Merchants could not always trust the purity of a foreign coin. They relied on money changers and assayers—much like modern crypto users rely on cryptographic protocols and code audits to verify transactions.
The Middle Ages (roughly 5th to 15th century) were characterized by extreme political and economic fragmentation. Merchants could not always trust the purity of
As Europe transitioned into the Early Modern period (15th to 18th century), economic systems became more complex, demanding trust across vast distances. economic systems became more complex
Powerful networks like the Hanseatic League or the Medici bank operated across borders, often holding more financial power than localized kings. They created their own financial ecosystems outside of direct monarchical control. ⚖️ 3. State Control vs. Financial Freedom Merchants could not always trust the purity of