Banking in ancient Rome
The role of the mensarii was to help people through economic hardships, the coactores were hired to collect money and give it to their employer, and the nummulari minted and tested currency.
Between 260 and the fourth century AD, Roman bankers disappear from the historical record, likely because of economic difficulties caused by the debasement of the currency.
Due to the piety of the officials and employees of these temples, the upper class of ancient Rome trusted these places to protect and hold their wealth.
[6] Likely because the continued debasement of the currency hurt the economy, creating difficulties for the banking profession.
[3] The argentarii, also known as argenteae mensae exercitores, negotiatores stipis argentariae,[10][11] and argenti distractores, were private money changers in ancient Rome supervised by the government.
[17] Typically the clients of this group were not wealthy, as the upper class of ancient Rome had more secure methods of storing wealth.
[29][30][31] This organization was established in 352 BCE to combat high levels of debt as a five-man commission known as the quinqueviri mensarii.
[32][33] They accomplished this by providing the population access to public services and loans as well as managing the circulation of currency.
[46] There was another group in ancient Rome known as the coactores argentarii, who were responsible for depositing money and collecting debts at auctions.
By the 2nd century AD they began to provide loans, deposit currency, and operate bank accounts.
[50] Alongside this, they could hold money, sell goods, work at auctions, maintain records, exchange currency, and make payments on behalf of their clients.
[52] In early Roman history most contracts were conducted orally, with witnesses used to confirm the legitimacy of the agreement.
[clarification needed][59] Stipulation was common in ancient Rome: the debtor was questioned by the creditor in the presence of witnesses, about their willingness to pay back the debt.
This meant that the clients lacked any protection or safety net in the event of a bank run or a financial crisis.
They used their own wealth to fund their loans to other members of the upper class or to foreign cities and nobles.
Following auctions the coactores and the argentarii would impose on the buyers a time-limit for their payment, and they would pay the vendors the money which was owed to them.
It was common for people to lose trust in their creditors, often resulting in a significant negative impact on the economy and the credit industry.
[66][67] Loan defaults carried severe penalties, as their borrowers could be enslaved, mutilated, or sued.
[70][71][72] Another common option was to give loans to close family or friends as a method of averting risk.
[76] Usually, loans were made and credits were extended on risky terms, because the available capital typically exceeded the amount needed by borrowers.
[77] The senatorial elite were heavily involved in private lending, as both creditors and borrowers, and made loans from their personal fortunes on the basis of social connections.
