Massolino and Masaccio (1401-1428, Early Renaissance)Īvailable evidences suggest that by 1400, Europe surpassed China and Japan in terms of per capita GDP. Were gradually developed, and the Portuguese and Spaniards began to One ton (32000 oz) of gold is worth about $40 million.įrom the end of the 15th century, navigation skills (6 billion oz in 2017, worth $7 trillion). Was not produced again in significant quantities until the 20th century. Venetian Ducat (coins issued by a Doge/Duke) was minted in 1284, but As the bank handling the Vatican's finance in Europe, Florence emerged as the banking center.
Florence became a major exporter of wool and silk to Europe. It took a century for Florence to develop the silk industry. Moreover, two of Lorenzo Magnifico's grandsons became the pope. Cosimo Il Vecchio (the elder/reign: 1434-1464) supported Baldassare Cossa, who became the (anti)pope, and the Medici bank began to handle the Vatican's finance throughout Europe. 25% of Florentines were engaged in the wool industry. Minted the florin in 1251, which was the most trusted currency in Europe. Suddenly became a major power, competing with Genoa, especially afterĪrsenale Nuovo (shipyard) was built in 1320.Īrsenale served not only as a shipyard, but also was responsible for maintenance of 3000 galleys. Reestablished in 1261, and lasted for two more centuries until 1453įrescoes of Capella Brancacci, Florence show the Renaissance architecture and the bankers wearing silk clothes and turbans, indicating trade with the Middle East. Of Constantinople in 1204 AD, the Byzantine empire was almost broken. Suspension of gold production was a primary cause of the great recession in the Western Europe for about a thousand years Production of gold was suspended throughoutĮurope after the fall of the Roman Empire. Solidus replaced aureus of Augustus, and is the origin of "solid" and "soldier" (one who is paid in solidus). Solidus of Constantine minted in 325 AD (Wikimedia). From the 3rd century AD, Roman soldiers were replaced by hiredįoreign mercenaries, and financial support was insufficient. Why weigh coins? Gresham's law: Bad money drives out good money (SirĮconomic reason for the Dark Age (5th - 13th century)ĭue to trade deficits with Asia, Romans gradually began to neglect to support the Roman Is a gold medallion of Constantine, who founded the Byzantine Empire (Mayīritish pound: pound refers to the amount of silver coined The original gold coins of Croesus and other historic gold coins. In 43 AD, Claudius appointed Aulus Plautius as first governor of Roman Britain and built Londinium. (No alphabet, no kings yet.) Britain had people who could become slaves, wool (needed to make Roman togas), tin and lead, but Caesar failed to conquer Britain. This is the beginning of British history. Roman invasion of Britain (55 & 54 BC): Caesar was initially looking for gold. Gold was a primary medium of exchange in the Roman Empire. Siddharta, Confucius, Lao Zi, and King Croesus wereĬonfucius' travel (12 years, 501 - 489 BC). (If iron was inside, it would be difficult to stamp the coins.) The Lydian emblem of a lion, or a lion's paws, cutting the metal to A punchĪnd anvil die was used to stamp the coins with
That flowed past Sardis, Lydia's capital. Were changing hands in the 6th century BC in Anatolia, in the kingdomĮlectrum, a natural alloy of gold and silver found in the River Pactolus The ruins of the Temple of Artemis in Sardis (Shutterstock)Īccording to Graham Levy, the earliest known coins Sixth Century BC: Period of Economic and Religious Awakening The single electron on the outermost orbit may ensure stability (nonoxidization) Gold does burn at 1943 degree F. Platinum has one electron on the 6th circuit (but Silver has one electron on the 5th circuit of electrons. Gold has one electron on the 6th circuit. (melting point: G =1064 o C, silver = 962 o C, platinum Plutarch: "Who would rob such a person with heavy iron money? Who would take money as a bribe?" But they were heavy (difficult to handle), and rusted (not a good store of value.). (c) Contemporary Monetary System (1973 - )Ībout 600 BC, Spartans (Lycurgus, the lawgiver of Sparta) banned the use of gold and silver, and adopted iron discs as currency. In the 1870s, America entered the modern age with significant technological changes: light bulbs and phonographs had been invented. Evolution of International Monetary Systemsīefore the Gold Standard (550 BC - 1870 AD)
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