Abstract

This article investigates particular issues that remain unexplored or unsettled in the state-controlled banking services sector in Byzantium , comprising the guilds of dealers in bullion and the bankers . It establishes that money-changing remained the exclusive prerogative of the trapezitai and was safeguarded by guild regulations aiming to secure the soundness of the monetary system, while money-lending was governed by statute law and was carried on by trapezitai in competition with other guild members making loans as a sideline activity and private money-lenders operating outside the guild system. The argyropratai dealt in precious metals and stones, undertook appraisals of valuables for a fee, and made, sold or repaired jewelry. The guilds' occupational exclusivity in money-changing and trading and precious metals did not establish a market monopoly, as the guild system did not aim to advance the members' economic interests, thwart intra-guild competition, or achieve equality of financial results for the membership. Neither the state nor the guilds set commissions on currency transactions, prices of precious metals, or fees for services, such determination being left to market forces