RRI Live!

Listen to Radio Romania International Live

The history of monetary circulation in Bucharest

Evidence of monetary circulation in and around Bucharest goes back before the citys first mention in historical records in 1459.

The history of monetary circulation in Bucharest
The history of monetary circulation in Bucharest

, 28.01.2017, 14:23

Romania’s capital city Bucharest, although first
mentioned in historical documents in 1459, has in fact a much longer history,
and the monetary circulation in the area is even older. Archaeological evidence
points to the fact that in ancient times the inhabitants of this area used
coins issued by Greek colonies such as Histria, Tomis and Callatis. The coins
they used were the gold stater, the silver drachma and the tetradrachm.
Gaeto-Dacian coins were also discovered around Bucharest. There is plenty
archaeological evidence of the monetary circulation in the Middle Ages, proof
of the fact that once the medieval state of Wallachia was centralised, the
first local coins the silver Ducats, were minted. Historian Dan Parvulescu is
deputy director of Bucharest’s History Museum:




The first coins in Wallachia, discovered around
Bucharest, are the ones minted by Ruler Vladislav I Vlaicu in the mid-14th
century. He is considered the founder of Wallachia’s monetary system. Before
him, circulating in the Bucharest area and in Wallachia had been coins issued
by the neighbouring states, such as the Bulgarian Grosz, the Serbian Grosz, the
Hungarian Denar and the Byzantine coins issue. After Vladislav I, another ruler
who minted coins was Radu I, who is not so often mentioned by documents.
However, coins from his time were unearthed, that define his reign quite well.
For a whole century, starting with Vladislav I, the Wallachian state issued coins
on a regular basis. Subsequently, the emission of coins became less frequent as
the influence of the Ottoman Empire increased.




Unfortunately, the fact that Romanian voivodates
became vassals of the Ottoman Empire and had relations of vassalage with the
Sublime Porte also meant the issue of local coins became less frequent. During
the Phanariot period, which in Wallachia began in 1714 and in Moldavia in 1711,
Ottoman restrictions on the two principalities increased and they were
completely deprived of the right to mint their own coins.




Nevertheless, during the Phanariot period there was
an intense circulation of money, especially in Bucharest, which was definitely
a merchant city and had for long been the capital of Wallachia. Turkish money
was used for commercial transactions, alongside the Hungarian Denars and the
Polish Grosz. Given the fact that various categories of currency circulated at
the same time, attempts were made to set a single currency. Unfortunately,
these attempts were unsuccessful. Historian Dan Parvulescu explains:




It was rather complicated, especially for ordinary
people, who at that time were illiterate, for their most part. So exchanging
those coins was quite risky. Crooks seized any opportunity to increase their
incomes in a dishonest way. Forging the coins was not unusual. Moneychangers
used all sorts of tricks. For instance, they filed off the edges of a coin to
recycle part of the precious metal, relying on the fact that people were not
very familiar with how the coins really looked like, since so many of them
circulated at the same time.




All these tribulations would end once the national
currency the Leu, with its subdivision, the Ban, was adopted in the mid-19th
century. Dan Parvulescu:




An early attempt to impose a single currency system
was made during the reign of ruling prince Alexandru Ioan Cuza. Unfortunately, it was a failed attempt, as
the Ottoman Empire rejected the idea of a local coin being minted during Cuza’s
reign. At that time, the initial suggestion was for the national currency to be
termed ‘romanat’ taking up on the model of the French franc. On April 22, 1867,
during the reign of King Carol I, a bill was passed establishing a monetary
system and the issue of national coins. The Leu became the national currency,
with the Ban as its subdivision. The Ottoman Empire still opposed the national
currency, yet loopholes were found to avoid the Porte’s will. Initially, bronze
coins were ordered at two mints in England.




Once Romania gained its independence in 1877, the Leu
got the status of official currency of the Kingdom of Romania, and then of
Greater Romania, in 1918.

Titu Maiorescu (1840-1917)
RRI Encyclopaedia Saturday, 23 November 2024

Titu Maiorescu (1840-1917)

The literary society “Junimea”, founded in Iași in 1863, was one of the most important literary, philosophical and political trends in...

Titu Maiorescu (1840-1917)
The Royal Train
RRI Encyclopaedia Saturday, 16 November 2024

The Royal Train

In October of this year, the volume “The Story of the Royal Train” by Tudor Vișan-Miu and Andrei Berinde was released. A literary foray...

The Royal Train
Photographer Franz Xaver Koroschetz
RRI Encyclopaedia Saturday, 09 November 2024

Photographer Franz Xaver Koroschetz

Romanian towns had their photographers. One such photographer was Franz Xaver Koroschtz. He was the photographer of the town of Focsani, the county...

Photographer Franz Xaver Koroschetz
Theodor Aman – Founder of the Romanian Fine Arts School
RRI Encyclopaedia Saturday, 02 November 2024

Theodor Aman – Founder of the Romanian Fine Arts School

Theodor Aman (1831-1891), the first great Romanian classical artist, was a Romanian painter, graphic designer, sculptor, pedagogue, and academician,...

Theodor Aman – Founder of the Romanian Fine Arts School
RRI Encyclopaedia Sunday, 27 October 2024

Colțea Street

Over 1703-1707, Mihai Cantacuzino, a member of a famous noble family, built a hospital and a school on the estate of Colțea Doicescu. The first name...

Colțea Street
RRI Encyclopaedia Saturday, 12 October 2024

The Cerchez family of architects

We’re more likely to come across the name of Cerchez, in the history of Romanian architecture, than other names of architects. The name of Cerchez...

The Cerchez family of architects
RRI Encyclopaedia Saturday, 05 October 2024

The Ratiu family, an important Romanian family in Transylvania

The Rațiu family (Rațiu of Noșlac in Turda) is one of the oldest and most respectable aristocratic families in Transylvania with a history...

The Ratiu family, an important Romanian family in Transylvania
RRI Encyclopaedia Sunday, 29 September 2024

Axiopolis

Dobrogea is considered the densest and most varied province of Romania from the point of view of the civilizations that inhabited it. On a territory...

Axiopolis

Partners

Muzeul Național al Țăranului Român Muzeul Național al Țăranului Român
Liga Studentilor Romani din Strainatate - LSRS Liga Studentilor Romani din Strainatate - LSRS
Modernism | The Leading Romanian Art Magazine Online Modernism | The Leading Romanian Art Magazine Online
Institului European din România Institului European din România
Institutul Francez din România – Bucureşti Institutul Francez din România – Bucureşti
Muzeul Național de Artă al României Muzeul Național de Artă al României
Le petit Journal Le petit Journal
Radio Prague International Radio Prague International
Muzeul Național de Istorie a României Muzeul Național de Istorie a României
ARCUB ARCUB
Radio Canada International Radio Canada International
Muzeul Național al Satului „Dimitrie Gusti” Muzeul Național al Satului „Dimitrie Gusti”
SWI swissinfo.ch SWI swissinfo.ch
UBB Radio ONLINE UBB Radio ONLINE
Strona główna - English Section - polskieradio.pl Strona główna - English Section - polskieradio.pl
creart - Centrul de Creație Artă și Tradiție al Municipiului Bucuresti creart - Centrul de Creație Artă și Tradiție al Municipiului Bucuresti
italradio italradio
Institutul Confucius Institutul Confucius
BUCPRESS - știri din Cernăuți BUCPRESS - știri din Cernăuți

Affiliates

Euranet Plus Euranet Plus
AIB | the trade association for international broadcasters AIB | the trade association for international broadcasters
Digital Radio Mondiale Digital Radio Mondiale
News and current affairs from Germany and around the world News and current affairs from Germany and around the world
Comunità radiotelevisiva italofona Comunità radiotelevisiva italofona

Providers

RADIOCOM RADIOCOM
Zeno Media - The Everything Audio Company Zeno Media - The Everything Audio Company