History of Banking

By pminha
  • Mar 6, 1202

    Liber Abaci created

    Fibonacci, the writer of the Liber Abaci, emphasized the use of hindu-arabic numerals in his book. This made calculations a lot more easier, and calculations for interest (or commissions) became easier.
  • Jan 1, 1397

    Medici Bank Created

    Bypassed usury by the conversion of currencies and charging commissions
  • Mar 6, 1438

    Incan Empire founded

  • Jan 1, 1516

    Creation of the Venetian Ghetto

    Creation of the "Geti", which were used previously as pawn shops, becoming banks in the future. The Jews were the "pioneers" of banking, as the Church's ban of usury did not apply to them.
  • Aug 29, 1533

    Spaniards execute the last Incan Emperor

    This brought back an immense amount of silver back to Europe, essentially causing a huge inflation.

  • Creation of the Dutch East India Company

    The Dutch East India Company was the first company to sell shares and therefore stocks, which boosted the company's worth and abilities to earn profit.

  • War bonds distributed for the War of 1812

    ~$11m earned for the war, first example of war bonds