When we talk about gold in colonial times, we should probably start with the Fuggers.
Without the financing of the Fugger family, the kings would not have existed.
The richest man who ever lived : the life and times of Jacob Fugger
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Author:
Greg Steinmetz (Author)
Summary:"In the days when Columbus sailed the ocean and Da Vinci painted the Mona Lisa, a German banker named Jacob Fugger became the richest man in history. Fugger lived in Germany at the turn of the sixteenth century, the grandson of a peasant. By the time he died, his fortune amounted to nearly two percent of European GDP. In an era when kings had unlimited power, Fugger dared to stare down heads of state and ask them to pay back their loans--with interest. It was this coolness and self-assurance, along with his inexhaustible ambition, that made him not only the richest man ever, but a force of history as well. Before Fugger came along it was illegal under church law to charge interest on loans, but he got the Pope to change that. He also helped trigger the Reformation and likely funded Magellan{u2019}s circumnavigation of the globe. His creation of a news service gave him an information edge over his rivals and customers and earned Fugger a footnote in the history of journalism. And he took Austria{u2019}s Habsburg family from being second-tier sovereigns to rulers of the first empire where the sun never set."--Provided by publisher
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The
Fugger family, historically a prominent group of European bankers, played a significant role in the fifteenth and sixteenth-century mercantile patriciate of Augsburg. They were international mercantile bankers, venture capitalists, and influential figures alongside the Welser family. During the sixteenth century, the Fuggers, along with the Welsers, controlled much of the European economy and amassed immense wealth. Their influence extended to the European copper market, where they held a near monopoly. Interestingly, they succeeded the Medici family, who had previously influenced Europe during the Renaissance. The Fuggers acquired many of the Medicis’ assets and political power, closely aligning themselves with the House of Habsburg, whose rise to global prominence they financially supported. Unlike other trading patricians in German free imperial cities, such as the Tuchers, the Fuggers remained loyal to the Roman Catholic Church and never converted to Lutheranism.
Their unwavering allegiance kept them close to the Habsburg emperors1.
Jakob Fugger “the Rich”, a pivotal figure in the family, was elevated to the nobility of the Holy Roman Empire in May 1511. He assumed the title of
Imperial Count of Kirchberg and Weissenhorn in 1514. Remarkably, Jakob Fugger is considered one of the wealthiest individuals in history, with a GDP-adjusted net worth exceeding
$400 billion. At the time, this amounted to approximately
2% of Europe’s entire GDP. Although the Fugger company dissolved in 1657, the family retained substantial wealth as landowners and continued to rule over the
County of Kirchberg and Weissenhorn.
Additionally, the Babenhausen branch of the family became Princes of the Holy Roman Empire in 1803, while the Glött branch achieved princely status in Bavaria in 19141.
Now, let’s delve into the fascinating world of
mercury. The Fuggers were not only bankers but also involved in mining. Their third mining center was established in
Spain in 1525.
Charles V, in repayment of his debt from the 1519 election, leased mines in
Almadén, which boasted the largest deposits of mercury and cinnabar in Europe.
Pure mercury mined in Castile and obtained through cinnabar roasting was shipped to the New World for smelting2.
The Fuggers’ financial prowess extended beyond banking, encompassing resources from silver and mercury mines in Germany and later from the Spanish empire in South America3.
In summary, the Fuggers left an indelible mark on European history, not only as bankers but also as influential players in mining and commerce. Their legacy continues to resonate through the annals of time.
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1en.wikipedia.org2fuggerstrasse.eu3oxfordreference.com4britannica.com5en.wikipedia.org+2 more
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