Money changer is a trade involving exchanges of coins in different denomination. It is thought generally to be the origin of modern banking in Europe. During medieval times in Europe, many cities and towns issued their own coins, often carrying the face of a ruler, such as the regional baron or bishop. When outsiders, especially travelling merchants, visited towns for a market fair, it became necessary to exchange his foreign coins to local ones at local money changers.

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  • Money changer is a trade involving exchanges of coins in different denomination. It is thought generally to be the origin of modern banking in Europe. During medieval times in Europe, many cities and towns issued their own coins, often carrying the face of a ruler, such as the regional baron or bishop. When outsiders, especially travelling merchants, visited towns for a market fair, it became necessary to exchange his foreign coins to local ones at local money changers. Money changers would assess a foreign coin for its type, wear and tear and possible counterfeit, then accept it as deposit, recording its value in local currency. The merchant could then withdraw the money in local currency to conduct trade or, more likely, keep it deposited and use its clearing facility to conduct trade. In the market, most large transaction were done not by cash/coins, but by transfer order of funds on the books kept at the local money changer(s). After a market/fair ended, merchants gathered at the local money changers and withdrew their deposit in their own different currencies. The rate of exchange between different foreign currencies and the local one were fixed between the opening and the closing days of the market. As the size and operations of money changers grew, they began to provide a lending facility, hiding the interest rate in foreign exchange rate transaction. This was necessary due to Catholic Church's prohibition against usury.
  • Geldwechsler ist ein mit dem Aufkommen von Münzen seit alters her bekannter kaufmännischer Beruf. Wie der Name sagt, tauscht der Anbieter gegen Entgelt fremde Zahlungsmittel in orts- oder landesübliches Geld um. In den Industriestaaten erledigen inzwischen Wechselstuben solche Geschäfte mit Kunden. Die Entwicklung der Geldwechsler ist eng mit der Münz- und Geldgeschichte verbunden. Eine Blütezeit ist im Mittelalter bekannt. Man geht allgemein davon aus, dass in dieser kaufmännischen Tätigkeit die Ursprünge der modernen Kreditinstitute liegen.
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  • Money changer is a trade involving exchanges of coins in different denomination. It is thought generally to be the origin of modern banking in Europe. During medieval times in Europe, many cities and towns issued their own coins, often carrying the face of a ruler, such as the regional baron or bishop. When outsiders, especially travelling merchants, visited towns for a market fair, it became necessary to exchange his foreign coins to local ones at local money changers.
  • Geldwechsler ist ein mit dem Aufkommen von Münzen seit alters her bekannter kaufmännischer Beruf. Wie der Name sagt, tauscht der Anbieter gegen Entgelt fremde Zahlungsmittel in orts- oder landesübliches Geld um. In den Industriestaaten erledigen inzwischen Wechselstuben solche Geschäfte mit Kunden. Die Entwicklung der Geldwechsler ist eng mit der Münz- und Geldgeschichte verbunden. Eine Blütezeit ist im Mittelalter bekannt.
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  • Money changer
  • Geldwechsler
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