CHAP. XV. VALUES OF COINED MONEY. 



dependent sovereignties of the Hanse Towns, caused 

 the subject of exchanges to be a branch that re- 

 quired much science, much experience, and much 

 study ; and the more so as the several independent 

 communities were constantly introducing new laws 

 and regulations affecting the value of the coins 

 which they respectively issued. 



From the circumstances thus arising, in addition 

 to the variety of languages used by the commercial 

 people, the business of exchanges, which had 

 originated in Italy in the latter end of the twelfth 

 century, and had rapidly extended to the other 

 countries, was confined to a few persons, from the 

 district where the profession had originated, called 

 Lombards; who by their skill, craft, wealth, and 

 influence acted a most important part, not merely 

 as the mediums of commercial intercourse between 

 individuals, but in all the political transactions 

 between the governments of the several com- 

 munities, as well as in financial affairs between 

 the rulers and their subjects. 



In England and France and the other larger 

 communities of Europe, a profession similar to 

 that of the Lombards arose, which became ne- 

 cessary in all of the larger operations of domestic 

 commerce. This was the trade of the goldsmiths, 

 which at an early period had comprised not, as 

 now, only the dealers in or makers of gold and 

 silver articles, but also that trade which has since 



