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Political conflict did not, however, prevent the city's rise to become one of the most powerful and prosperous in Europe, assisted by its own strong gold currency. The "fiorino d'oro" of the Republic of Florence , or florin , was introduced in 1252, the first European gold coin struck in sufficient quantities to play a significant commercial ...
The Republic of Florence (Latin: Res publica Florentina; Old Italian: Republica di Fiorenza), known officially as the Florentine Republic, was a medieval and early modern state that was centered on the Italian city of Florence in Tuscany, Italy.
The rest of Florence's territory had been reduced into submission by force, and could easily revolt again. [2] Some of the fundamental premises of his citizen army were flawed. Furthermore, captains of the units were constantly being rotated out of their units because there was fear for the Republic itself. [ 2 ]
The House of Medici (English: / ˈ m ɛ d ɪ tʃ i / MED-itch-ee, UK also / m ə ˈ d iː tʃ i / mə-DEE-chee; [4] Italian: [ˈmɛːditʃi]) was an Italian banking family and political dynasty that first consolidated power in the Republic of Florence under Cosimo de' Medici and his grandson Lorenzo "the Magnificent" during the first half of the 15th century.
[10]: 67 It was the result of a power struggle between Florence's ruling elites, the established artisan guilds of Florence, and Sotto posti (or un-guilded) which included the Ciompi; mainly a group of low-wage textile workers employed in Florence's thriving wool industry. At its height, this trade sold fabrics throughout Italy as well as ...
The Medici became the town's leading family, a position they would hold for the next three centuries. Florence organized the trade routes for commodities between England and the Netherlands, France, and Italy. By the middle of the century, the city had become the banking capital of Europe and thereby obtained vast riches. [32]
Cosimo de' Medici was born in Florence to Giovanni di Bicci de' Medici and his wife Piccarda Bueri on 27 September 1389. [6] At the time, it was customary to indicate the name of one's father in one's name for the purpose of distinguishing the identities of two like-named individuals; thus, Giovanni was the son of Bicci, and Cosimo's name was properly rendered Cosimo di Giovanni de' Medici.
A factor was dispatched to Venice to seek out investment opportunities. He did well and on March 25, 1402, the third branch of the Medici bank was opened. It suffered from some initial mismanagement (by the factor who had previously done so well—he made the fatal mistake of violating the partnership agreement and loaning money to Germans; on a more humane note, he would eventually become a ...