A History of Banking
Roman Money-Changers and Bankers
How Roman argentarii changed money, took deposits and made loans in the Forum, and how credit crises occurred even in ancient Rome.
Ancient Rome had professional bankers.
Argentarii
- Argentarii worked at tables (banca, the origin of “bank”) in the Forum.
- They exchanged coins, held deposits and made loans.
- They acted as auctioneers and witnesses to transactions.
Credit
- Wealthy Romans lent money for trade, property and politics.
- Senators were officially barred from commerce but often lent through agents.
Crises
- In 33 CE, a credit crisis hit Rome when a law enforcing lending rules caused creditors to call in loans, crashing land prices.
- Emperor Tiberius injected money as interest-free loans to stabilise the system, an early bailout.
Legacy
Words like “bank” (from Italian banco, bench) and ideas of deposits and credit trace back to ancient practices.
The bench
A Roman trader visits a money-changer's table in the Forum to swap Greek coins for Roman denarii before buying goods.
Thinking financial crises are modern
Rome had a credit crisis in 33 CE.
Key takeaways
- Roman argentarii exchanged coins, held deposits and lent money.
- The word "bank" comes from the bench or table.
- Rome faced a credit crisis in 33 CE.
- Tiberius provided interest-free loans to stabilise it.
No recording for this one yet - EconReader can read it aloud for you.