969:Banca Popolare Etica 4786:MPS Capital Services 4757:multi-regional banks 4689:Banca Intermobiliare 4354:Emilio de' Cavalieri 4317:Pico della Mirandola 4275:Jacopo della Quercia 4250:Bernardo Buontalenti 4233:Filippo Brunelleschi 4223:Bartolomeo Ammannati 4072:Palazzo delle Vedove 3504:Giovanni, Pope Leo X 3250:10.1093/past/114.1.3 3173:, New York; London: 2736:lettere di compagnia 2728:lettere di compagnia 2442:Philippe de Commines 1995:"Discepoli" (clerks) 1833:Banking in Florence 1703:Cloth manufacturing 1662:"Throwing" the silk 1384:(silk shop) and two 1361:groats instead of 51 88:Republic of Florence 5101:Banca CR Savigliano 4863:Banca Sella Holding 4759:(Supervised by ECB) 4700:(Supervised by ECB) 4676:Sviluppo Basilicata 4379:Medici coat of arms 4301:Niccolò Machiavelli 3764:Vincenzo II Gonzaga 3332:Parks, Tim (2005), 1959:Alum mines in Tolfa 1743:"Fattire di cardi" 1647:Silk manufacturing 1625:Giovanni Tornabuoni 1565:Santa Maria Novella 1497:, and the mines in 1126:Federigo Centurioni 1088:bills of exchange: 749:Giovanni Tornabuoni 640:Niccolò Machiavelli 286:system of tracking 180:Number of employees 28: 5515:Corporate scandals 5097:Banca del Piemonte 4914:Multi-regional and 4672:IRFIS – FinSicilia 4108:Villa di Pratolino 3484:Cosimo "The Elder" 3237:Past & Present 3107:"As for the Pope, 2608:de Roover (1948), 2064:Rockefeller family 1928:Branches in Italy 1881:Assistant manager 1390:putting-out system 1341:groats and paid 51 1110:Nicolaio d'Ameleto 943:maritime insurance 764:Istorie fiorentine 744: 693:Lionetto de' Rossi 578: 532:Francesco Sassetti 523: 520:Lorenzo de' Medici 420: 349: 288:debits and credits 155:Investment banking 150:Commercial banking 129:Francesco Sassetti 124:Lorenzo de' Medici 45:Financial services 26: 5447: 5446: 5156:Credito Fondiario 5151:Unione Fiduciaria 5060:Banca di Cambiano 4998:and central banks 4950:Banca di Piacenza 4813:Banco di Sardegna 4502: 4501: 4441:Arazzeria Medicea 4367: 4366: 4255:Leonardo da Vinci 4228:Sandro Botticelli 4204: 4203: 4144:San Piero a Sieve 3845: 3844: 3744:Bernardo Salviati 3734:Giovanni Salviati 3540:Dukes of Florence 3499:Piero "The Brief" 3489:Piero "The Gouty" 3477:Lords of Florence 2813:de:Gherardo Bueri 2054:Rothschild family 1814:Dyed in the cloth 1678:Weaving the silk 1670:Boiling the silk 1643:Head of the firm 1621:Apostolic Chamber 1580:letters of credit 1259:Bills of exchange 1036:banchi in mercato 1015:Tommaso Portinari 1011:bills of exchange 961:banchi in mercato 917:currency exchange 657:Tommaso Portinari 591:Tommaso Portinari 581:Failure in Bruges 551:Wars of the Roses 417:Cosimo de' Medici 243: 242: 114:Cosimo de' Medici 5522: 5505:Banking families 5500:Medieval banking 5317:Société Générale 5089:Banca del Fucino 4929:Banca Valsabbina 4918:(Popolari banks) 4858:Banca Mediolanum 4835:Credito Emiliano 4818:Banca di Sassari 4585: 4580: 4579: 4578: 4543:Banking in Italy 4541: 4540: 4529: 4522: 4515: 4506: 4505: 4477:Pazzi conspiracy 4436:Venus de' Medici 4426:Medici porcelain 4296:Agnolo Poliziano 4213: 4212: 3971:Poggio Imperiale 3869: 3868: 3859: 3853: 3785:Bernardo Antonio 3759:Ferrante Gonzaga 3610:Queens of France 3474: 3473: 3456: 3449: 3442: 3433: 3432: 3410: 3400: 3384: 3378: 3370: 3354: 3339: 3312: 3282: 3260: 3221: 3213:(respectively), 3182: 3156: 3153: 3147: 3144: 3135: 3127: 3121: 3118: 3112: 3105: 3099: 3096: 3090: 3087: 3081: 3078: 3072: 3069: 3063: 3060: 3054: 3051: 3045: 3042: 3036: 3033: 3024: 3021: 3015: 3012: 3006: 3003: 2997: 2994: 2988: 2985: 2979: 2976: 2970: 2967: 2958: 2955: 2949: 2946: 2940: 2937: 2931: 2923: 2921: 2920: 2911:. Archived from 2900: 2894: 2888: 2882: 2879: 2873: 2848: 2842: 2839: 2833: 2830: 2824: 2821: 2815: 2810: 2804: 2801: 2792: 2791: 2780: 2774: 2773: 2762: 2756: 2724: 2718: 2707: 2701: 2698: 2692: 2689: 2683: 2679: 2673: 2670: 2664: 2661: 2652: 2649: 2643: 2640: 2634: 2631: 2622: 2619: 2613: 2606: 2600: 2597: 2591: 2588: 2582: 2561: 2555: 2552: 2546: 2543: 2537: 2534: 2525: 2522: 2516: 2513: 2507: 2504: 2498: 2495: 2489: 2486: 2480: 2477: 2471: 2464: 2458: 2455: 2449: 2438: 2432: 2429: 2423: 2420: 2414: 2410: 2404: 2401: 2395: 2392: 2386: 2383: 2377: 2374: 2368: 2365: 2359: 2356: 2350: 2347: 2341: 2338: 2332: 2329: 2323: 2320: 2314: 2311: 2305: 2302: 2296: 2293: 2287: 2284: 2275: 2272: 2266: 2263: 2257: 2254: 2248: 2245: 2239: 2236: 2230: 2227: 2221: 2218: 2212: 2209: 2198: 2195: 2189: 2186: 2180: 2177: 2171: 2168: 2162: 2159: 2153: 2150: 2144: 2141: 2135: 2132: 2126: 2123: 2117: 2114: 2108: 2097: 2091: 2084:Hanseatic League 2079: 2038: 2033: 2032: 2031: 2024: 2019: 2018: 2017: 1947:Branch managers 1830:General manager 1811:Dyed in the wool 1689:Dyeing the silk 1673:Done by scourers 1589:Bishop of Nevers 1534:Pazzi Conspiracy 1386:botteghe di lana 1370: 1369: 1365: 1360: 1359: 1355: 1350: 1349: 1345: 1340: 1339: 1335: 1330: 1329: 1325: 1320: 1319: 1315: 1306: 1305: 1301: 1238: 1237: 1233: 1228: 1227: 1223: 1190: 1189: 1185: 1180: 1179: 1175: 938:Monte delle doti 792:Monte delle doti 629:Pazzi Conspiracy 620:Piero il Gottoso 473:Francesco Sforza 298:Cosimo the Elder 257: 251:Banco dei Medici 134:Piero di Lorenzo 36: 29: 25: 5530: 5529: 5525: 5524: 5523: 5521: 5520: 5519: 5490:House of Medici 5450: 5449: 5448: 5443: 5406: 5321: 5243:Crédit Agricole 5211:Banco Santander 5182: 5160:Banca Passadore 5108: 5105:Banco Azzoaglio 5035: 4997: 4991: 4917: 4915: 4909: 4850: 4844: 4758: 4756: 4755:Nationwide and 4750: 4719:Intesa Sanpaolo 4699: 4693: 4682:Veneto Sviluppo 4588: 4581: 4576: 4574: 4568: 4545: 4535: 4533: 4503: 4498: 4445: 4409: 4393: 4363: 4342: 4338:Galileo Galilei 4326: 4322:Marsilio Ficino 4305: 4284: 4200: 4158: 4112: 4103:Medici fountain 4091: 4025: 3911:Poggio a Caiano 3860: 3855: 3854: 3841: 3825: 3799: 3768: 3754:Lorenzo Strozzi 3749:Niccolò Ridolfi 3729:Luigi de' Rossi 3723: 3716:Francesco Maria 3652: 3626: 3605: 3557: 3534: 3465: 3463:House of Medici 3460: 3418: 3413: 3372: 3371: 3352: 3320: 3318:Further reading 3315: 3302:10.2307/3111278 3164: 3159: 3154: 3150: 3145: 3138: 3128: 3124: 3119: 3115: 3106: 3102: 3097: 3093: 3088: 3084: 3079: 3075: 3070: 3066: 3061: 3057: 3052: 3048: 3043: 3039: 3034: 3027: 3022: 3018: 3013: 3009: 3004: 3000: 2995: 2991: 2986: 2982: 2977: 2973: 2968: 2961: 2956: 2952: 2947: 2943: 2925: 2924: 2918: 2916: 2909:"Archived copy" 2907: 2901: 2897: 2889: 2885: 2880: 2876: 2849: 2845: 2840: 2836: 2831: 2827: 2822: 2818: 2811: 2807: 2802: 2795: 2782: 2781: 2777: 2764: 2763: 2759: 2753:lettere private 2749:lettere private 2745:lettere private 2732:lettere private 2725: 2721: 2708: 2704: 2699: 2695: 2690: 2686: 2680: 2676: 2671: 2667: 2662: 2655: 2650: 2646: 2641: 2637: 2632: 2625: 2620: 2616: 2607: 2603: 2598: 2594: 2589: 2585: 2562: 2558: 2553: 2549: 2544: 2540: 2535: 2528: 2523: 2519: 2514: 2510: 2505: 2501: 2496: 2492: 2487: 2483: 2478: 2474: 2465: 2461: 2456: 2452: 2439: 2435: 2430: 2426: 2421: 2417: 2411: 2407: 2402: 2398: 2393: 2389: 2384: 2380: 2375: 2371: 2366: 2362: 2357: 2353: 2348: 2344: 2339: 2335: 2330: 2326: 2321: 2317: 2312: 2308: 2303: 2299: 2294: 2290: 2285: 2278: 2273: 2269: 2264: 2260: 2255: 2251: 2246: 2242: 2237: 2233: 2228: 2224: 2219: 2215: 2210: 2201: 2196: 2192: 2187: 2183: 2178: 2174: 2169: 2165: 2160: 2156: 2151: 2147: 2142: 2138: 2133: 2129: 2124: 2120: 2115: 2111: 2098: 2094: 2080: 2076: 2072: 2034: 2029: 2027: 2020: 2015: 2013: 2010: 1977:Branch manager 1950:Foreign banking 1934:Branch manager 1919:several factors 1916:Branch manager 1878:Branch manager 1865:Branch manager 1852:Branch manager 1634: 1556:resided in the 1546: 1441: 1382:bottega di seta 1378: 1367: 1363: 1362: 1357: 1353: 1352: 1347: 1343: 1342: 1337: 1333: 1332: 1327: 1323: 1322: 1317: 1313: 1312: 1303: 1299: 1298: 1261: 1235: 1231: 1230: 1229:th, but rather 1225: 1221: 1220: 1202:holding company 1197: 1187: 1183: 1182: 1177: 1173: 1172: 1140:, and so forth. 1049: 967:: transfer and 929:demand accounts 909:banchi a minuto 895:Catholic Church 891:Arte del Cambio 883:banchi di pegno 872: 835: 813: 776:demand deposits 772: 616:Piero di Cosimo 612: 583: 547:pounds sterling 528: 513: 467:established in 451: 382: 358:Catholic Church 315: 310: 181: 174: 160:Private banking 138: 102: 90: 86: 24: 17: 12: 11: 5: 5528: 5518: 5517: 5512: 5507: 5502: 5497: 5492: 5487: 5482: 5477: 5472: 5467: 5462: 5445: 5444: 5442: 5441: 5438: 5433: 5430: 5425: 5420: 5414: 5412: 5411:Related topics 5408: 5407: 5405: 5404: 5403: 5402: 5397: 5392: 5387: 5382: 5377: 5372: 5367: 5362: 5355:Mount of piety 5352: 5347: 5342: 5337: 5331: 5329: 5323: 5322: 5320: 5319: 5314: 5309: 5304: 5299: 5298: 5297: 5287: 5282: 5281: 5280: 5275: 5270: 5269: 5268: 5263: 5258: 5253: 5240: 5235: 5234: 5233: 5223: 5218: 5213: 5208: 5203: 5202: 5201: 5200:Allianz S.p.A. 5192: 5190: 5184: 5183: 5181: 5180: 5179: 5178: 5175: 5167: 5164: 5161: 5158: 5153: 5148: 5143: 5140: 5138:Banca Leonardo 5135: 5132: 5127: 5122: 5120:Banca Generali 5116: 5114: 5110: 5109: 5107: 5106: 5103: 5098: 5095: 5090: 5087: 5082: 5077: 5072: 5067: 5062: 5057: 5056: 5055: 5054:Banca di Imola 5052: 5043: 5041: 5037: 5036: 5034: 5033: 5030: 5025: 5024: 5023: 5018: 5013: 5007:central banks 5005: 5001: 4999: 4993: 4992: 4990: 4989: 4984: 4981: 4978: 4975: 4970: 4967: 4964: 4961: 4956: 4951: 4948: 4943: 4940: 4935: 4930: 4927: 4921: 4919: 4911: 4910: 4908: 4907: 4902: 4897: 4896: 4895: 4885: 4884: 4883: 4873: 4872: 4871: 4868: 4860: 4854: 4852: 4849:Multi-regional 4846: 4845: 4843: 4842: 4837: 4832: 4831: 4830: 4825: 4820: 4815: 4805: 4804: 4803: 4798: 4790: 4789: 4788: 4778: 4777: 4776: 4771: 4762: 4760: 4752: 4751: 4749: 4748: 4747: 4746: 4741: 4736: 4731: 4726: 4716: 4715: 4714: 4703: 4701: 4695: 4694: 4692: 4691: 4686: 4683: 4680: 4677: 4674: 4669: 4666: 4663: 4658: 4655: 4652: 4649: 4646: 4643: 4638: 4633: 4628: 4627: 4626: 4621: 4614:Poste Italiane 4611: 4610: 4609: 4598: 4596: 4590: 4589: 4587: 4586: 4571: 4569: 4567: 4566: 4561: 4555: 4553: 4547: 4546: 4532: 4531: 4524: 4517: 4509: 4500: 4499: 4497: 4496: 4495: 4494: 4484: 4479: 4474: 4469: 4464: 4462:Galilean moons 4459: 4457:Medici giraffe 4453: 4451: 4447: 4446: 4444: 4443: 4438: 4433: 4428: 4423: 4417: 4415: 4411: 4410: 4408: 4407: 4401: 4399: 4395: 4394: 4392: 4391: 4386: 4381: 4375: 4373: 4369: 4368: 4365: 4364: 4362: 4361: 4356: 4350: 4348: 4344: 4343: 4341: 4340: 4334: 4332: 4328: 4327: 4325: 4324: 4319: 4313: 4311: 4307: 4306: 4304: 4303: 4298: 4292: 4290: 4286: 4285: 4283: 4282: 4280:Giorgio Vasari 4277: 4272: 4267: 4262: 4257: 4252: 4247: 4246: 4245: 4235: 4230: 4225: 4219: 4217: 4210: 4206: 4205: 4202: 4201: 4199: 4198: 4193: 4192: 4191: 4186: 4175:Medici Chapels 4172: 4166: 4164: 4160: 4159: 4157: 4156: 4151: 4146: 4141: 4136: 4131: 4126: 4120: 4118: 4114: 4113: 4111: 4110: 4105: 4099: 4097: 4093: 4092: 4090: 4089: 4084: 4079: 4074: 4069: 4064: 4059: 4054: 4049: 4047:Palazzo Madama 4044: 4039: 4033: 4031: 4027: 4026: 4024: 4023: 4018: 4013: 4008: 4003: 4001:Montevettolini 3998: 3993: 3988: 3983: 3978: 3973: 3968: 3963: 3958: 3953: 3948: 3943: 3938: 3933: 3928: 3923: 3918: 3913: 3908: 3903: 3898: 3893: 3888: 3883: 3877: 3875: 3866: 3862: 3861: 3848: 3846: 3843: 3842: 3840: 3839: 3833: 3831: 3827: 3826: 3824: 3823: 3818: 3813: 3807: 3805: 3801: 3800: 3798: 3797: 3792: 3787: 3782: 3776: 3774: 3770: 3769: 3767: 3766: 3761: 3756: 3751: 3746: 3741: 3739:Innocenzo Cybo 3736: 3731: 3718: 3713: 3708: 3703: 3698: 3693: 3688: 3682: 3677: 3671: 3660: 3658: 3654: 3653: 3651: 3650: 3645: 3640: 3634: 3632: 3628: 3627: 3625: 3624: 3619: 3613: 3611: 3607: 3606: 3604: 3603: 3598: 3593: 3588: 3583: 3578: 3573: 3567: 3565: 3559: 3558: 3556: 3555: 3550: 3544: 3542: 3536: 3535: 3533: 3532: 3527: 3522: 3516: 3511: 3506: 3501: 3496: 3491: 3486: 3480: 3478: 3471: 3467: 3466: 3459: 3458: 3451: 3444: 3436: 3430: 3429: 3424: 3417: 3416:External links 3414: 3412: 3411: 3402: 3385: 3355: 3350: 3329: 3321: 3319: 3316: 3314: 3313: 3283: 3261: 3231: 3224:Norton Library 3190: 3181:(respectively) 3165: 3163: 3160: 3158: 3157: 3148: 3136: 3122: 3113: 3100: 3091: 3082: 3073: 3064: 3055: 3046: 3037: 3025: 3016: 3007: 2998: 2989: 2980: 2971: 2959: 2950: 2941: 2895: 2883: 2874: 2857:Bergen-op-Zoom 2843: 2834: 2825: 2816: 2805: 2793: 2775: 2757: 2719: 2702: 2693: 2684: 2674: 2665: 2653: 2644: 2635: 2623: 2614: 2601: 2592: 2583: 2579:banco a minuto 2556: 2547: 2538: 2526: 2517: 2508: 2499: 2490: 2481: 2472: 2459: 2450: 2433: 2424: 2415: 2405: 2396: 2387: 2378: 2369: 2360: 2351: 2342: 2333: 2324: 2315: 2306: 2297: 2288: 2276: 2267: 2258: 2249: 2240: 2231: 2222: 2213: 2199: 2190: 2181: 2172: 2163: 2154: 2145: 2136: 2127: 2118: 2109: 2092: 2073: 2071: 2068: 2067: 2066: 2061: 2056: 2051: 2046: 2040: 2039: 2025: 2009: 2006: 2005: 2004: 2003: 2002: 2001: 2000: 1999: 1998: 1997: 1996: 1987: 1986: 1985: 1984: 1983: 1982: 1981: 1972: 1971: 1970: 1969: 1968: 1967: 1966: 1963: 1960: 1956:Papal banking 1954: 1951: 1942: 1941: 1940: 1939: 1938: 1926: 1925: 1924: 1923: 1922: 1921: 1920: 1911: 1910: 1909: 1908: 1907: 1906: 1905: 1904: 1903: 1900: 1897: 1894: 1891: 1888: 1873: 1872: 1871: 1870: 1869: 1860: 1859: 1858: 1857: 1856: 1844: 1843: 1842: 1841: 1840: 1836:Florence bank 1825: 1824: 1823: 1822: 1821: 1820: 1819: 1818: 1817: 1816: 1815: 1812: 1803: 1802: 1801: 1800: 1799: 1796: 1793: 1790: 1787: 1784: 1781: 1773: 1772: 1771: 1768: 1762: 1761: 1760: 1757: 1751: 1750: 1749: 1748: 1747: 1741: 1740: 1739: 1733: 1732: 1731: 1728: 1722: 1713: 1710: 1701: 1700: 1699: 1698: 1697: 1696: 1695: 1694: 1693: 1687: 1686: 1685: 1682: 1676: 1675: 1674: 1668: 1667: 1666: 1657: 1654: 1633: 1630: 1585:excommunicated 1569:Pope Eugene IV 1545: 1542: 1538:Pope Sixtus IV 1517:King of Naples 1440: 1437: 1377: 1374: 1309:Venetian ducat 1260: 1257: 1196: 1193: 1134:Gherardo Bueri 1114:Antonio Bonafè 1048: 1045: 1044: 1043: 992: 958: 947:banco a minuto 933:banco a minuto 906: 871: 868: 834: 831: 830: 829: 826: 823: 820: 817: 812: 809: 771: 768: 702:Giovanni Cambi 652:Ottoman Empire 611: 608: 582: 579: 527: 524: 512: 509: 450: 447: 381: 378: 323:Mugello region 314: 311: 309: 306: 241: 240: 202: 196: 195: 192: 186: 185: 182: 179: 176: 175: 173: 172: 167: 165:Retail banking 162: 157: 152: 146: 144: 140: 139: 137: 136: 131: 126: 121: 116: 111: 105: 103: 100: 97: 96: 80: 76: 75: 72: 68: 67: 64: 60: 59: 56: 52: 51: 42: 38: 37: 15: 9: 6: 4: 3: 2: 5527: 5516: 5513: 5511: 5508: 5506: 5503: 5501: 5498: 5496: 5493: 5491: 5488: 5486: 5483: 5481: 5478: 5476: 5473: 5471: 5468: 5466: 5463: 5461: 5458: 5457: 5455: 5439: 5437: 5434: 5431: 5429: 5426: 5424: 5421: 5419: 5416: 5415: 5413: 5409: 5401: 5398: 5396: 5393: 5391: 5388: 5386: 5383: 5381: 5380:Reggio Emilia 5378: 5376: 5373: 5371: 5368: 5366: 5363: 5361: 5358: 5357: 5356: 5353: 5351: 5348: 5346: 5343: 5341: 5338: 5336: 5333: 5332: 5330: 5328: 5327:Ancient banks 5324: 5318: 5315: 5313: 5310: 5308: 5305: 5303: 5300: 5296: 5293: 5292: 5291: 5290:Deutsche Bank 5288: 5286: 5285:Credit Suisse 5283: 5279: 5276: 5274: 5271: 5267: 5264: 5262: 5259: 5257: 5254: 5251: 5250: 5249: 5246: 5245: 5244: 5241: 5239: 5236: 5232: 5229: 5228: 5227: 5224: 5222: 5219: 5217: 5216:Bank of China 5214: 5212: 5209: 5207: 5204: 5199: 5198: 5197: 5194: 5193: 5191: 5189: 5188:Foreign banks 5185: 5176: 5174: 5171: 5170: 5168: 5166:Banca Profilo 5165: 5163:Banca Sistema 5162: 5159: 5157: 5154: 5152: 5149: 5147: 5144: 5141: 5139: 5136: 5133: 5131: 5128: 5126: 5123: 5121: 5118: 5117: 5115: 5111: 5104: 5102: 5099: 5096: 5094: 5091: 5088: 5086: 5083: 5081: 5078: 5076: 5073: 5071: 5068: 5066: 5063: 5061: 5058: 5053: 5050: 5049: 5048: 5045: 5044: 5042: 5038: 5031: 5029: 5026: 5022: 5019: 5017: 5014: 5012: 5009: 5008: 5006: 5003: 5002: 5000: 4994: 4988: 4985: 4982: 4979: 4976: 4974: 4971: 4968: 4965: 4962: 4960: 4957: 4955: 4952: 4949: 4947: 4944: 4941: 4939: 4936: 4934: 4931: 4928: 4926: 4923: 4922: 4920: 4912: 4906: 4903: 4901: 4898: 4894: 4891: 4890: 4889: 4888:Banca di Asti 4886: 4882: 4879: 4878: 4877: 4874: 4869: 4866: 4865: 4864: 4861: 4859: 4856: 4855: 4853: 4847: 4841: 4838: 4836: 4833: 4829: 4826: 4824: 4821: 4819: 4816: 4814: 4811: 4810: 4809: 4806: 4802: 4801:Banca Esperia 4799: 4796: 4795: 4794: 4791: 4787: 4784: 4783: 4782: 4779: 4775: 4772: 4769: 4768: 4767: 4764: 4763: 4761: 4753: 4745: 4742: 4740: 4737: 4735: 4732: 4730: 4727: 4725: 4722: 4721: 4720: 4717: 4713: 4710: 4709: 4708: 4705: 4704: 4702: 4696: 4690: 4687: 4684: 4681: 4678: 4675: 4673: 4670: 4667: 4664: 4662: 4659: 4656: 4653: 4650: 4647: 4644: 4642: 4639: 4637: 4634: 4632: 4629: 4625: 4622: 4620: 4617: 4616: 4615: 4612: 4608: 4605: 4604: 4603: 4600: 4599: 4597: 4595: 4591: 4584: 4573: 4565: 4562: 4560: 4559:Bank of Italy 4557: 4556: 4554: 4552: 4548: 4544: 4539: 4530: 4525: 4523: 4518: 4516: 4511: 4510: 4507: 4493: 4490: 4489: 4488: 4485: 4483: 4480: 4478: 4475: 4473: 4470: 4468: 4465: 4463: 4460: 4458: 4455: 4454: 4452: 4448: 4442: 4439: 4437: 4434: 4432: 4429: 4427: 4424: 4422: 4419: 4418: 4416: 4412: 4406: 4403: 4402: 4400: 4396: 4390: 4387: 4385: 4382: 4380: 4377: 4376: 4374: 4370: 4360: 4357: 4355: 4352: 4351: 4349: 4345: 4339: 4336: 4335: 4333: 4329: 4323: 4320: 4318: 4315: 4314: 4312: 4308: 4302: 4299: 4297: 4294: 4293: 4291: 4287: 4281: 4278: 4276: 4273: 4271: 4268: 4266: 4263: 4261: 4258: 4256: 4253: 4251: 4248: 4244: 4241: 4240: 4239: 4236: 4234: 4231: 4229: 4226: 4224: 4221: 4220: 4218: 4214: 4211: 4207: 4197: 4194: 4190: 4187: 4185: 4182: 4181: 4180: 4176: 4173: 4171: 4168: 4167: 4165: 4161: 4155: 4152: 4150: 4147: 4145: 4142: 4140: 4137: 4135: 4132: 4130: 4127: 4125: 4122: 4121: 4119: 4115: 4109: 4106: 4104: 4101: 4100: 4098: 4094: 4088: 4085: 4083: 4080: 4078: 4075: 4073: 4070: 4068: 4065: 4063: 4060: 4058: 4055: 4053: 4052:Palazzo Pitti 4050: 4048: 4045: 4043: 4040: 4038: 4035: 4034: 4032: 4028: 4022: 4019: 4017: 4014: 4012: 4009: 4007: 4004: 4002: 3999: 3997: 3994: 3992: 3989: 3987: 3984: 3982: 3979: 3977: 3974: 3972: 3969: 3967: 3964: 3962: 3959: 3957: 3956:Cerreto Guidi 3954: 3952: 3949: 3947: 3944: 3942: 3939: 3937: 3934: 3932: 3929: 3927: 3924: 3922: 3919: 3917: 3914: 3912: 3909: 3907: 3906:Collesalvetti 3904: 3902: 3899: 3897: 3894: 3892: 3889: 3887: 3884: 3882: 3879: 3878: 3876: 3874: 3870: 3867: 3863: 3858: 3857:Festina Lente 3852: 3838: 3835: 3834: 3832: 3828: 3822: 3819: 3817: 3814: 3812: 3809: 3808: 3806: 3802: 3796: 3793: 3791: 3788: 3786: 3783: 3781: 3778: 3777: 3775: 3771: 3765: 3762: 3760: 3757: 3755: 3752: 3750: 3747: 3745: 3742: 3740: 3737: 3735: 3732: 3730: 3726: 3722: 3719: 3717: 3714: 3712: 3709: 3707: 3704: 3702: 3699: 3697: 3694: 3692: 3689: 3686: 3683: 3681: 3678: 3676:(Clement VII) 3675: 3672: 3669: 3665: 3662: 3661: 3659: 3655: 3649: 3646: 3644: 3641: 3639: 3636: 3635: 3633: 3629: 3623: 3620: 3618: 3615: 3614: 3612: 3608: 3602: 3599: 3597: 3594: 3592: 3591:Ferdinando II 3589: 3587: 3584: 3582: 3579: 3577: 3574: 3572: 3569: 3568: 3566: 3564: 3560: 3554: 3551: 3549: 3546: 3545: 3543: 3541: 3537: 3531: 3528: 3526: 3523: 3521:(Clement VII) 3520: 3517: 3515: 3512: 3510: 3507: 3505: 3502: 3500: 3497: 3495: 3492: 3490: 3487: 3485: 3482: 3481: 3479: 3475: 3472: 3468: 3464: 3457: 3452: 3450: 3445: 3443: 3438: 3437: 3434: 3428: 3427:economist.com 3425: 3423: 3420: 3419: 3408: 3403: 3399: 3395: 3391: 3386: 3382: 3376: 3369: 3365: 3361: 3356: 3353: 3351:0-393-05827-1 3347: 3343: 3338: 3337: 3330: 3327: 3326:History Today 3323: 3322: 3311: 3307: 3303: 3299: 3295: 3291: 3290: 3284: 3281: 3277: 3273: 3269: 3268: 3262: 3259: 3255: 3251: 3247: 3243: 3239: 3238: 3232: 3229: 3225: 3220: 3216: 3212: 3208: 3204: 3200: 3199:New York City 3196: 3191: 3188: 3187: 3180: 3176: 3172: 3167: 3166: 3152: 3143: 3141: 3132: 3126: 3117: 3110: 3104: 3095: 3086: 3077: 3068: 3059: 3050: 3041: 3032: 3030: 3020: 3011: 3002: 2993: 2984: 2975: 2966: 2964: 2954: 2945: 2935: 2929: 2915:on 2006-08-21 2914: 2910: 2905: 2899: 2892: 2887: 2878: 2870: 2866: 2862: 2858: 2854: 2847: 2838: 2829: 2820: 2814: 2809: 2800: 2798: 2789: 2785: 2779: 2771: 2767: 2761: 2754: 2750: 2746: 2741: 2737: 2733: 2729: 2723: 2716: 2712: 2706: 2697: 2688: 2678: 2669: 2660: 2658: 2648: 2639: 2630: 2628: 2618: 2611: 2605: 2596: 2587: 2580: 2576: 2575: 2570: 2566: 2560: 2551: 2542: 2533: 2531: 2521: 2512: 2503: 2494: 2485: 2476: 2469: 2463: 2454: 2447: 2443: 2440:According to 2437: 2428: 2419: 2409: 2400: 2391: 2382: 2373: 2364: 2355: 2346: 2337: 2328: 2319: 2310: 2301: 2292: 2283: 2281: 2271: 2262: 2253: 2244: 2235: 2226: 2217: 2208: 2206: 2204: 2194: 2185: 2176: 2167: 2158: 2149: 2140: 2131: 2122: 2113: 2106: 2102: 2096: 2089: 2085: 2078: 2074: 2065: 2062: 2060: 2057: 2055: 2052: 2050: 2047: 2045: 2042: 2041: 2037: 2026: 2023: 2012: 1994: 1993: 1991: 1990: 1988: 1979: 1978: 1976: 1975: 1973: 1964: 1961: 1958: 1957: 1955: 1953:Foreign trade 1952: 1949: 1948: 1946: 1945: 1943: 1936: 1935: 1933: 1932: 1930: 1929: 1927: 1918: 1917: 1915: 1914: 1912: 1901: 1898: 1896:Clerical work 1895: 1892: 1889: 1886: 1885: 1883: 1882: 1880: 1879: 1877: 1876: 1874: 1867: 1866: 1864: 1863: 1861: 1854: 1853: 1851: 1850: 1848: 1847: 1845: 1838: 1837: 1835: 1834: 1832: 1831: 1829: 1828: 1826: 1813: 1810: 1809: 1807: 1806: 1804: 1797: 1794: 1791: 1788: 1785: 1782: 1779: 1778: 1777: 1776: 1774: 1769: 1766: 1765: 1763: 1758: 1755: 1754: 1752: 1745: 1744: 1742: 1737: 1736: 1734: 1729: 1726: 1725: 1723: 1720: 1719: 1717: 1716: 1714: 1711: 1708: 1707: 1705: 1704: 1702: 1691: 1690: 1688: 1683: 1680: 1679: 1677: 1672: 1671: 1669: 1664: 1663: 1661: 1660: 1658: 1655: 1652: 1651: 1649: 1648: 1646: 1645: 1644: 1641: 1639: 1629: 1626: 1622: 1616: 1612: 1610: 1605: 1601: 1596: 1592: 1590: 1586: 1581: 1576: 1572: 1570: 1566: 1562: 1559: 1555: 1554:Pope Martin V 1551: 1541: 1539: 1535: 1529: 1527: 1526:Low Countries 1522: 1518: 1513: 1509: 1507: 1502: 1500: 1496: 1492: 1488: 1484: 1480: 1476: 1472: 1468: 1463: 1461: 1457: 1453: 1449: 1445: 1436: 1434: 1433:libro segreto 1428: 1425: 1421: 1417: 1414:in the three 1413: 1410: 1405: 1403: 1398: 1393: 1391: 1387: 1383: 1372: 1310: 1294: 1290: 1286: 1284: 1283: 1277: 1276:exchange rate 1273: 1268: 1266: 1256: 1253: 1249: 1244: 1240: 1218: 1214: 1210: 1205: 1203: 1192: 1170: 1166: 1162: 1158: 1153: 1151: 1150:Abel Kalthoff 1147: 1141: 1139: 1135: 1131: 1127: 1123: 1119: 1115: 1111: 1107: 1103: 1099: 1095: 1089: 1086: 1082: 1078: 1074: 1070: 1066: 1062: 1058: 1054: 1047:Bank branches 1041: 1040:banchi grossi 1037: 1033: 1028: 1024: 1020: 1016: 1012: 1008: 1004: 1000: 999:Benedetto Dei 996: 995:banchi grossi 993: 990: 989:banchi aperti 986: 985:bank failures 982: 981:banchi aperti 978: 974: 970: 966: 965:banchi aperti 962: 959: 956: 952: 948: 944: 940: 939: 934: 930: 926: 922: 921:time deposits 918: 914: 910: 907: 904: 900: 896: 892: 888: 884: 881: 880: 879: 877: 867: 865: 861: 855: 854:frenzied mob. 850: 847: 846: 840: 839:balance books 827: 824: 821: 818: 815: 814: 808: 805: 804:1494 invasion 801: 797: 793: 788: 785: 781: 777: 767: 765: 760: 756: 753: 750: 741: 737: 733: 728: 723: 720: 714: 710: 708: 703: 697: 694: 690: 684: 681: 676: 672: 666: 663: 658: 653: 649: 644: 641: 637: 632: 630: 625: 621: 618:"the Gouty" ( 617: 607: 604: 600: 596: 592: 588: 576: 571: 567: 565: 561: 556: 552: 548: 544: 540: 537: 533: 521: 517: 508: 506: 501: 498: 492: 488: 486: 483:money to buy 482: 476: 474: 470: 465: 461: 456: 446: 444: 440: 435: 430: 429:primogeniture 426: 418: 414: 410: 408: 403: 401: 397: 392: 387: 377: 375: 371: 367: 363: 362:Mediterranean 359: 355: 347: 343: 339: 336: 330: 328: 324: 320: 319:Medici family 305: 303: 299: 295: 291: 289: 285: 281: 277: 273: 268: 266: 261: 260:Medici family 256: 252: 248: 239: 235: 231: 227: 223: 219: 215: 211: 207: 203: 201: 197: 193: 191: 187: 183: 177: 171: 168: 166: 163: 161: 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Saluzzo 4770:Banca Aletti 4739:Banca Apulia 4698:Global banks 4661:Fidi Toscana 4594:Public banks 4583:Italy portal 4551:Central bank 4421:Medici lions 4404: 4398:Institutions 4238:Michelangelo 4196:Old Sacristy 4184:New Sacristy 4057:Villa Medici 3981:L'Ambrogiana 3966:Arena Metato 3856: 3816:Don Giovanni 3724: 3706:Giovan Carlo 3696:Ferdinando I 3663: 3601:Gian Gastone 3581:Ferdinando I 3407:Rinascimento 3406: 3389: 3359: 3335: 3325: 3293: 3287: 3271: 3265: 3241: 3235: 3194: 3184: 3170: 3162:Bibliography 3151: 3131:silver plate 3125: 3116: 3103: 3094: 3085: 3076: 3067: 3058: 3049: 3040: 3019: 3010: 3001: 2992: 2983: 2974: 2953: 2944: 2917:. 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