interest and profit
“excessive fear or extraordinary avarice“
vellon is bad.
bad money drives out good
coins are more portable
Moneta nigellorum
” Black money “?
What makes a coin ‘bad’?
all money is equally good
nigellorum; vellon coins.
Nigellorum
The passage you provided appears to be in medieval Latin, discussing the use of silver in currency and the creation of lower value coins. Here’s a translation and interpretation of this text in English:
“And since in every region silver is not always sufficiently available, or the small amount of silver that should justly be given for a loaf of bread is less tangible due to its extremely small size, therefore a mixture was made of less valuable material with silver; hence arose black money, which is suitable for small trades.”
This passage talks about the practical issues in using silver, a valuable metal, for everyday transactions like buying bread. Due to the high value of silver, it wasn’t practical to use it for small purchases. To address this, lower value coins were created by mixing silver with less valuable materials. This innovation, referred to as “black money” in the text, made everyday transactions more feasible.
The concept reflects an early understanding of the need for a practical currency system, where different denominations of money are necessary for different scales of trade. It’s an early example of monetary innovation, showing how societies adapt their currency systems to meet the practical needs of commerce and daily life. This topic aligns with your interests in innovation and entrepreneurship, illustrating how even in ancient or medieval times, societies innovated to solve practical problems and facilitate economic activities.
and since every time in any country it is not fated to drink competently from silver, nay, a small portion of silver, such as should be given for a pound of bread, is less well palpable because of its excessive smallness, therefore it was made
a mixture of less good material with silver; 6 From this he had the rise of black money, which is suitable for minute trade.
& quoniam allquoties in allqua regione non fatis competenter babetur de argento, imo portiuncula argenti, qiiae jufte dari debet pro libra panis, effet minus bene palpabilis propter nimiam parvitatem, ideo facta fuit
mixtio de minus bona materia cum argento;Â 6Â inde habuit ortum nigra moneta, quae eft congrua pro minutis mercaturis.
Your quote seems to be from a medieval or early Renaissance text, discussing the use of currency, specifically silver, and the creation of lesser value coins for smaller transactions. This passage reflects the historical development of currency systems, where metals of lesser value were mixed with silver to create smaller denominations, suitable for everyday transactions. This was a response to the impracticality of using pure silver for small purchases due to its high value and the difficulty in dividing it into smaller, more manageable amounts.
This development had significant implications for economics, trade, and society. It made commerce more accessible and practical, allowing for a wider range of transactions and economic interactions among different classes of society. It also reflects the evolution of monetary policy and the complexities of maintaining value and trust in a currency system.
The creation of lesser value coins, or what is referred to here as “nigra moneta,” can be seen as an early form of financial innovation, a topic that resonates with your interest in innovation and entrepreneurship. It shows how economic needs drive innovation, even in something as fundamental as currency, and how these innovations can have far-reaching effects on society and commerce.