Black money, white money and the circulation of parallel currencies in Venetian Crete

Sotiropoulou, Irene

Abstract

The paper is based in preliminary research concerning the monetary policies adopted by the Venetian rulers of Crete in the Middle Ages and the implications of the system of black and white money that they used.

By the terms "black money" and "white money" we mean the issuance by minting authorities of at least two series or two types of currency : one with a high percentage of precious metal, called "white mooney"; and another with a very low percentage of precious metal, called "black money", which was of very low value and widely-used for low value transactions.

Therefore, the paper attempts first to investigate some main points of the circulation of monetary instruments in Venetian Crete, or on and off the island; second, to form some main research questions related to the liquidity problems the Cretan economy faced at the time, particularly how the monetary flows affected the island economy or were affected by the general economic activity and wealth flows; and third, to raise points not to be missed in future research concerning the connection of class and general social structure to the monetary system of the era.

Citation

Sotiropoulou, I. (2018). Black money, white money and the circulation of parallel currencies in Venetian Crete. In Proceedings of the 12th International Congress of Cretan Studies, vol. B (Middle Ages). Society of Cretan Historical Studies

• Publication Date: Jul 2, 2018
• Deposit Date: Sep 18, 2020
• Publicly Available Date: Sep 9, 2021
• Book Title: Proceedings of the 12th International Congress of Cretan Studies, vol. B (Middle Ages)
• ISBN: 9789609480352
• Keywords: Black money; White money; Venice; Crete; Monetary; Currencies
• Public URL: https://hull-repository.worktribe.com/output/3519920
• Publisher URL: https://12iccs.proceedings.gr/en/proceedings/category/38/33/269