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The dual currency system of Renaissance Europe

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  • Fantacci, Luca

Abstract

The monetary system of late medieval and early modern Europe has been commonly described as irrational, in the light of later commodity money standards. In particular, the alterations in the legal value and/or in the metal content of most coins throughout this period have been regarded as a source of disorder and as a product of ignorance and abuse. This article suggests that the whole system, and its apparently awkward articulations, may have been deliberately designed to ensure complementarity between domestic and foreign trade. From this perspective, monetary alterations appear as the levers of a peculiar form of monetary policy, with an extra degree of freedom compared to more modern instruments, and equally open to being managed or mismanaged.

Suggested Citation

  • Fantacci, Luca, 2008. "The dual currency system of Renaissance Europe," Financial History Review, Cambridge University Press, vol. 15(1), pages 55-72, April.
    • Handle: RePEc:cup:fihrev:v:15:y:2008:i:01:p:55-72_00
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    Cited by:

    1. Nikolay Nenovsky, 2009. "On Money as an Institution," ICER Working Papers 12-2009, ICER - International Centre for Economic Research.
    2. Jérôme Blanc, 2017. "Unpacking monetary complementarity and competition: a conceptual framework," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(1), pages 239-257.
    3. Jérôme Blanc, 2018. "Tensions in the triangle: monetary plurality between institutional integration, competition and complementarity," Evolutionary and Institutional Economics Review, Springer, vol. 15(2), pages 389-411, December.
    4. F. Lima C. & R. Sousa M. & Ф. Лима С. & Р. Де Соуса М., 2017. "Монетарная система Португальско-Бразильской империи: меняющаяся роль «провинциальной» денежной системы в XVII и XVIII веках // The Monetary System of the Luso-Brazilian Empire: the Changing Role of th," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 5(2), pages 68-74.
    5. Nikolay Nenovsky, 2010. "The Economic Sociology of Ivan Pososhkov (1652 - 1726)," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 84-98.
    6. Nogues-Marco, Pilar & Esteves, Rui, 2019. "Monetary Systems and the Global Balance-of-Payments Adjustment in the Pre-Gold Standard Period, 1700-1870," CEPR Discussion Papers 13652, C.E.P.R. Discussion Papers.
    7. Golemi, Ela & Muço, Klodian, 2020. "Complementary currency as an instrument for economic development in the western Balkans," SEER Journal for Labour and Social Affairs in Eastern Europe, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 23(1), pages 77-90.

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