This is how the deposits that the Argentarii, the ‘bankers’ of Ancient Rome, offered to their clients worked

Did you know that the oldest professional financial group in the world was born in Ancient Rome? They were the Argentari (Argentarii), a kind of 'bankers' who, among other things, offered deposits to their customers. Let's see who these argentari were and how their deposits worked: you will surely be surprised!

Who were the argentari?

The argentari were professionals who, in ancient Rome, offered a wide range of financial services to their customers, such as currency exchange, buying and selling of precious metals, granting of loans and deposits. They were free citizens who carried out their activity autonomously, outside the control of the state, and were part of a corporation that accepted a limited number of members.

These professionals, who were born in the 4th century BC, operated within the tabernae argentariae, offices located near places with high commercial and market activity. In the capital of the Empire, Rome, the taverns were concentrated in the Forum, the beating heart of the city's commercial and financial activities.

In fact, the Romans used the expression 'Clivus Argentarium' to indicate the main road that crossed the Forum and led to the Colosseum. According to some writings of the time, like the poems of Ovid, most of the tabernae argentariae were located right around the Basilica Emilia, near the Arch of Janus and the well of Libone.

There were different types of argentari: some enjoyed great respect and belonged to the upper class, usually in charge of the big business of the wealthiest people, while others were despised for practicing high interests and operated on a small scale.

How did the deposits offered by the argentari work?

Although the concept of 'bank deposit' may seem modern, the argentari already offered this service to their customers in two ways:

• Regular deposit: This deposit method involved a citizen handing over money, jewels or other valuable goods to a banker, who would keep them until the end of the contract and return them in full. Using the deposited fund, the banker could cover payments on behalf of other clients, such as debts, bills or taxes. In exchange for the deposit, the client received a commission.
• Irregular deposit or mutuum: In this mode, the banker could use the deposited item, lend it or sell it and, at the end of the contract, return to the client an amount equivalent to that deposited. If the item was delivered without a seal, it remained in the tavern as a regular deposit until the banker used it; at that point, the deposit contract became a loan contract with interest, and the interest due from the client was calculated from the date of use.

What was the commission that bankers paid to customers for depositing their money in the taverns?

Unfortunately, we do not know the exact amount of the commission that the bankers' customers paid to deposit their money, but experts believe it was quite high: the Romans had an urgent need for money as it was essential for closing deals, and this increase in the use of metallic currency led to very high interest rates in the Empire. Over time, in fact, rates were limited to 12% by law.

How has the role of bankers evolved?

The role of the argentarii has been evolving and, starting from the 2nd century BC, new profiles such as the nummularius and the acoactor argentarius emerged. In addition, a new figure also emerged, the mensarii, public bankers during periods of scarcity.