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Venice's 1499 Banking Crisis (Part I - Failure of Garzoni Bank) - The Tontine Coffee-House

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Various Italian city-states excelled in banking as it existed in 15th century Europe. In or around this period, Siena, Florence, Venice, and Genoa each were home to some of the largest European financial institutions of their day. Some lasted for over a century, others for only a small fraction of that time. Though the conditions of 15th century Europe may have been conducive to the survival and development of banking generally, they were not conducive to the survival and development of any singular bank. In Venice, two of the city’s largest banks failed in a 1499 crisis that almost destroyed the entirety of the city’s banking system. This is the first of a two-part series on Venice’s 1499 banking crisis, covering events leading to the failure of Venice’s largest bank.             Venice was a major port city trading in spices, silk, and precious metals during the Late Middle Ages and Renaissance. From Venice, silver and copper from Austria and Hungary, along with other metals like tin

Various Italian city-states excelled in banking as it existed in 15th century Europe. In or around this period, Siena, Florence, Venice, and Genoa each were home to some of the largest European financial institutions of their day. Some lasted for over a century, others for only a small fraction of that time. Though the conditions of 15th century Europe may have been conducive to the survival and development of banking generally, they were not conducive to the survival and development of any singular bank. In Venice, two of the city’s largest banks failed in a 1499 crisis that almost…

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