The Zecca Mint: A Self-Enforcing Monetary Constitution in Historic Venice

Abstract

Monetary history is largely a repeated narrative of currency debasement. Yet historic Venice (1172-1797), ruled by elite patricians, stands out as an example of relative monetary stability. This paper provides a historical case of Venice’s Zecca Mint which provided the elite patricians of Venice with a stable currency, playing a role in fostering the economic success of the Republic of Venice. This paper identifies three factors that together formed a self-enforcing monetary constitution to inhibit public currency debasement in historic Venice: (i) the assignment of public debt to patricians; (ii) the nearly uniform trade-centric focus of the patricians; and (iii) the use of turn-taking in office for mintmasters. Full-text access to a view-only version of this paper: https://link.springer.com/epdf/10.1007/s10101-021-00260-z?sharing_token=GZ6NtVZgZCy_ot46XBQ_hfe4RwlQNchNByi7wbcMAY4vh_4HQsZVs6MYG6-UUdxHku3tauV2mACmdzCwVDSiQ-SSDbPMjrgzLSNwuXSbL5gtg6QUef8QX0f9nMyhVqqjBOutWsQepPFADTCIBsPQyMx9m2m7rlURvKoajtdW-k8%3D