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Black Currency of Middle Ages and Case for Complementary Currency

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Journal of Risk and Financial Management Article Black Currency of Middle Ages and Case for Complementary Currency Pezhwak Kokabian Department of Economics, Claremont Graduate University, Claremont, CA 91711, USA; [email protected] Received: 16 March 2020; Accepted: 2 June 2020; Published: 3 June 2020 Abstract: Monetary historians argue that two types of currencies were circulating in the middle ages of Europe. The first was the standard historical form of money made up of gold and silver coins, and the second was a set of small pieces of copper and other metallic substances used mainly in towns and townships for local trade as currency. Jetton and tokens are monetized objects that are not official currencies; they were of lower quality of the inferior metallic object, which were used for day-to-day transaction needs. The drive for local monetary decentralization is pointed to build up fiscal autonomy and responsible local monetary institutions. This paper reasons that the monetary regime of the Renaissance was a real and genuine trimetallic currency regime. Keywords: the second currency; complementary currency; middle ages currency; counter-cyclicality; barter 1. Introduction There are several narratives of the historical origins of currency. The majority of economists make a factual error when they equate the origin of money with the history and origins of coinage (Innes 1913), whether we acknowledge that economic history has been eliminated from the curriculums of the majority of western economic departments programs. While the history of currency and coinage may overlap in some periods in the history of humankind, even then, it is a historical fact that money predates coin minting by more than 3000 years. Graeber(2012) argues that money’s emergence from some hypothetical market exchange based on barter relationships has no ground. He argues that money originated as an accounting system for keeping the record of debt. It seems to be an overlooked subject when the coinage system of the pre-gold standard is studied, for which more study and research is expected. The studies that cover medieval and premodern financial institutions recognize that, prior to the establishment and dissemination of the gold standard, as florin was introduced in A.D. 1252, following a period of almost 500 years in which the coinage of Western Europe had been predominantly silver, Europe experienced an efficient, well organized monetary system and a surprising variety of currencies within several assemblies of communities. In many occurrences, the local towns and religious authorities practiced monetary autonomy and issued their currency and coin. 2. Trimetallic Standard of Pre-Renaissance The history of town coinage can be traced back to the early antiquity of towns and cities. The Italian city-state of Florence issued the first recorded city-backed bond. These bonds were endorsed through the legislation of 1344 and 1345. This debt was called the Monte Commune. Monte in Italian means both mountains and funds. In addition to the localized financial structures of cities, the citizens of J. Risk Financial Manag. 2020, 13, 114; doi:10.3390/jrfm13060114 www.mdpi.com/journal/jrfm J. Risk Financial Manag. 2020, 13, 114 2 of 9 J. Risk Financial Manag. 2020, 13, x FOR PEER REVIEW 2 of 10 diverse communities used parallel and multiple metallic means of payment for daily transaction needs. CoinsThe and history tokens of lowerthe United value metalStates, were Napoleonic among daily France trade and and medieval commerce Europe activities. all suggest the existenceThe historyof three of kinds the United of currency States,,Napoleonic which the most France inexpensive and medieval type Europe of currency all suggest was theto play existence as a facilitatorof three kinds of micro of currency,-level trade which and the transactions most inexpensive in isolated type towns of currency and localities was to. play In medieval as a facilitator Europe, of themicro-level currency trade of andthe transactionshigh rate of in circulation isolated towns called and black localities. currency In medieval, and in Europe, parallel, the there currency were of depreciatedthe high rate metallic of circulation coins calledof (up blackto 98%) currency, silver coin. and in parallel, there were depreciated metallic coins of (upTo to mention 98%) silver only coin. its main characteristics, it was a system based on a standard reference unit used to createTo mention two different only its types main of characteristics, currencies: a it standard was a system currency based made on a standardup of gold reference and silver unit coins used (acceptableto create two for di distantfferent trade), types and of currencies: a set of small a standardpieces of copper currency and made other upmetallic of gold substance and silver, referred coins (acceptableto as black forcurrency distant, used trade), mainly and a setin towns of small and pieces townships of copper for and local other trade metallic as currency. substance, They referred were usuallyto as black classified currency, into used four mainly groups in towns of coins, and townshipsméreau (plural for local méreaux), trade as tokens currency. (jetton), They wereand usuallyofficial currencyclassified ( intoprimarily four groupsfor tax purposes) of coins, m. é reau (plural méreaux), tokens (jetton), and official currency (primarilySince these for tax currencies purposes). were made of lower value metal and they would become rusted, they bear the labelSince of these black currencies money. In were the pre made-Napoleon of lower era, value a specific metal and term they applied. would The become term rusted,“mereau they” refers bear tothe kinds label of blackvouchers money. and Intoken the pre-Napoleonthat were used era, as asigns specific of verification term applied., such The as term pass “mereau” or a substitute refers currencyto kinds ofduring vouchers periods and of token monetary that were shortage. used asThe signs mereaux of verification, had a shape such close as pass to tokens or a substitute or coins: theycurrency were duringmostly periodsmade of ofcheaper monetary metal shortage. slices on Thewhich mereaux symbols had were a shapeinscribed close. The to name tokens “mereau or coins:” comesthey were from mostly the Latin made “merere of cheaper” which metal means slices “ onto be which worthy, symbols to deserve were inscribed.” (Kennedy The et nameal. 2012) “mereau”. In the Middlecomes from Ages the, they Latin were “merere” referred which to as means “merel, “to merelle, be worthy, marelles to deserve” and mereaulx (Kennedy”. etMereau al. 2012 predates). In the tokenMiddle, and Ages, it theyseems were to serve referred more to as divine “merel, and merelle, religious marelles purposes; and mereaulx”. in reality, Mereauthe church predates prohibited token, usingand it the seems currency to serve for more an extended divine and period. religious Mereaux purposes; and intokens reality, we there monetized church prohibited objects that using we there notcurrency certified for ancurrencies, extended but period. they ar Mereauxose to be and used tokens for accounting were monetized and measurement objects thatwere purposes not certified during historycurrencies,. but they arose to be used for accounting and measurement purposes during history. As depicted in Figure 11,, twotwo didifferentfferent currencies were used for didifferentfferent socialsocial purposes (Anonymous 1987) 1987, ),as asvarious various authorities authorities were were responsible responsible for issuance for issuance,, authorization authorization,, and legality and judlegalitygment judgment.. (a) (b) Figure 1 1.. DifferenceDifference between between token token and andcurrency currency in France in France;; (a) two (a-)denier two-denier mereau mereau coined coinedby the cathedralby the cathedral chapter; and chapter; (b) a Jacques and (b )Hurault a Jacques de Cheverny Hurault coin de, Cheverny treasurer of coin, France treasurer. (Source: of Méreaux France. (Source:2008). M éreaux 2008). In the fifteenthfifteenth century, mereauxmereaux werewere createdcreated withwith anan equivalentequivalent weightweight value.value. Therefore, it could be convert converteded into a common currency. Due to the inferior value of the metallic substance, they usually were not subject to be taxed. AbbeysAbbeys,, chapters, andand monasteriesmonasteries usedused themthemfrom from the the thirteenth thirteenth century century ( Courtenay(Courtenay 19721972));; they were used as a token of attendance by the canons (priest) at the offices offices and cathedral chapters to g giveive them the right to a mealmeal oror aa portionportion ofof bread.bread. Since issued by religious authorities,authorities, they could not bear interest; they mostly represent a mereau (jeton) and a certificate for the voluntary work done for churches. Méreaux issued by a religious and charter community could then circulate all around the J. Risk Financial Manag. 2020, 13, x; doi: FOR PEER REVIEW www.mdpi.com/journal/jrfm J. Risk Financial Manag. 2020, 13, 114 3 of 9 bear interest; they mostly represent a mereau (jeton) and a certificate for the voluntary work done for churches. Méreaux issued by a religious and charter community could then circulate all around the township like other coins in circulation. The record of mereaux is mostly documented in French sources; there are limited references in the English historical records. These coins exhibit local circulation and have rarely been recorded being used and circulated
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