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Medieval Goldsmiths and Investment: The Origins of Banking

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In medieval Europe, goldsmiths were not just artisans but pioneers who laid the groundwork for the modern financial system. Starting with gold storage services, they evolved into lending and credit issuance, forming the basic structure of finance. This article explores the role of medieval goldsmiths and their lasting influence on contemporary finance. --- ## Financial Roles of Medieval European Goldsmiths ### 1. **The Beginning of Gold Storage Services** Goldsmiths in medieval Europe provided secure storage for gold and precious metals, which later became the foundation of banking. - **Modern Application**: Gold storage services laid the groundwork for modern bank vaults, establishing the basics of secure asset management. --- ### 2. **The Emergence of Credit Issuance** Goldsmiths issued certificates for stored gold, which became tradable in transactions. This was an early form of credit currency. - **Modern Application**: These certificates evolved into modern checks and...

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