Taula de canvi facts for kids
The Taula de canvi (which means "Table of change" in Catalan) was a special type of public bank that existed a long time ago. These banks were run by cities in the Crown of Aragon, a powerful kingdom in Europe during the late Middle Ages and early modern period. The Taula de canvi in Barcelona, which started in 1401, was so important that some people call it the first-ever central bank.
Contents
Barcelona's Taula de Canvi
The very first Taula de canvi was created in the city of Barcelona. The city's main government, called the Consell de Cent, asked for a public bank to be set up on April 25, 1400. It officially opened its doors on January 20, 1401. This important bank was located inside Barcelona's Llotja de Mar, a building used for trading.
How it Worked and Who Ran It
The rules for the Taula, written down around 1405, are the oldest rules for a public bank that we still have today. These rules stayed mostly the same for 300 years! The Taula was completely owned by the city of Barcelona. This meant the city promised to protect all the money people put into the bank.
The city chose the people who worked at the Taula, called taulers, and the cashier. They worked for two years and were paid by the city. Other important staff, like the person in charge of deposits and the notary (who kept records), worked there for life. The bank's money chests had six keys. Two keys were held by the taulers, and two were held by city leaders. The city also regularly checked the bank's books to make sure everything was correct.
In 1609, the city created a new department called the Bank of the City of Barcelona (Banc de la Ciutat). This new part of the bank could accept coins that were not as perfect as those accepted by the main Taula. But in reality, it worked very closely with the Taula, almost like an extension of it.
What the Taula Did
The main goal of the Taula was to create a safe and easy way for people to put their money in the bank and transfer it to others. It also helped the city by providing money when needed. From 1413, it also managed money for the government of Catalonia.
People could put money into the Taula in two ways:
- Sight deposits: Money they could take out whenever they wanted.
- Term deposits: Money they agreed to leave in the bank for a set time.
They could deposit coins or even jewellery. People could transfer money between accounts as long as they didn't try to spend more money than they had (called an overdraft). This ability to transfer money made it like an early central bank. People even used Cheques from the 1520s!
The bank operated at its special table, which was covered with a carpet showing Barcelona's city symbol. It was open every workday from 8 to 10 in the morning.
The Taula was very important from the start. Its oldest record book shows over 500 different accounts. It held money for the government, the Barcelona Cathedral, religious groups, trade organizations, military groups, and even the kings of Aragon.
The Taula had a special right to handle certain types of deposits, like money belonging to children. From 1446 to 1499, it was also the only place that could handle the exchange of certain financial papers. It competed with private banks for deposits, but unlike them, it didn't pay interest on money that could be taken out anytime.
Difficult Times and Its End
The Taula had to stop letting people take out their money during several wars:
- From 1463 to 1468 during the Catalan Civil War.
- From 1640 to 1653 during the Reapers' War.
- From 1706 to 1713 during the War of the Spanish Succession.
During these last two wars, the Banc de la Ciutat also stopped payments. After the 1468 war, people who had money in the bank could either get city bonds (like a loan to the city) or wait longer to get their money back. After this, the Taula was not allowed to lend money to the city anymore.
After the Siege of Barcelona (1713–14), the Taula continued but with fewer services. The Banc de la Ciutat was completely separated from the city and controlled by the Spanish government. In 1812, payments were stopped again. Over time, the Taula's remaining activities were taken over by other banks. It was finally absorbed by the Bank of Spain in 1853 and stopped paying its last employees in 1865.
Taula de Canvi in Valencia
The city of Valencia also had several Taules de canvi over the years. The first one was from 1408 to 1416. Later ones were called Taula Nova (from 1519 to 1649) and Taula Novisima (from 1649 to 1719). The Taula in Valencia also acted as a bank for deposits and managed the city's money.
Taula de Canvi in Girona
A king's document allowed a Taula de canvi to be created in Girona on January 23, 1443. The City Council started the bank again on February 28, 1568. It continued to operate until King Philip V ordered it closed in 1741.
Other Taules de Canvi
Taules de canvi were also set up in other cities, including Perpignan (1404), Vic (1413, 1583), Tarragona (1420), Palma de Mallorca (1507), Lleida (1585), and Cervera (1599). A similar bank for common deposits also existed in Zaragoza from the 1400s to the 1700s. It's interesting to note that there weren't similar banks in Castile (another part of Spain) until the Banco Nacional de San Carlos was created in 1782.
See also
In Spanish: Taula de canvi para niños
- Gran Tavola
- Bank of Saint George
- Banco del Giro
- Bank of Amsterdam
- Hamburger Bank
