De MediciA Family of Bankers

By Sam Knewstub

Medici Wealth

Owned vast amounts of gold florinsPricless ArtLarge land holdings in the Mugello regionGreat political power in florence through their success in the banking industry

Giovanni di Bicci de Medici 1397-1429

Began the businessTrained along side his elder brother francesco by Vieri di cambioBecame general manager of Rome branch which split into 3 banksFormed a partnership in the business with Benedetto di Lippaccio de’ Bardi then later Gentile di Baldassare Buoni

Cosimo de’ Medici 1428-1464

A.K.A. Cosimo the Elder or Cosimo IActed as an ambassador promoting peace in the regionLiberally spent the family fortune to promote renaissance behavior

Piero di Cosimo de’ Medici 1464-1469

A.K.A. Piero the GoutyMarried Lucrezia Tornabuoni link to florentine nobilityCalled up many long-standing loansEscaped attempted coup due to warnings from Lorenzo and Giovanni II Bentivoglio

Lorenzo de’ Medici 1469-1492

A.K.A. The MagnificentRuler of florentine republicSpent a large amount of florins on art and philanthropyMade bad loans and caused the collapse of several branchesHE HAD NINE CHILDREN

Effect on Banking Industry

Creation of double-entry systemCredits and Debits now in the ledger system!

The Decline

Near collapse of the banks in London and BrugesExtreme shortage of cash in Roman branch from Papal CourtNiccolo Machiavelli lays on the social pressure

SourcesFornaciari, Gino, and others. "Secrets of the Medici." Archaeology (Vol. 58, No. 4) July/Aug. 2005: 36-40. SIRS Renaissance. Web. 09 February 2010."Cosimo II." Encyclopædia Britannica . Encyclopædia Britannica Online School Edition . Encyclopædia Britannica, 2010. Web. 9 Feb. 2010 <http://school.eb.com/eb/article-9026465>."Europe, history of." Encyclopædia Britannica . Encyclopædia Britannica Online School Edition . Encyclopædia Britannica, 2010. Web. 9 Feb. 2010 <http://school.eb.com/eb/article-58340>. "Florence." Encyclopædia Britannica . Encyclopædia Britannica Online School Edition . Encyclopædia Britannica, 2010. Web. 9 Feb. 2010 <http://school.eb.com/eb/article-22454>.