![]() They also determined the value of foreign coins and tested the genuineness of coins ( probatio nummorum). When large payments were involved, the argentarii were almost always present. In commercial transactions, they acted as agents for either party (the seller or the purchaser) and could be involved in selling the entire estate of a person. They were almost always present in public auctions acting on behalf of other persons, receiving payments and registering the parties involved, the transactions, the articles sold and their price. When the money was deposited for an interest paid by the argentarius, the argentarius could use the money in other lucrative transactions (for example, loaning money to other persons).Įlias Rovielo (CC BY-NC-SA)The argentarii were involved in public auctions and in commercial transactions. When the money was merely deposited, the argentarius paid no interest and the money was called vacua pecunia. ![]() These records were looked upon as documents of high authority and used in courts of justice as unquestionable evidence. The codices were very accurate they recorded dates and every transaction. If two persons involved in a transaction used the same argentarius, the argentarius would record ( scribere) in his books called codices (or tabulae, rationes) the transfer of money from one account to the other. Payments were made when the owner of the money told the argentarius or when the owner used a cheque ( perscriptio) to make a payment. The argentarii also kept money deposited by other persons ( depositum), which could sometimes amount to very large sums of money, and made payments on behalf of other persons, just as modern banks do. They had to know the exact value of a foreign coin in different places and at different times. The argentarii also became involved in bills of exchange (already common in Greece): they received a sum of money, for example, to be paid in Athens and they drew a bill payable in Athens by another banker in the Greek city. Permutatio or currency exchange was done for a small fee ( collybus). Some were highly respected and from the upper class, usually the ones carrying out business on a large scale and for very wealthy people while some were looked down upon, usually the ones charging high rates and doing business on a small scale. Their job greatly resembled that of modern-day banks. They had shops or stalls around the Forum (owned by the state and built by the censors) and their role expanded over time to include almost every money transaction including holding money, lending money, participating in auctions, determining the value of coins (and detecting forged coins), and circulating newly minted money. The argentarii's main function was to exchange foreign currency for Roman currency ( permutatio). They belonged to a guild which accepted only a limited number of new members. The argentarii, also called a rgenteae mensae exercitores, argenti distractores or negotiatores stipis argentariae, were private persons, free citizens, independent from the State. Three types of persons conducted banking activities in Rome: the argentarii, the mensarii and the nummularii. ![]() Some temples such as the Juno Moneta temple were also mints.Īrgentarii performed many transactions including holding money, lending money, participating in auctions, determining the value of coins (and detecting forged coins), & circulating newly minted money. The Temple of Saturn in Rome housed the Aerarium which was Rome's public treasury. There were literally thousands of temples throughout the Roman territories that were also repositories noting that during the Empire public deposits gradually started to be held in private repositories. Temples did not pay interest on deposits but charged interest on loans and were involved in currency exchange and validation. Priests kept track of deposits and loans. Money was commonly stored in various different temples for both practical and security reasons as a temple could catch fire or be ransacked. Because they were always occupied by devout workers and priests and regularly patrolled by soldiers, wealthy Romans felt they were safe places to deposit money. Many temples held in their basements the Romans' money and treasure, and were involved in banking activities such as lending. Just as in other ancient civilizations, the first banks in Rome began in the temples consecrated to the ancient Gods.
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