Abstract
Monetary historians argue that two types of currencies were circulating in the middle ages of Europe. The first was the standard historical form of money made up of gold and silver coins, and the second was a set of small pieces of copper and other metallic substances used mainly in towns and townships for local trade as currency. Jetton and tokens are monetized objects that are not official currencies; they were of lower quality of the inferior metallic object, which were used for day-to-day transaction needs. The drive for local monetary decentralization is pointed to build up fiscal autonomy and responsible local monetary institutions. This paper reasons that the monetary regime of the Renaissance was a real and genuine trimetallic currency regime.
Highlights
There are several narratives of the historical origins of currency
The majority of economists make a factual error when they equate the origin of money with the history and origins of coinage (Innes 1913), whether we acknowledge that economic history has been eliminated from the curriculums of the majority of western economic departments programs
As Spano and Martin (2018) proposed that if the complementary currency is tied and coupled with unemployment benefits, it provides a replacement for the efforts and labor absorbed by the community
Summary
There are several narratives of the historical origins of currency. The majority of economists make a factual error when they equate the origin of money with the history and origins of coinage (Innes 1913), whether we acknowledge that economic history has been eliminated from the curriculums of the majority of western economic departments programs. While the history of currency and coinage may overlap in some periods in the history of humankind, even it is a historical fact that money predates coin minting by more than 3000 years. Graeber (2012) argues that money’s emergence from some hypothetical market exchange based on barter relationships has no ground. He argues that money originated as an accounting system for keeping the record of debt. The studies that cover medieval and premodern financial institutions recognize that, prior to the establishment and dissemination of the gold standard, as florin was introduced in A.D. 1252, following a period of almost 500 years in which the coinage of Western Europe had been predominantly silver, Europe experienced an efficient, well organized monetary system and a surprising variety of currencies within several assemblies of communities. The local towns and religious authorities practiced monetary autonomy and issued their currency and coin
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