Early Romans, as with most early peoples, didn\u2019t really utilize currency for trade. Commerce centered around bartering, which consisted of just trading desired items, rather than bothering with an intermediary of cash. However, as the Roman Empire and economy expanded, so did the need for a consistent medium for exchange. Thus, Roman currency was born. <\/p>\n\n\n\n
The origins of Roman currency lie with temples. Coins were first minted in temples, and the first banks were temples. Priests would keep a tight track of accounts and store money for citizens and for the state. As time went on, temples naturally progressed to also offering basic loan and currency exchange services, building the backbone of Roman banking.\u00a0<\/p>\n\n\n\n
The banking system expanded significantly in 356 B.C, when, according to Livy, a debt crisis came about. Many average Romans were forced to take out more loans or sell freedoms to stay afloat. The Senate authorized several mensarii to open some small public banks and offer fair loans and buyouts to stabilize the market. Mensarii would continue to be pulled out whenever such crises arose.<\/p>\n\n\n\n
Another government-backed part of the banking system was the Nummulari. Originally tasked with checking the purity of new coins for the government and distributing new currency, they soon began testing coins for private citizens and offering loans and deposit services.\u00a0<\/p>\n\n\n\n
Soon, the private market would also arise. Argentarii, who were originally money changers or currency exchangers, began accepting deposits and making loans. As they became more sophisticated, they became much closer to modern banks and were more properly established and regulated through collegia and dedicated taberna areas. Average private creditors, called venatores, were much more predatory and closer to the modern loan shark.\u00a0<\/p>\n\n\n\n
Ultimately, though many foundations for the modern banking system can be found here in the past, the past was nothing like today. Though regulations and standards improved through the years, there were no protections anywhere near modern levels. A number of situations could lead to loss with no set way for recuperation; the system didn\u2019t have the checks and safeguards in place.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Early Romans, as with most early peoples, didn\u2019t really utilize currency for trade. Commerce centered around bartering, which consisted of just trading desired items, rather than bothering with an intermediary of cash. However, as the Roman Empire and economy expanded, so did the need for a consistent medium for exchange. Thus, Roman currency was born. […]<\/p>\n","protected":false},"author":1,"featured_media":794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"single-no-separators","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15,16],"tags":[],"class_list":["post-791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-history"],"yoast_head":"\n